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Chemistree Technology shares up as it raises nearly $11 million for West Coast expansion

The Vancouver-based will also continue the build-out of its Desert Hot Springs property in California
chemistree products
Chemistree Technology is an investment company dedicated to the U.S. cannabis sector

Chemistree Technology Inc (CSE:CHM) (OTCMKTS:CHMJF) announced Friday that it closed a previously announced short form prospectus offering and concurrent private placement for a total of C$10.8 million.

Shares of Chemistree rose over 6% to C$0.52 on Friday afternoon.

READ: Chemistree to raise up to C$8.2M for growth in Washington State, California

The Vancouver-based company plans to use the proceeds to expand its facilities in Washington State, as well as launch the Sugarleaf brand in California.

It will also continue the licensing, development and build-out of its Desert Hot Springs property in California, and for working capital.

Chemistree Technology is an investment company dedicated to the U.S. cannabis sector.

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