Canopy Rivers Inc. provided an update on three portfolio companies.
“Over the past month, our portfolio companies have made several announcements that demonstrate their continued momentum and growth in their respective markets,” said Narbe Alexandrian. “We believe that this growth is a testament to the theses behind these investments, and we look forward to seeing their progress continue into 2021.”
- TerrAscend Corp. announced that it received the final permit to dispense cannabis from its first medical dispensary in New Jersey. TerrAscend’s Apothecarium location in New Jersey opened to customers on November 24th. This opening follows TerrAscend’s third quarter results in which the company reported net sales of $51 million and adjusted EBITDA of $17.8 million.
- YSS Corp. announced its third quarter earnings. YSS reported that revenue increased 24% and gross margin grew by 31% compared to Q2 2020. It noted that its store-level EBITDA of approximately $0.6 million represented a 56% increase over the previous quarter. YSS added that its newest Calgary location is in the final phase of construction, and it is planning to open four additional stores, including two in Ontario.
- Dynaleo Inc. received its sales licence from Health Canada. Dynaleo is now able to distribute gummies from its Edmonton-based manufacturing facility to provincial wholesalers and retailers. Dynaleo previously announced supply agreements with High12 Brands and California-based edibles company Pantry.
Canopy Rivers is a venture capital firm specializing in cannabis with a portfolio of 18 companies across various segments of the cannabis value chain. We believe that bringing together people, capital, and ideas raises the potential of the entire cannabis industry. By leveraging our industry insights, in-house expertise, and thesis-driven approach to investing, we aim to provide shareholders with exposure to specialized and disruptive cannabis companies. Our mission is to invest in innovators across the cannabis value chain, help them grow, and ultimately create value by guiding these companies towards a monetization event. Together with our portfolio, we are helping build the cannabis industry of tomorrow, today.