Canada cannabis giant ups stake in Italian CBD manufacturer

A subsidiary of Canadian cannabis giant Canopy Growth is increasing its investment in an Italian hemp company.

Canopy Rivers announced that it will spend 17.4 million Canadian dollars ($13 million) to increase its ownership in CanapaR Corp., the parent company of CanapaR SrL, a hemp-derived CBD manufacturer based in Sicily.

The deal gives Canopy Rivers 49.9% ownership in CanapaR, up from 35%.

Canopy Rivers, which trades on the Toronto Stock Venture Exchange as RIV,  is a global investment subsidiary of Canopy Growth.

CanapaR noted in the investment announcement that it’s developing a line of CBD-infused cosmetics.

“We are seeing increased demand for innovative CBD and cannabinoid-infused natural health and skin care products,” CanapaR CEO Sergio Martines said.

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