Canopy Rivers provides update on Headset, TerrAscend, JWC, and YSS
TORONTO, Dec. 12, 2019 /CNW/ - Canopy Rivers Inc. ("Canopy Rivers") (TSX: RIV, OTC: CNPOF), a venture capital firm specializing in cannabis, portfolio companies made several announcements that demonstrate the portfolio's continued growth heading into 2020. Among others, this includes new features from a business intelligence and analytics software platform, a licensed producer responding to consumer demands for high-THC products with the launch of four new cannabis strains, and a portfolio company expanding its retail footprint. A summary of key developments includes the following:
Headset, Inc. ("Headset") launched the Demand Planning add-on to help its customers understand the "when" of the retail cannabis industry. Retailers can use Demand Planning dashboards to determine when they need to stock up on certain products, and producers can use it to figure out when to increase production, hold vendor days, or the best times to restock retail partners.
TerrAscend Corp. ("TerrAscend") (CSE: TER, OTCQX: TRSSF) extended the maturity date of its US$75 million credit facility with funds managed by JW Asset Management LLC for up to three months. TerrAscend also executed a term sheet with funds managed by JW Asset Management LLC to convert any amounts outstanding under the credit facility into a two-year term loan with an expected maturity of March 2022. These steps are expected to give TerrAscend a non-dilutive source of funding during a time when the company believes there will be improvements in the cannabis regulatory, banking, and capital markets landscapes.
James E. Wagner Cultivation Corporation ("JWC") (TSXV: JWCA, OTCQX: JWCAF) expanded its compassionate care program with a new initiative aimed at supporting first responder patients. The program will provide eligible patients with a discount benefit on all JWC's dried flower and cannabis oil products. JWC concurrently announced the launch of four new aeroponically grown strains: King Tut, Dark Helmet, West Coast Sour Diesel, and Hash Plant. JWC's president and CEO Nathan Woodworth explained that the new products are a response to patient and consumer demands for strains featuring higher THC levels.
YSS Corp. ("YSS") (TSXV: YSS, WKN: A2PMAX) opened its 14th cannabis retail location on December 6, 2019 in Okotoks, Alberta. The new location is operating under the Sweet Tree brand. Additionally, YSS's two Calgary flagship stores – YSS 4th Avenue SW and Sweet Tree 17th Avenue SW – have both passed final Alberta government inspections and are expected to open later this month.
About Canopy Rivers
Canopy Rivers is a venture capital firm specializing in cannabis. Its unique investment and operating platform is 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 portfolio.
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 and its portfolio companies 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: the portfolio's continued growth heading into 2020; the expected maturity date of TerrAscend's term loan; the expectation that recent updates regarding TerrAscend's credit facility will give it a non-dilutive source of funding; TerrAscend's belief that there will be improvements in the cannabis regulatory, banking and capital markets landscapes; the provision of a discount benefit to eligible patients under JWC's expanded compassionate care program; expected timing for the opening of YSS's two Calgary flagship stores; 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; changes in cannabis industry growth and trends; changes in consumer preferences and demands; changes in the business activities and plans of JWC and YSS and the timing associated therewith; 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, including Canopy Rivers' interpretation of such regulation; public opinion and perception of the cannabis industry; divestiture risks; and the risk factors set out in Canopy Rivers' annual information form dated July 15, 2019, filed with the 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 that 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.
SOURCE Canopy Rivers Inc.
For further information: Media: Rob Small, Senior Manager, Public Relations & Communications, [email protected]; Investor Relations: Karoline Hunter, Senior Director, Investor Relations & Communications, [email protected]