Aphria (NYSE:APHA) is about to get a new major shareholder. The company announced Friday morning that it has entered into an agreement to accept a 100 million Canadian dollars ($76 million) investment from an institutional investor that it did not identify.

For its money, this investor will receive just over 14 million units of the company. Each of these units consists of one share of Aphria common stock, plus a warrant entitling the holder to half a share of same. When taken as a whole, each complete warrant will grant the holder the right to buy one share of common stock at a price of CA$9.26 ($7.04) apiece for two years from the deal's closing date.

All told, the incoming investor is to pay CA$7.12 ($5.41) per each unit.

Canadian paper currency.

Image source: Getty Images

If all warrants are exercised, Aphria's new partner would hold a bit more than 21 million shares of the company's common stock. At the moment, Aprhia has slightly over 250 million shares outstanding.

The company said in its announcement that it will use the proceeds from the deal "to finance international expansion, working capital and general corporate purposes."

Aphria anticipates that the sale will close "on or about" next Friday, Jan. 31. It is subject to approval from the relevant regulatory bodies.

The company, like more than a few of its cannabis industry brethren, has been struggling of late. Earlier this month Aphria reported its Q2 of 2020 results, which revealed a 4% sequential decline in net revenue and a flip into the red on the bottom line.

In late morning trading Friday, the company's share price is falling more steeply than those of peer marijuana stocks. At $5.46, it's currently down by over 5%.