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Health Canada Awards Processing License To Dynaleo Inc, A Portfolio Company Of Canopy Rivers Inc (OTCMKTS:CNPOF): Strengthens Board

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Canopy Rivers Inc (OTCMKTS:CNPOF)’s recently added portfolio company – Dynaleo Inc received an SPL (standard processing license) from Health Canada. It is following the completion/ commissioning of 27,000 Sq. Ft. purpose-built manufacturing facility of Dynaleo. The license helps the company to increase the production of CBD Gummies to satisfy the demand for recreational use in Canada.

The large market for CBD gummies

CEO and President of Canopy, Narbe Alexandrian, said the demand for specialty gummies and edibles is quite huge. Several licensed manufacturers are struggling to expand their production capacity to satisfy the demand for this product category. He said Dynaleo will fill this gap by producing CBD Gummies and establish a leadership in the 2.0 segment.

EC of Dynaleo, Michael Krestell, said the purpose-built manufacturing facility can supply large volumes and help the partners to stock these products across the nation to meet the growing demand. In April 2002, Canopy acquired a stake of 12% in Dynaleo.

Mike Lee finds a place in the board of Canopy

Canopy elevated its CFO at Canopy Growth- Mike Lee to the board of directors. The board of Canopy already comprises executives poached from several industries. They contribute a wealth of experience in public governance and industry know-how.

Lee, with experience gained from his roles at Constellation Brands Inc, Canopy Growth, and other companies engaged in beverages and packaging goods, expects to strengthen strategic execution.

Lee is excited to join the Canopy board, which is building a portfolio of companies with significant investments in cannabis activities. He said there is a renewed requirement for focusing on exploring large opportunities in the international cannabis industry.

Previous stints of Lee include prominent roles like CFO and SVP at companies such as PepsiCo, E. & J. Gallo Winery, and CB (Constellation Brands). He supported the executive leadership of CB to transform the wine and spirits business. Lee played a vital role in the design of the operating model and digital enablement during the transformation.

Net loss in Q4 2020

In Q4, 2020, Canopy posted a net loss of $0.9 million. The company holds a cash balance of $47 million. Amid ongoing coronavirus, the company adopted several measures to strengthen its financials and maintain success going forward. The company also achieved significant milestones and optimistic about continuing growing next year.

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