The world’s largest grower and supplier of medicinal cannabis has invested over two million dollars in a small Kiwi agri-tech company.
Canadian company Canopy Rivers’ investment of US$1.5 million (NZ$2.2 million) in BioLumic is for the development of UV treatments that improve the performance and yield of cannabis crops.
Palmerston North-based BioLumic’s chief executive Warren Bebb said it was satisfying to see more global companies choose to invest in their “world-leading” company.
“New Zealand agri-tech companies are starting to make a mark globally … it’s a testament to the value of scientific research.
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“Given our results with other flowering crops such as lettuce, tomatoes, strawberries and soybeans, medicinal cannabis is a natural fit for our technology,” Bebb said.