The Valens Co. filed a base shelf prospectus with securities regulators in Canada that would enable the cannabis derivative manufacturer to raise up to 150 million Canadian dollars ($117 million) in aggregate over the next 25 months.
That is up from the CA$100 million preliminary short-form base shelf prospectus filed late last week.
According to the new filing, the British Columbia-based company intends to use any net proceeds for “general corporate purposes, strategic initiatives and international expansion.”
The shelf offering will give the business the option to sell the securities when market conditions are ripe to do so.
The regulatory filing notes that the company could offer and issue securities, including common shares, unsecured debt securities, subscription receipts and warrants.
Earlier this week, Valens entered into a definitive agreement to acquire LYF Food Technologies, a cannabis edibles producer.
The transaction will cost Valens roughly CA$24.9 million in cash and shares.
Another CA$17.5 million could be paid in consideration of LYF achieving certain milestones related to profitability.
Last week, Valens said it is liquidating most of its oil inventory, citing industry trends such as outdoor marijuana harvests and falling prices.
Shares of Valens trade on the Toronto Stock Exchange as VLNS.
