Canopy Rivers invests $2 million in Edmonton-based cannabis gummies company
Posted May 4, 2020 11:50:32 AM.
TORONTO — Canopy Rivers Inc. says it has made a $2-million investment in Dynaleo Inc., an Edmonton-based company focused on edible cannabis gummies.
Dynaleo has built a manufacturing facility and submitted the supporting documentation for a standard processing licence to Health Canada.
The company plans white-label production of CBD and THC edibles for the Canadian market that can be customized to meet customer’s needs and regulatory requirements.
Canopy Rivers, which operates as a cannabis venture capital firm, says its investment in Dynaleo is structured as an unsecured convertible debenture with additional warrant coverage.
The debenture is convertible at the company’s option into common shares of Dynaleo.
Upon conversion of the debenture and exercise of the warrants, and assuming no further changes, Canopy Rivers’ ownership stake in the company will be 12.2 per cent.
This report by The Canadian Press was first published May 4, 2020.
Companies in this story: (TSX:RIV, TSX:WEED)
The Canadian Press