Cannabis Watch: Zenabis fought short-selling financiers in the cannabis industry, but did it win?

Zenabis Global Inc. did the unlikely Tuesday: The cannabis company raised cash without going to a group of hedge funds in Canada that deploy aggressive trading strategies to recycle capital in the pot industry.

Zenabis opted to ink a C$30 million ($22.9 million U.S.) cannabis supply deal with rival producer Tilray Inc.TLRY, -3.87% on Monday, instead of striking a financing deal with a hedge fund that it knew was shorting its stock ahead of the capital raise. The result, though, was mixed, with its Canadian shares ZENA, +7.69% closing up 4.3% and its U.S. shares ZBISF, -10.74% falling 11%.

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