canopy rivers
Staff work in a marijuana grow room that can be viewed by at the new visitors centre at Canopy Growths Tweed facility in Smiths Falls, Ontario on Thursday, Aug. 23, 2018. Canopy Growth Corp. says its revenues surged in the first quarter on a record harvest of cannabis. THE CANADIAN PRESS/Sean Kilpatrick

Canopy Rivers reports nearly $3M first-quarter loss, operating income up

TORONTO — Canopy Rivers Inc., the venture capital arm of cannabis company Canopy Growth Corp., reported a net loss of nearly $3 million in its latest quarter.

The company says the loss amounted to two cents per diluted share for the quarter ended June 30, compared with a net loss of $6.6 million or five cents per share a year ago.

Operating income in what was the first quarter of the company’s 2020 financial year totalled $2.7 million, up from $744,000, including royalty, interest and lease income.

During the quarter, Canopy Rivers made $18.8 million in new investments in High Beauty, Biolumic and Zeakal.

The company also contributed a total of $6.0 million to existing investees Agripharm and Greenhouse Juice Co.

Canopy Rivers holds a diversified portfolio of 18 companies in the cannabis sector.

Companies in this story: (TSXV:RIV, TSX:WEED)

The Canadian Press

Featured Image: THE CANADIAN PRESS/Sean Kilpatrick