Canopy Rivers Inc (CVE:RIV) Ventures Into Agri-Technologies in Latest Investment
Canopy Rivers Inc (CVE:RIV) (OTCMKTS:CNPOF) is treading new investment ground internationally. This morning, the cannabis venture/incubator portfolio company announced an investment in a jurisdiction not generally known as an industry player.
The company’s investment in New Zealand-based BioLumic Ltd.—a purveyor of ultraviolet (UV) light to empower growers and seed producers around the globe—vests Canopy Rivers in an area few others have ventured to date. According to the release, BioLumic extended a Finistere Ventures-led Series A financing round to include Canopy Rivers’ strategic investment of US$1.5 million, closing the oversubscribed round at US$6.7 million. The financing wasn’t just comprised of wealthy accredited investors; smaller funds such as the Rabo Food & Agri Innovation Fund—a Rabobank Group umbrella company ($750B in assets)—also participated.
Finistere Ventures, itself, is supported by industry leaders like Bayer AG and Nutrien, and works closely with its network in the agriculture space to help commercialize innovations at a global scale.
This marks Canopy Rivers’ first investment in agri-technologies, specifically focused on the emerging fields of plant physiology and UV photobiology. BioLumic will use its newfound capital to grow its operations to support the acceleration and expansion of its UV light treatment initiatives—including applications in the medical cannabis market. BioLumic’s UV light treatments are purported to deliver long-term crop benefits such as improved crop consistency, increased yield, drought tolerance, and disease and pest resistance.
Today’s announcement marks a continuance of an uptick in recent news flow, which has buffered Canopy Rivers from the market’s latest downdraft. Over the past 4-sessions, RIV gained 18.91% following portfolio company Pharmhouse Inc. announcing a significant supply agreement between it and Canopy Growth. Over the past month, aggregate gains are similar. A combination of portfolio company news and direct-equity investments are keeping the news cycle humming.
Midas Letter will have further coverage as events warrant.
Original article: Canopy Rivers Inc (CVE:RIV) Ventures Into Agri-Technologies in Latest Investment
©2019 Midas Letter. All Rights Reserved.
Source: https://midasletter.com/2019/05/canopy-rivers-inc-cveriv-ventures-into-agri-technologies-in-latest-investment/
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