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Shopify Inc. (NYSE: SHOP) has seen an incredible 2019 so far, even if shares have backed off over the past month. Year to date, shares are up 144%, and that makes this a prime time for a secondary offering. Shopify also has announced that it will be breaking into the cannabis industry as well.

The firm announced that it has priced a secondary offering of 1.9 million Class A subordinate voting shares at a price of $317.50 per share. Shopify expects to see gross proceeds from this offering of $603.25 million. Additionally, Shopify has granted underwriters an overallotment option to purchase up to an additional 15% of the shares.

Shopify expects to use the net proceeds from the offering to strengthen its balance sheet, providing flexibility to fund its growth strategies. Pending their use, Shopify intends to invest the net proceeds from the offering in short-term, investment-grade, interest-bearing instruments or hold them as cash.

Apart from the secondary offering, Shopify announced new features on its platform to help U.S. merchants sell hemp and hemp-derived cannabidiol (CBD) products online or in brick-and-mortar retail locations, where permitted by law. Starting today, U.S.-based retailers of all sizes can start and grow their businesses by selling select hemp or hemp-derived CBD products using the trusted commerce platform that powers more than 800,000 merchants globally.

Harley Finkelstein, chief operating officer of Shopify, commented:

Shopify has unmatched expertise in emerging industries, along with the resources merchants need to be successful in the fast-growing market of hemp-derived CBD products in the U.S. Shopify’s reliable technology and extensive partner network means that businesses can ride the wave of demand for these products and give consumers more choice.

Shares of Shopify traded down nearly 2% to $332.03 Monday morning, in a 52-week range of $117.64 to $409.61. The consensus price target is $361.92.