Columbus-based Green Growth Brands Inc. has raised C$50 million through a bought deal with a group of investment dealers led by Canada’s Canaccord Genuity Corp.

In a bought deal, the issuer sells an entire offering to an investment bank or group of investors, guaranteeing the capital is raised, though usually at a lower price point than if priced through public markets.

GGB sold 20.5 million units at a price of C$2.45 per unit. ‎Each unit is comprised of one common share and half of a warrant to buy an additional share at a price of C$3.50 for up to three years.

Canaccord and the other underwriters also received an over-allotment option to buy up to an additional 3.075 million units up to 30 days following the closing date. If exercised in full, the company will raise an additional C$7.5 million in gross proceeds.

Closing of the offering is expected to occur Aug. 21.

GGB is rapidly expanding its cannabis operations throughout the United States, including expanding throughout Nevada, entering the Florida market, and a planned merger with cannabis operator Moxie in an all-stock transaction valued at $310 million. Its brands include CAMP, Seventh Sense Botanical Therapy, The+Source, Green Lily and Meri + Jayne. It also has a licensing agreement with Greg Norman to develop a line of CBD-infused personal care products.