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Canopy Rivers Inc. (TSX:RIV) (OTC:CNPOF) has added Thirty Five Ventures to its advisory board. Thirty Five Ventures is owned by two-time National Basketball Association champion Kevin Durant of the Brooklyn Nets and sports exec Rich Kleiman.
The advisory board includes John Ruffolo of the Canadian Council of Innovators and OMERS Ventures and Meg Lovell, former co-head of M&A for Imperial Tobacco Group plc (OTC:IMBBY).
The move marks the first cannabis activity for the venture backed by Durant and Kleiman.
Thirty Five Ventures previosuly delved into sectors like the tech space with companies including Coinbase and Robinhood.
It also operates a media branch, producing the ESPN+ show "The Boardroom." ESPN is a Walt Disney Co (NYSE:DIS) and Hearst Communications, Inc.-owned company.
Per the agreement, Canopy Rivers will co-invest with Thirty Five Ventures in cannabis deals. The two will also engage in ongoing efforts to bolster Canopy Rivers’ global cannabis holdings.
Canopy Rivers CEO and President Narbé Alexandrian said the company is "thrilled" to have Thirty Five Ventures on board.
"We're excited to combine our venture capital knowledge and cannabis domain expertise, and we believe that this partnership will drive success for our portfolio as we continue to grow it in the years ahead," he said in a statement.
Canopy Rivers shares were up 0.92% at $1.10 at the time of publication.
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