Canopy Rivers invests $1.5 mln in cannabis brand Herbert

Canopy Rivers has made a preferred investment of $1.5 million in Herbert, a Toronto-based adult-use cannabis beverage and edibles brand. As part of the deal, Canopy received incremental warrants entitling it to increase the stake, as well as governance-related rights. Founded last year by principals of Greenhouse, Herbert's core beverage offering will focus on tetrahydrocannabinol-infused products designed for distribution within Canada. Earlier this month, Canopy, the venture capital arm of Canadian cannabis producer Canopy Growth Corp, invested $9 million in Greenhouse, a Toronto-based maker of plant-based beverage products.