Canopy Rivers Inc CNPOF, the venture capital investment platform of Canopy Growth Corp CGC, reported second-quarter results Monday.
What Happened
Canopy Rivers reported a second-quarter operating income of Canadian $23.27 million ($17.56 million at current rates), a huge growth from the CA $147,000 reported a year earlier.
At the same time, the company posted net income of CA $10.95 million, up from a net loss of CA $2.12 million in the second quarter of fiscal 2017.
During fiscal Q2, Canopy Rivers completed an oversubscribed private placement of CA $101 million and went public Sept. 17.
Why It's Important
Canopy Rivers is a large investment platform that focuses on opportunities in the cannabis sector. It has invested in 11 companies engaged in all stages of the cannabis supply chain and industry segments that include pharmaceutical formulators, hemp cultivators, retail networks, and technology and media platforms.
The company has exposure to a number of joint ventures, such as PharmHouse, a JV between Canopy Rivers and a leading North American greenhouse produce conglomerate; Agripharm Corp., a JV between Canopy Growth, Green House Seeds and Organa Brands; and Les Serres Vert Cannabis, a JV between Canopy Growth and Les Serres Stéphane Bertrand.
Among Canopy Rivers' other investments are Radicle Medical Marijuana, Terrascend Corp TRSSF and Civilized Worldwide.
What's Next
Canopy Rivers said it plans to continue its collaboration with Canopy Growth to identify new investment opportunities.
The company's over-the-counter stock was trading down 2.88 percent at $2.77 at the time of publication Tuesday.
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