Aphria, one of the largest federally licensed medical marijuana cultivation companies in Canada, on Monday received conditional approval to list on the Toronto Stock Exchange and announced a deal to raise 50 million Canadian dollars ($38.25 million).
The TSX will grant final approval to Aphria if it meets certain conditions the company described as “standard and customary” by May 3, according to a news release. Aphria currently trades on the TSX Venture Exchange.
If the Leamington, Ontario, company does receive the final OK, it would become the third marijuana-touching company to list on the TSX.
In the fundraising deal, Clarus Securities, representing underwriters, agreed to buy 10 million Aphria shares at CA$5 a per share, according to a separate news release from Aphria.
Aphria joined another select group in November when it became one of a handful of cannabis-touching companies to receive an export license so it could send product to Australian biotech company Medlab Clinical.