Canopy Rivers Inc. increased its ownership stake in Canada's CanapaR Corp.
The cannabis-focused investment firm now holds 49.9% of CanapaR's common shares, up from 35%.
Canopy, through its wholly owned subsidiary, will invest $17.4 million in CanapaR in two tranches, as part of a planned $25.0 million nonbrokered private placement.
CanapaR is the holding company of Canapar Srl, an Italy-based organic hemp production and processing business. Both companies are led by CEO Sergio Martines.