CannaRoyalty Announces Successful Completion of $5 Million Financing by Investee Company Resolve Digital Health
CannaRoyalty (CSE:CRZ) has announced that one of its investee companies, Resolve Digital Health, has completed a $5 million Series A financing round led by Aphria (TSX:APH).
As quoted in the press release:
“We are breaking new ground with the strides taken over the last two years to completely rethink the medical cannabis experience with a patient-centric approach that is measurable and trackable at the heart of our strategy,” said Rob Adelson, Founder and CEO of Resolve Digital Health. “The advancements made thus far would not have been possible without the support and collaboration from Marc and the team at CannaRoyalty, which are even stronger today with our new partner, Aphria.”
From its initial investment in October 2015, CannaRoyalty saw the immediate opportunity in Resolve. Through multiple share acquisitions, including C$80,000 invested in this financing, CannaRoyalty has acquired a substantial ownership position in Resolve and provided seed capital and resources for the research and development of Resolve’s unique medical device system, Breeze. Unlike many existing cannabis products, Breeze is unique in that it provides an accurate, metered, treatment solution with pre-packaged, single use pods filled with the highest quality cannabis buds or oil, making it easy and safe for end-users.
“We are thrilled about participating in the closing of this financing. It provides third party validation of our initial investment in Resolve at a significantly higher valuation,” said Marc Lustig, CEO of CannaRoyalty. “It is an example of the success of our business model that includes identifying high-value cannabis assets, partnering through investment and assisting in the growth and commercialization of brands, products and devices – while increasing value for our shareholders.”