Cannabis-focused venture capital firm Canopy Rivers Inc. RIV OTC: CNPOF) said Thursday its portfolio company Radicle Medical Marijuana Inc. has obtained Health Canada’s approval for oil sales.
With the extra license the company will be able to offer its medical patients other forms of cannabis products, such as cannabis oil and concentrates.
"Consumer behaviours are evolving, and we believe many of today's cannabis consumers are open to trying alternatives to dried flower products," Narbé Alexandrian, President & CEO, Canopy Rivers, said in a statement. "With its Health Canada approval for the sale of formulated oil products, Radicle is well positioned to capitalize on this demand while maintaining its commitment to the production of premium, small-batch craft cannabis."
So far, Canopy Rivers has invested $10 million in Radicle, and it owns 24% of the company on a diluted basis. It gains royalty cash flow stream from Radicle set for a minimum payment of $900,000 annually over 20 years, the company reported in a press release.
The company’s stock closed Wednesday’s session at $1.25 per share.
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Canopy Rivers Explains Its Investments, Atypical Financial Reporting
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