CBD maker Charlotte’s Web boosts Canadian IPO to CA$100 Million

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

(This is an abridged version of a story that appears at HempIndustryDaily.com.)

CBD manufacturer Charlotte’s Web increased its initial public offering in Canada by more than 50% – pricing  its shares at 7 Canadian dollars ($5.39).

The well-known Colorado company – which changed its name from Stanley Brothers Holdings in July – announced recently it had boosted its IPO by 52% to CA$100.1 million ($77 million) and is pricing its shares at the high end of its initially announced range of between CA$6 and CA$7.

The offering is now for 14.3 million shares, increasing the projected proceeds from the initially expected CA$65.8 million. The common shares are being offered by Canaccord Genuity Corp., which is the lead underwriter.

The offering is expected to close Thursday, after which the common shares will begin trading on the CSE under the ticker symbol CWEB.

Based on the share price, the company now has a valuation of about CA$650 million.

(Click here to read more.)