The firm issued a total of over 8.2 million units for aggregate gross proceeds of C$5,223,095 (around US$3,812,860), it said in a statement.
Vancouver-based Canafarma describes itself as a full-service company operating in the hemp industry offering a range of hemp-related products and services.
The net proceeds will be used for funding the potential acquisition of manufacturing facilities, scaling the group's sales and marketing activities, R&D and for general working capital and corporate purposes.
David Lonsdale, the CEO of the group, said the firm was "thrilled to welcome all of the new shareholders" that have participated in their offering.
"Completion of this offering in the midst of a global pandemic is a major vote of confidence by our investors and another example of the support and enthusiasm surrounding our company as we continue to grow and expand our product lines and operations. We look forward to rewarding all of our investors for their votes of confidence."
Each unit consists of one share and one share purchase warrant, with each whole warrant entitling the holder to purchase one share at an exercise price of C$0.78 each for five years.
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