Unicorn cannabis investment company Canopy Rivers Inc CNPOFRIV has invested $1.5 million in Biolumic, creators of a sustainable UV crop yield enhancement system. This is Canopy River’s first investment in the AgTech sector.
Canopy Rivers is the investment arm of Canopy Growth CGC.
What To Know
With this investment, Canopy Rivers joins a roster that includes lead investor Finistere Ventures, as well as Rabo Food & Agri Innovation Fund and Radicle Growth acceleration fund, in Biolumic’s oversubscribed $6.7 million Series A financing round.
The New Zealand-based company said it will use the funds to accelerate its global expansion, intensify its research and speed the commercialization of its proprietary UV light treatments – including new applications in the medical cannabis market.
BioLumic claims its UV light treatments deliver “long-term crop benefits such as improved crop consistency, increased yield, drought tolerance, and disease and pest resistance.”
Why It's Important
“We see huge potential for plant physiology and UV photobiology in the medical cannabis sector,” said Mary Dimou, Director of Business Development at Canopy Rivers. “Technologies such as BioLumic’s precision UV treatments can help growers improve crop yields while providing an alternative to pesticides and chemicals, thus reducing the need for harmful pesticides and the risk of chemical contamination of cannabis supply.”
The UV light treatment directed at plants in their infancy works in effect like an “immunization” for the seedling, exposing them to intense light, which also makes them hardier and disease resistant though their lifespan. This results in improved crop yields, which in turn mean cannabis growers can increase their productivity per square feet.
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Photo courtesy of Biolumic.
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