Canopy Growth Corporation (TSE: WEED) announced today the launch of a new subsidiary, Canopy Ventures, Inc. which is a $50-million-dollar venture capital fund that is going to target investments into small business in the cannabis and industrial hemp industries. The company mostly plans to focus their investments into technology based products such as ag-tech, bio-tech, software, genetics, grow equipment, and extraction machines.
The company plans to make its first investment with the capital from the fund in the first quarter of 2018.
One of the Managing Director of Canopy said, “We’re providing smart money to great companies with a proven model. One area where Canopy provides a distinct advantage is our ability to not only contribute money, but to also provide strategic insights, valuable introductions and hands-on support for the long term.”
Source: “https://www.newcannabisventures.com/cannabis-business-accelerator-canopy-announces-50-million-venture-fund/” NewCannabisVentures.com