JWC AND TERRASCEND SIGN MUTUALLY BENEFICIAL PURCHASE AND SUPPLY CONTRACT
TORONTO, Aug.15, 2019 /CNW/ - Canopy Rivers Inc. ("Canopy Rivers" or the "Company") (TSXV: RIV) (OTC: CNPOF) is pleased to share that its portfolio companies, James E. Wagner Cultivation Corporation ("JWC") (TSXV: JWCA) (OTCQX: JWCAF) and TerrAscend Corp. ("TerrAscend") (CSE: TER) (OTCQX: TRSSF), have entered into a purchase and supply agreement, demonstrating the type of collaboration and synergy seen throughout the Canopy Rivers ecosystem. As part of the agreement, JWC will supply cannabis flower and oils to TerrAscend, which will be made available for purchase on TerrAscend's online medical sales platform, Solace Health, providing JWC with exposure to thousands of registered medical patients across Canada.
This partnership was developed in collaboration with the Canopy Rivers Impact Team, a group specifically focused on helping portfolio companies work with each other and leverage their competitive advantages and specialized skillsets, in turn enabling them to specialize in what they do best. For JWC, it is a focus on aeroponic cultivation, leading to a clean, consistent, high-quality product for the end consumer. For TerrAscend, it is its function as a pharma-focused processing, retail, and distribution operator, and its status as the only company selling cannabis in Canada, the U.S., and Europe.
"The collaboration between JWC and TerrAscend is evidence of the Canopy Rivers ecosystem at work," said Olivier Dufourmantelle, Chief Operating Officer of Canopy Rivers. "Portfolio companies that work together, thrive together. We are constantly striving to broker opportunities for synergy and collaboration within our portfolio."
Canopy Rivers currently holds approximately 14% of the issued and outstanding common shares in the capital of JWC and owns exchangeable shares in TerrAscend. For more information regarding Canopy Rivers' investments in JWC and TerrAscend, please refer to the Company's annual information form dated July 15, 2019 ("AIF"), filed with Canadian securities regulators and available on Canopy Rivers' profile on SEDAR at www.sedar.com. For additional information about JWC, please refer to JWC's profile on SEDAR or their website at www.jwc.ca. For additional information about TerrAscend, please refer to TerrAscend's profile on SEDAR or their website at www.terrascend.com.
About Canopy Rivers:
Canopy Rivers is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers identifies strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth Corporation (TSX: WEED, NYSE: CGC) and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem.
This news release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Canopy Rivers with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding: JWC's supply of cannabis flower and oils to TerrAscend and the availability of such products on TerrAscend's online medical sales platform, Solace Health; the benefits of the purchase and supply agreement for JWC and TerrAscend and of portfolio company collaboration; and expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Canopy Rivers believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Canopy Rivers. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: regulatory and licensing risks; JWC's ability to produce and supply cannabis flower and oils ; the ability to sell JWC's products on Solace Health; changes in consumer preferences and demand; the actual impact of the purchase and supply agreement on JWC and TerrAscend; the ability of Canopy Rivers' portfolio companies to collaborate; changes in general economic, business and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation; public opinion and perception of the cannabis industry; and the risk factors set out in Canopy Rivers' AIF, filed with Canadian securities regulators and available on Canopy Rivers' profile on SEDAR at www.sedar.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Canopy Rivers has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Canopy Rivers does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Rivers Inc.
For further information: Canopy Rivers Inc., Karoline Hunter, Sr. Director, Investor Relations & Communications, E-mail: [email protected]