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U.S.-based mostly hashish producer Green Growth Brands Inc. made a proper provide to Aphria Inc. shareholders to accumulate the corporate Tuesday, almost four weeks after the Ohio firm initially introduced plans for the bid.

Green Growth GGBXF, +6.94% provided Aphria APHA, +5.99% APHA, -4.94% shareholders 1.5714 shares of Green Growth inventory for every outstanding Aphria share. The all-inventory deal would worth Aphria at roughly C$2.eight billion, based on Green Growth’s math, which values its shares more significant than the market does.

Green Growth beforehand stated it could elevate C$300 million utilizing an inventory sale on the C$7-a-share valuation that it claims within the bid. Green Growth mentioned Tuesday it had acquired a dedication from an investor for C$150 million of that funding.

The bid for the corporate opens Wednesday, and can stay open till May 9, Green Growth mentioned. Green Growth said it owns 3 million shares of Aphria already, about 1.2% of Aphria’s outstanding shares.

When Green Growth first introduced its intentions to buy the Leamington, Ontario-primarily based firm on Dec. 27, Aphria mentioned that the bid “considerably undervalues” the enterprise, and famous that the corporation had not obtained a proper supply. Aphria didn’t reply to requests for touch upon the bid Tuesday afternoon, however in a weblog put up late Tuesday the corporate suggested shareholders take no motion concerning the takeover bid.

Green Growth — which is backed by the Schottenstein, an Ohio household that has constructed their fortune within the retail enterprise — declined to remark additional or make executives out there for an interview.

Regulators in Canada halted each share at roughly 4 p.m. Eastern time. However, Aphria’s U.S.-listed shares continued to commerce. Aphria’s U.S.-listed shares rose after the halt, however, calmed again down in after-hours buying and selling after the information turned recognized. Green Growth inventory rose 6.9% within the current session.

If Green Growth’s bid to purchase Aphria had been profitable, it might imply necessary modifications for current Aphria shareholders. The Toronto Stock Exchange, or TSX, and the New York Stock Exchange — the two exchanges that checklist Aphria shares — don’t permit corporations that violate federal rules to checklist inventory. As a result of Green Growth operates illegally beneath U.S. federal regulation, it’s probably that the stock would solely commerce on the Canadian Securities Exchange — as Green Growth does now — and over-the-counter within the U.S.

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