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

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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., reported a net loss of nearly million in its latest quarter. THE CANADIAN PRESS/Sean Kilpatrick

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.

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

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