Earnings Update: Canopy Rivers, Turning Point Brands, CbdMD, Pyxus International
TerrAscend Investment Helps Canopy Rivers Reach $82.2M In Income For Q3 Canopy Rivers Inc. disclosed Wednesday its total comprehensive income amounted to $82.2 million in the third quarter of this fiscal year, versus a loss of $40 million in the same period of last year. The company attributes the growth to an $11.4 million increase in the value of its TerrAscend Canada Inc. (CSE: TER) (OTCQX: TRSSF ) investment. The Toronto-based venture capital firm invested some $10 million in Terrascend in October. Canopy acquired 13,243 units of TerrAscend as a part of the first tranche of the offering. "Our portfolio companies continue to gain momentum, and we are further encouraged by the potential for regulatory reform in the U.S. given recent progress at the state level, and the new administration's position on cannabis reform," Canopy Rivers CEO Narbé Alexandrian said. Operating income - before equity method investees and fair value changes - was roughly $3 million for the period, slightly less than operating expenses, which amounted to $3.4 million.
Earnings Update: Canopy Rivers, Turning Point Brands, CbdMD, Pyxus International
TerrAscend Investment Helps Canopy Rivers Reach $82.2M In Income For Q3 Canopy Rivers Inc. disclosed Wednesday its total comprehensive income amounted to $82.2 million in the third quarter of this fiscal year, versus a loss of $40 million in the same period of last year. The company attributes the growth to an $11.4 million increase in the value of its TerrAscend Canada Inc. (CSE: TER) (OTCQX: TRSSF ) investment. The Toronto-based venture capital firm invested some $10 million in Terrascend in October. Canopy acquired 13,243 units of TerrAscend as a part of the first tranche of the offering. "Our portfolio companies continue to gain momentum, and we are further encouraged by the potential for regulatory reform in the U.S. given recent progress at the state level, and the new administration's position on cannabis reform," Canopy Rivers CEO Narbé Alexandrian said. Operating income - before equity method investees and fair value changes - was roughly $3 million for the period, slightly less than operating expenses, which amounted to $3.4 million.