TORONTO -- Canopy Rivers Inc. (RIV.V), the venture capital arm of Canopy Growth Corp. (WEED.TO), has acquired an 18.4 per cent stake in High Beauty Inc. for US$2.5 million.
Canopy Rivers works collaboratively with Canopy Growth to identify investment opportunities in the cannabis sector.
High Beauty founder Melissa Jochim says the partnership will help the company focus its energy on the creation of a new product line using cannabis-derived extracts.
High Beauty makes beauty products using cannabis sativa seed extracts, which are legal and free of psychoactive substances.
High Beauty has a distribution partnership with retailer Sephora.