Days after exercising an option to acquire a U.S.-based marijuana multistate operator, onetime billion-dollar cannabis giant Canopy Growth Corp. is planning to raise up to $250 million (341.7 Canadian dollars) via an at-the-market (ATM) equity program.

The Smiths Falls, Ontario-based company did not say when it would issue and sell the new common shares “in concurrent public offerings in the United States and Canada,” nor did it specify a target sale price.

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Canopy is the second major Canadian cannabis company to announce a raise via an ATM program in recent weeks.

Tilray Brands on May 22 announced its plans to raise $250 million through an ATM.

Aaron Edelheit, CEO of California-based Mindset Capital, a cannabis-focused investment fund, equated announcing an ATM funding to

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