Canopy Growth’s venture capital arm, Canopy Rivers, more than doubled its valuation when it commenced trading on The TSX venture on Thursday.
Canopy Rivers Corp. opened trading at just over 200% higher than its initial $3.50 offering price, before falling and ended the day at $8.75, giving the company a market value of $1.54 Billion.
During the day, its shares rose as high as $11.82 and fell to as low as $7.50.
Canopy Rivers, a spin off of Canopy Growth, has a diverse portfolio of strategic investments including licensed cannabis producers, applicants, an innovative media platform, and a leading European hemp cultivator. The company said, “This diverse portfolio will expand as new opportunities emerge in the global cannabis industry.”
“Canopy Rivers presents a world of opportunity for its partners and for Canopy Growth. It’s the type of relationship that allows us to continue to grow our lead in this incredibly dynamic industry, and we at Canopy Growth couldn’t be more excited for Canopy Rivers to be taking this transformative step into the public markets,” said Bruce Linton, Chairman and co-CEO, Canopy Growth and Acting CEO, Canopy Rivers. “Whether it’s access to new brands, new technologies, differentiated products, first rights to future financing opportunities, and even rights to future full acquisition, Rivers will build value for shareholders, including Canopy Growth by building value for its portfolio partners.”
Canopy Rivers trades on the TSX Venture Exchange under the ticker symbol, “RIV”.
By Marijuana.Ca Staff