The venture capital firm, Canopy Rivers Inc. has provided an update on its portfolio companies, and their plans for retail expansion.
Canopy Rivers Inc. (TSX: RIV), a venture capital firm specializing in cannabis, portfolio companies have made a series of recent announcements relating to their plans for the cannabis retail market or U.S. cannabis operations. Two portfolio companies are evaluating opportunities to expand their retail footprint in Canada, while another will remember 2019 as the year it grew its retail presence across the U.S., Canada, and Europe. Another Canopy Rivers portfolio company is taking steps to build out its U.S. operations, as more states look to legalize medical or recreational cannabis. More details on these developments are included below:
- High Beauty, Inc. ("High Beauty"), the skincare brand powered by cannabis sativa seed oil, announced in December that its 2019 sales growth was driven by the company's growing list of retailers in the U.S., Canada, and Europe. In the U.S., High Beauty was the first cannabis brand in Macy's, and also sells in Sephora, Urban Outfitters, and Anthropologie, among others. In Canada, High Beauty has signed contracts with Indigo, Hudson's Bay, and Shoppers Drug Mart, while its European distributors include Douglas and Amazon. Additionally, High Beauty's founder & CEO Melissa Jochim was announced as a finalist for Fashion Group International's Beauty Legacy/Product Development Rising Star award in the Beauty Entrepreneur category.
- TerrAscend Corp. (CSE: TER) ("TerrAscend") announced that it has finalized a US$33.5 million non-brokered private placement. TerrAscend intends to use the proceeds from the private placement to accelerate the completion of its New Jersey cultivation and processing facilities, to satisfy the previously announced January 2020 contingent price payment related to the acquisition of Ilera Healthcare, and for working capital and general corporate purposes.
- YSS Corp. ("YSS") (TSXV: YSS) is one of eight companies seeking to take over New Brunswick's recreational cannabis retail operations. YSS currently operates 16 stores in Alberta and Saskatchewan under both the YSS and Sweet Tree brands. It recently announced that its two flagship stores have opened in downtown Calgary and that its 17th store, YSS Grand Prairie, passed final inspection from the Alberta regulator. YSS Grand Prairie is expected to open in early February. YSS has also applied for its Retail Operator Licence with the Alcohol and Gaming Commission of Ontario as it advances expansion plans for Ontario, where its initial strategy will be to identify and pursue at least three premier retail locations until it has greater clarity around timing for licensing.
- James E. Wagner Cultivation Corporation ("JWC") (TSXV: JWC, OTCQX: JWCA) plans to open a 2,000 square foot farmgate retail store at its flagship cultivation facility in Kitchener, Ontario. The store is expected to be the Kitchener-Waterloo region's first cannabis store located on a licensed cultivation site and represents a new direct-to-consumer outlet for the company. The store is expected to sell JWC's full line of cannabis and derivative products for medical and legal-age recreational users, including the company's recently announced strains.
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