Sol Global increases ownership stake in CBD firm HeavenlyRx

Cannabis investment company Sol Global Investments purchased additional common shares to raise its ownership in its CBD-focused wellness subsidiary HeavenlyRx to 44.53%.

As part of a larger private offering, the Toronto-based international investment company announced Monday it spent an additional 23.9 million Canadian dollars ($18.1 million) on HeavenlyRx.

The announcement comes just weeks after Sol Global invested CA$15 million ($11.5 million) in HeavenlyRx and announced plans to increase investment in CBD companies.

HeavenlyRx has announced several investment deals within the past month as well.

“Sol Global’s continued investment in HeavenlyRx has fast-tracked the onboarding of highly relevant consumer brands to the company’s portfolio,” Andy DeFrancesco, the company’s chair and chief investment officer, said in a statement.

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

More details on the investment can be found here.