Canopy Rivers has released its financial results for the three and twelve months ended March 31, 2019.
“It was a year full of milestones and significant achievements for Canopy Rivers,” said Narbe Alexandrian, President and Chief Executive Officer of Canopy Rivers. “Anchored by our go public transaction and listing on the TSX Venture Exchange, eight new investments, and landmark transactions for certain portfolio companies, we have strategically positioned ourselves as an accelerator of growth for companies that we believe are situated to be leaders in the cannabis industry. We are excited for the future as we continue to discover, evaluate, and invest in ways that expand our footprint into new channels and markets globally, ultimately creating value for our shareholders,” continued Alexandrian. “With positive global sentiment towards cannabis on the rise, and Canada’s legalization of edibles, extracts, and topicals coming into force in the fall, we are optimistic about the growth potential of the cannabis industry in the coming years.”
The Toronto-based firm reported a loss of $1.8 million in the three months ended March 31 compared with a profit of nearly $14.6 million in the same quarter last year.
Its operating expenses for the quarter however amounted to $7.5 million, up from $2.39 million during the quarter one year ago, as it invested in companies such as Greenhouse Juice Co.
Canopy Rivers said as positive global sentiment towards pot rises and Canada legalizes edibles, topicals and extracts, there is growth potential for the industry and ancillary businesses which do not touch the plant.
To date, Canopy Rivers has made investments in 18 companies in Europe, the U.S. and Canada.
For its full financial year, Canopy Rivers says it earned $3.9 million or two cents per diluted share on $38.5 million compared with a profit of $36.4 million or 36 cents per diluted share in the previous year. Operating income totalled $38.5 million, down from $50.2 million