Seeking cannabis entrepreneurs, Canopy looks to invest $1M in seed capital

Cannabis

One of the country’s largest cannabis growers is looking to invest up to $1 million in startups within the budding industry.

Ottawa-area pot producer Canopy Growth and its investment affiliate, Canopy Rivers, are hosting a pitch day next month at the International Cannabis Business Conference in Vancouver.

The Smiths Falls-based firm is looking to invest seed capital in up-and-coming cannabis entrepreneurs, such as micro-growers, retailers, hemp producers and operators of lab-testing facilities who plan to seek the appropriate Health Canada licence.

Canopy Rivers was formed in April 2017 and raised $26 million, including $5.14 million from Canopy Growth, this past January.

It says it holds a diversified portfolio of cannabis investments that includes a mix of equity, debt, royalty and profit-sharing agreements with licensed producers and pharmaceutical formulators as well as technology and media platforms.

In April, Canopy Rivers invested $5 million in New Brunswick-based cannabis media platform Civilized.