Canopy Rivers has invested in High Beauty Inc, a Santa Rosa, California-based cannabis-infused beauty brand.
Canopy subscribed for US$2.5 million of shares in the company, giving the investor an 18.4 percent interest.
Founded in 2018, High Beauty is the creator of high, a skincare product formulated using cannabis sativa seed extracts in combination with other ingredients. The funds raised will support the development of a new product line.
Canopy is the venture capital arm of Canadian cannabis producer Canopy Growth Corp.
Canopy Rivers Increases CPG Portfolio with Investment in High Beauty
TORONTO, April 16, 2019 /CNW/ – Canopy Rivers Inc. (“Canopy Rivers”) (TSXV: RIV) and High Beauty, Inc. (“High Beauty”) are pleased to announce the completion of an investment by Canopy Rivers in High Beauty, creator of industry-leading cannabis beauty brand high. Canopy Rivers has subscribed for US$2.5 million of shares in High Beauty, representing 18.4% of the company on a fully diluted basis, including additional warrant coverage.
“Being supported by Canopy Rivers enables us to collaborate within the Canopy Rivers ecosystem and to focus our energy and passion on the creation of a robust new product line using cannabis-derived extracts,” said Melissa Jochim, a highly successful formulator and Founder of High Beauty. “Cannabis sativa seed oil is an untapped ingredient resource with amazing skincare benefits. This partnership will allow us to scale High Beauty’s business much “higher” in a short time frame.”
Management believes that High Beauty has a competitive advantage in the global beauty market through its distribution partnership with Sephora (EPA: MC), an established leader in global prestige omni-channel retail. Defined by its unique, open-sell environment, Sephora’s curated assortment of brands includes trusted classics, indie and emerging favorites, and their own brand, Sephora Collection. The brand and beauty experts at Sephora have been involved in the evolution of high from concept to shelf, and the products have been specifically developed to meet “Clean at Sephora” standards – a “free of” designation that meets consumers’ needs for products free of questionable and unwanted ingredients.
High is expertly formulated to deliver cannabis sativa seed oil in combination with certified organic plant oils, high-potency antioxidants and pure plant essential oils for healthy, beautiful skin. High helps calm inflammation, balances all skin types with adaptogens, protects with potent antioxidants, and hydrates and replenishes. High Beauty’s High Five Cannabis Facial Moisturizer, a moisturizer containing cannabis sativa seed oil and potent plant actives, is used in the morning like a daily skin vitamin. And for nighttime routines, High Beauty’s High Expectations Cannabis Facial Oil helps provide intensive repair, hydration and replenishment.
“We have been actively pursuing opportunities in the health and beauty industry, guided by a growing consumer trend of brand new, innovative and functional beauty products. Enter high,” said Narbe Alexandrian, President of Canopy Rivers. “Led by Melissa Jochim, a repeat entrepreneur, preeminent formulator and brand developer coming from the natural, organic segment of the beauty industry, high has already captured mindshare and awareness of consumers – it has all the makings to continue to be a prominent brand in the cannabis-infused beauty market.”
About High Beauty:
high is a revolutionary beauty brand powered by cannabis sativa. high is formulated using only cannabis sativa seed extracts and is legal and free of psychoactive substances including THC and CBD. Founded and formulated in Northern California by renowned organic beauty pioneer, Melissa Jochim, high is expertly formulated to deliver cannabis sativa seed oil in combination with certified organic plant oils, high-potency antioxidants and pure plant essential oils for healthy, beautiful skin.
About Canopy Rivers:
Canopy Rivers is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers works collaboratively with Canopy Growth (TSX: WEED, NYSE: CGC) to identify strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem.
For further information: Canopy Rivers Inc., Karoline Hunter, Sr. Director, Investor Relations & Communications, E-mail: email@example.com; High Beauty, Inc., Victoria Sophia, The Bromley Group Public Relations, E-mail: firstname.lastname@example.org