TORONTO, Canada – Canopy Rivers a venture capital firm specializing in cannabis, announced that its portfolio company Radicle Medical Marijuana Inc., has received approval for oil sales from Health Canada.
This additional licence allows for the development and sale of new cannabis products, including cannabis oil and concentrates. This opens the door for Radicle’s medical patients to access other product forms in the company’s craft cannabis selection.
“Consumer behaviours are evolving, and we believe many of today’s cannabis consumers are open to trying alternatives to dried flower products,” said Narbé Alexandrian, president and chief executive officer (CEO), Canopy Rivers. “With its Health Canada approval for the sale of formulated oil products, Radicle is well positioned to capitalize on this demand while maintaining its commitment to the production of premium, small-batch craft cannabis.”
Canopy Rivers has invested $10 million in Radicle. Canopy Rivers currently owns 24 percent of Radicle on a fully diluted basis and also receives a long-term royalty cash flow stream from Radicle with a minimum annual payment of $900,000 over a 20-year term.