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Canopy Rivers reports nearly $3M first quarter loss, operating income up

TORONTO – Canopy Rivers Inc., the venture capital arm of cannabis company Canopy Growth Corp., reported a net loss of nearly $3 million in its latest quarter.

The company says the loss amounted to two cents per diluted share for the quarter ended June 30, compared with a net loss of $6.6 million or five cents per share a year ago.

Operating income in what was the first quarter of the company’s 2020 financial year totalled $2.7 million, up from $744,000, including royalty, interest and lease income.

During the quarter, Canopy Rivers made $18.8 million in new investments in High Beauty, Biolumic and Zeakal.

The company also contributed a total of $6.0 million to existing investees Agripharm and Greenhouse Juice Co.

Canopy Rivers holds a diversified portfolio of 18 companies in the cannabis sector.