MedReleaf closes $100M IPO and trades on TSX

MedReleaf Corp. (TSX: LEAF) has completed its initial public offering (IPO) and secondary offering of 10,600,000 common shares of MedReleaf at a price of $9.50 per common share for gross proceeds of $100,700,000, with MedReleaf and selling shareholders receiving gross proceeds of $80,700,049 and $19,999,951, respectively.

MedReleaf’s common shares has commenced trading on the Toronto Stock Exchange under the symbol “LEAF”. Its stock opened at $7.51 and closed at $7.40 at the end of first day’s trading.

The offering was managed by a syndicate of underwriters including GMP Securities L.P. as co-lead underwriter and sole bookrunner, Clarus Securities Inc., as co-lead underwriter, and including Canaccord Genuity Corp., Cowen and Company, LLC, Eight Capital, and PI Financial Corp.

MedReleaf was represented by Norton Rose Fulbright Canada LLP and the underwriters were represented by Fasken Martineau DuMoulin LLP.

Markham, Ontario basedMMedReleaf is a licensed producer under the Access to Cannabis for Medical Purposes Regulations. From its Markham facility, MedReleaf produces and sells its dried cannabis and cannabis oil products, including cannabis oil capsules, to patients registered under the ACMPR.

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photo credit: MedReleaf