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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