Canopy Growth's venture capital arm goes public on TSX Venture exchange

BUSINESS

Canopy Growth's venture capital arm goes public on TSX Venture exchange

The Canadian Press Published Thursday, September 20, 2018 11:10AM EDT

Workers produce medical marijuana at Canopy Growth Corporation's Tweed facility in Smiths Falls, Ont., on February 12, 2018. (Sean Kilpatrick/THE CANADIAN PRESS)

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TORONTO -- The venture capital arm of marijuana company Canopy Growth goes public on the TSX Venture exchange today amid a cannabis stock craze.

Canopy Rivers, a subsidiary which pursues investment opportunities in the marijuana sector, begins trading today under the ticker symbol, "RIV" via a reverse-takeover of AIM2.

Its investment portfolio includes licensed producer Agripharm and Solo Growth, a retail cannabis distributor.

Canopy Growth's chief executive and acting chief executive of Canopy Rivers Bruce Linton says the subsidiary allows the Smiths Falls, Ont.-based cannabis company to grow its lead in the industry.

The listing comes one day after shares of Nanaimo, B.C.-based Tilray went on a wild ride, surging more than 90 per cent then briefly dropping into negative territory and rebounding to close up roughly 38 per cent, at more than US$214.

Tilray, which completed its initial public offering on the Nasdaq in July with shares priced at US$17, earlier this week said it got approval to export medical cannabis to the U.S. for a clinical trial.