Yesterday, Canopy Rivers Inc. (TSXV:RIV) announced that their company has began trading on the TSX Venture Exchange under the ticker symbol RIV. The company works in conjunction with well-known public cannabis company Canopy Growth Corp. (TSX: WEED) (NYSE: CGC).
Canopy Rivers is an umbrella company that focuses its efforts on new investment opportunities involved in the cannabis and industrial hemp markets. Earlier this year, the company completed a private placement selling 28,792,000 shares for total gross proceeds of $104,212,000 which gave them seed money to start investing in a variety of different companies involved in the sector.
Canopy Rivers aims to build a synergistic portfolio of segmented companies involved along the cannabis and hemp value chains. As Canopy Growth Corporations has been successfully launching international operations involved in the cannabis space, their sister company Canopy Rivers will invest in specific companies that will collectively give their company value and their shareholders ROI. Canopy Rivers will be offering the companies they have chosen to invest in their expertise and resources to help build them into strong investments.
Bruce Linton, CEO of Canopy Growth Corp., gave this statement in an interview with The Globe and Mail:
“We have about 11 investments and they have been able to product a cash flow and capital gain that is pretty respectable for the duration of time we have been at it. We are looking in Europe first. Europe as a region is awesome and Italy is our first move because there are opportunities and assets to invest in.”