Shares of Level Brands Inc. rose 1.7% in morning trade Friday, after the licensing and marketing company said its public offering of 1.7 million shares priced at $3.50, a which was 3.7% below Thursday's closing price of $3.60. The share offering represents 21% of the shares outstanding, as of Aug. 9. The company plans to use the net proceeds--the gross proceeds are $6 million--for brand development and expansion, acquisitions and working capital. Level Brands's stock soared last week, before pulling back sharply earlier this week, after the company announced the launch of five new cannabidiol (CBD) products under the Kathy Ireland Health and Wellness brand. The stock has lost 3.2% over the past three months, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ -3.30% has soared 33% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.70% has gained 7.2%.