CannaRoyalty (CSE:CRZ; OTCQX:CNNRF) announced one of its investee companies Anandia Labs closed a private placement financing of $13.4 million at a post-money valuation of $63 million.
As quoted in the press release:
Anandia Labs is Canada’s leading independent cannabis analytics, testing and genetics company. With one of 33 Health Canada-issued Dealers Licenses, Anandia Labs is able to cultivate, extract, analyze, import/export and buy/sell/trade cannabis in any form. The company also uses genomics and plant breeding technology to develop innovative products and next generation cannabis varieties.
CannaRoyalty invested $3.9 million in Anandia Labs in February 2017 at a post-money valuation of $18 million. The post-money valuation of this current financing represents a growth in value of approximately $7 million or 180% for CannaRoyalty shareholders. CR Advisory, a wholly-owned business unit of the Company, has an ongoing engagement with Anandia Labs. CR Advisory will receive 229,421 Anandia Labs shares and a cash payment of $240,000 in connection with services provided. Anandia Labs is 17% owned by CannaRoyalty after accounting for the Financing.