Jefe127 wrote: Pablo Zuanic -- Cantor Fitzgerald -- Analyst
Right. And one last one, if I may. And I ask this, of course, respectfully. With the two equity offerings in the last two months, plus the both conversion, the bond conversion, your shareholders, those that [Indecipherable] the stock back in February, March were diluted by about 64%. Right? That's massive, but maybe that's a course to raise capital and to survive in this industry, especially with all the opportunities that you have. But after that, and today in the call, you are talking about making use of the ATM in the future. I mean, just, I think that you need to give a bit more color in terms of how people should think about the further risk of dilution in the months ahead. Can you comment on that a bit more? I mean, you didn't really exactly give a capex number or if it was 110 or 150, but I'm just trying to feel more comfortable that there is no major dilution coming in the next few months. Thanks, that's it.
Sebastien St-Louis -- Co-founder and Chief Executive Officer
Thanks for that. I think what's important, and I've said this for the last seven years, HEXO is set out long term to build a globally dominant cannabis player. Most companies will require, over the long term, billions of dollars of capital. Now, I think we can safely revise that type of thinking, because we've learned so much and we're learning how to get a lot more capital-light. So years ago, I threw out a number, if you wanted to build a -- one of the top-3 global cannabis companies, it'd cost you CAD6 billion, that's the number I threw out. I think the number is lower than that today because I think we've gotten a lot smarter and how we approach and a lot more capital-light. We've had some international sales now at HEXO that you'll see rollout in the following months. You'll see that show up in our revenue line. We're doing those right from Canada with no assets installed, no employees installed internationally. So we're getting a lot smarter.
With that in mind, when you look at the global cannabis opportunity, and let me scale it back to even Canada, the top-3 players in Canada will be splitting a CAD10 billion market here in the country. Now our share, the license producer share of that market is going to be CAD5 billion, right, takeout excise tax, takeout margin. So you've got three players splitting a CAD5 billion market, give CAD1 billion of that market to other small players, right, the non-majors. I'm playing to be a major player. If HEXO is successful, we will have a significant share of a CAD4 billion revenue stream. The dilution needs to be controlled but the bet and making it to that top-3 will make that dilution irrelevant because the success will be resounding for long term holders.
Of course, we're in a hyper volatile market and I certainly wish we would not have had this global pandemic, which put us in a position to where, yeah, we raised at terms that were unfavorable. But you've seen us recover from that, no longer doing unit deals. So you can be rest assured that that's off the table. We now have our ATM launching with unbelievable volumes, so giving us access to capital as needed and more importantly, we're moving toward that adjusted EBITDA positive. So there is not an opex drain.
I've also talked about our capital prioritization. If we're deploying capital at a 30% to 50% return in the future, the dilutive effect becomes additive not dilutive. And so, I'm very confident in that strategy. Does that answer your question?
read the last report (June 2020) transcript here: https://www.fool.com/earnings/call-transcripts/2020/06/11/hexo-corp-hexo-q3-2020-earnings-call-transcript.aspx