Canopy Rivers, Inc. offers updates on three companies as cannabis industry proves profitable

by Michael Pineda | Dec 7, 2020

Canopy Rivers, a venture capital firm specializing in marijuana, provided a positive update on three of the companies in its portfolio. | Pixabay

As laws become less restrictive toward cannabis, companies such as Canopy Rivers, Inc. are finding the market lucrative with reports of significant profits.

Canopy Rivers provided an update on its three portfolio companies, TerrAscend Corp., YSS Corp. and Dynaleo Inc. Cision reported TerrAscend has received its final permit to dispense cannabis from its first medical dispensary in New Jersey, which opened Nov. 24. The reported $51 million in net sales for the third quarter.

Laws are continuing to beome less restrictive on the cannibus market, allowing for companies to grow as more profitable | File Photo

YSS’s revenue increased 24% in the third quarter while gross margin grew 31% compared to the second quarter. Growth prospects include a Calgary location in the final phase of construction, and plans to open four locations including two in Ontario.

Dynaleo received a sales license from Health Canada. Gummies have been included in its inventory from its Edmonton-based manufacturing facility to the provinces for distribution. It has also announced supply agreements with High12 Brands and Pantry, an edible company in California.

Canopy Rivers has a portfolio of 18 companies overall.