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Canopy Rivers Executes Cannabis Investments, Unveils Q1 Earnings

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Canopy Rivers Executes Cannabis Investments, Unveils Q1 Earnings

Cannabis oriented venture capital company Canopy Rivers Inc. (TSX: RIV) (PINK: CNPOF) posted Friday its financial results for the first quarter of fiscal 2021.

The Toronto-based company disclosed its royalty, interest, and lease income amounted to $2.7 million.

"We began our fiscal year with a sharp focus on prudent financial discipline, explained the company's CFO Eddie Lucarelli, adding that they are "continuing to execute on strategic investments in companies that we believe are positioned for success in the global cannabis sector." 

Earnings Breakdown:

  • Other comprehensive income was $10.7 million
  • Operating income totaled $2.7 million, an increase of roughly 24% compared to the same period last year
  • Operating expenses decreased by 53% year-over-year to $2.7 million
  • Net loss was 3.5 million, versus a net loss of roughly 3 million in the first quarter of 2020

Other quarterly highlights include naming Canopy Growth's Mike Lee to its board, and operational changes, to name a few.

Moreover, in May, Canopy Rivers invested $2 million in Dynaleo Inc.

The company expects that investment in Alberta-based pot gummies producer would enhance this segment of the Canadian market.

Earlier this year, PharmHouse Inc., Canopy's joint venture in Ontario, received a Health Canada license amendment, which allows it to grow across its greenhouse. 

"We also continued to work closely with our portfolio companies to help resolve some of the unique macroeconomic challenges that emerged inside and outside of the cannabis sector," noted Narbé Alexandrian, President, and CEO.

Courtesy photo

 

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