Investment firm increases stake in CBD company

Sol Global, a Toronto-based international cannabis investment firm, has increased its stake in a privately held CBD company.

The firm announced Friday it spent 15 million Canadian dollars ($11.5 million) in HeavenlyRx. The purchase brings Sol Global to a 42% stake in HeavenlyRx.

The announcement comes less than a week after Sol Global raised CA$50 million ($37.5 million) and announced plans to increase investment in CBD companies.

Earlier this week, HeavenlyRx bought 15 million shares in Jones Soda Co. for $9 million with an eye toward developing CBD-infused beverages with the brand. HeavenlyRx now holds 39% of the Seattle-based beverage manufacturer.

Sol Global trades on the Canadian Securities Exchange under the ticker symbol SOL.

More details on the investment can be found here.

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