A subsidiary of Canada cannabis giant Canopy Growth is stepping up investment in an Italian hemp company. Canopy Rivers announced last week that will... Canada cannabis giant ups stake in Italian CBD manufacturer

A subsidiary of Canada cannabis giant Canopy Growth is stepping up investment in an Italian hemp company.

Canopy Rivers announced last week that will spend 17.4 million Canadian dollars ($13 million) to increase its ownership in CanapaR Corp., the parent company of CanapaR SrL, a hemp-derived CBD manufacturer based in Sicily.

The deal gives Canopy Rivers 49.9% ownership in CanapaR, up from 35%.

Canopy Rivers trades on the Toronto Stock Venture Exchange as RIV,  is a global investment subsidiary of Canopy Growth.

CanapaR says it is developing a line of CBD-infused cosmetics.

“We are seeing increased demand for innovative CBD and cannabinoid-infused natural health and skincare products,” CanapaR CEO Sergio Martines said in the investment announcement.

 

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