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A juvenile plant is seen at a medical marijuana facility in Toronto on Aug. 17, 2015.Darren Calabrese/The Canadian Press

Marijuana-producing Canopy Growth Corp. announced on Friday that it has raised $12.5-million in an equity bought deal, led by Dundee Securities Corp.

The stock sale was done at $2.05 a share, a discount of 15.5 per cent compared with where Canopy shares closed on Thursday.

The announcement of a dilutive equity deal was an about-face for the company. In an interview with The Globe and Mail on Tuesday, Canopy chief executive officer Bruce Linton played down any talk of a capital raise being imminent.

"At this time, no," he said, explaining that Canopy was sufficiently well-capitalized for now, having raised $22-million earlier in the year.

Mr. Linton also expressed optimism that the next time Canopy needs to raise capital, the company would be "mature enough" to qualify for debt.

"I have $60-million of tangible assets creating real cash flows," he pointed out as evidence that the company was "debt-ready."

Over the next two trading sessions, shares in Canopy rallied, rising 8.5 per cent on Wednesday and an additional 12 per cent on Thursday, its biggest one-day move since June 24, to close at $2.43 a share.

On announcement of the bought deal on Friday, the stock traded down. By midafternoon, the shares were trading around $2.25 apiece on the TSX Venture Exchange, a haircut of approximately 7 per cent.

Earlier in the week, Canopy and other publicly traded pot stocks surged after the Liberals won a majority in the federal election. As part of his election campaign, prime-minister-designate Justin Trudeau pledged to push through legislation that would legalize marijuana in Canada for recreational use. Currently, Canadians can gain legal access to marijuana only for medicinal purposes.

Mr. Linton did not respond to a request for an interview.