Sol Global, a Toronto-based international cannabis investment firm, has increased its stake in a privately held CBD company.
The firm announced Friday it spent $11.5 million (15 million Canadian dollars) in HeavenlyRx. The purchase brings Sol Global to a 42% stake in HeavenlyRx.
The announcement comes less than a week after Sol Global raised $37.5 million (50 million Canadian dollars) and announced plans to increase investment in CBD companies.
Earlier this week, HeavenlyRx bought 15 million shares in Jones Soda Co. for $9 million with an eye toward developing CBD-infused beverages with the brand. HeavenlyRx now holds 39% of the Seattle-based beverage manufacturer.
Sol Global trades on the Canadian Securities Exchange under the ticker symbol SOL.
More details on the investment can be found here.