Canopy Growth Corporation, Canada’s largest and first publicly traded and geographically diversified medical marijuana company, announced it has signed a letter of engagement with Dundee Securities Ltd. on behalf of a syndicate of underwriters. Under the terms of the ‘bought deal’, meaning that the buyers agrees to purchase the total number of shares offered, Canopy has raised $10 million through the sale of 4,350,000 shares at $2.30 per share. Canopy has also granted an over-allotment option for the purchase of an additional 652,500 shares at $2.30 per share.

Canopy has seen rapid growth and an increase in market share through recent acquisitive activity, and through its three subsidiaries, Tweed Inc., Tweed Farms Inc., and Bedrocan Canada Inc., the company operates three production facilities totaling a combined 500,000 square feet of licensed cannabis production space, and distributes medical marijuana to customers across the country.

Over the last six months Canopy’s subsidiaries have continued to be granted licenses and extensions from Health Canada, and the company is now granted approval to produce and sell the highest volume of cannabis in the industry at 5,740 kilograms of dried cannabis, according to MoneyShow.

In the third quarter of fiscal year 2015, the company saw $3.5 million in revenue – a quarter on quarter jump of 41% and a four-fold increase over the same period a year before. Sales for the third quarter of fiscal 2015 were 462,000 grams – also surpassing a four-fold increase over sales of 87,000 grams for the same quarter a year before, according to the company’s financial results released in February, reports MoneyShow.