Canopy Rivers takes 18.4 per cent stake in High Beauty for US$2.5 million

Canopy Rivers takes 18.4 per cent stake in High Beauty for US$2.5 million | iNFOnews.ca
Staff work in a marijuana grow room that can be viewed by at the new visitors centre at Canopy Growth's Tweed facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018. Canopy Rivers Inc., the venture capital arm of cannabis company Canopy Growth Corp., has acquired an 18.4 per cent stake in High Beauty Inc. for US$2.5 million. THE CANADIAN PRESS/Sean Kilpatrick

TORONTO – Canopy Rivers Inc., the venture capital arm of Canopy Growth Corp., has acquired an 18.4 per cent stake in High Beauty Inc. for US$2.5 million.

Canopy Rivers works collaboratively with Canopy Growth to identify investment opportunities in the cannabis sector.

High Beauty founder Melissa Jochim says the partnership will help the company focus its energy on the creation of a new product line using cannabis-derived extracts.

High Beauty makes beauty products using cannabis sativa seed extracts, which are legal and free of psychoactive substances.

High Beauty has a distribution partnership with retailer Sephora.

Companies in this story: (TSXV:RIV, TSX:WEED)

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