Canopy Rivers provides update on Headset, TerrAscend, JWC, and YSS
TORONTO, Nov. 21, 2019 /CNW/ - Canopy Rivers Inc. ("Canopy Rivers") (TSX: RIV, OTC: CNPOF), a venture capital firm specializing in cannabis, portfolio companies continued broadening their operations as they aim for success in the growing market. For one company, this meant introducing more tools to help cannabis retailers understand consumers, while another agreed to expand its distribution network by leveraging Canopy Rivers' strategic alliance with Kindred Partners Inc. ("Kindred"). A summary of key developments includes the following:
Headset, Inc. ("Headset") launched Retail Market Benchmark for Headset Retailer, its retail data intelligence tool. Now, cannabis retailers can keep track of their sales metrics and enable Vendor Managed Inventory with vendors, and also use the tool to compare metrics to the overall marketplace. The Retail Market Benchmark combines real-time retail data with data from Headset's other competitive intelligence tool, Headset Insights, as well as market projections, making it an accurate and comprehensive market analysis tool for the cannabis industry.
TerrAscend Corp. ("TerrAscend") (CSE: CSE: TER, OTCQX: TRSSF) appointed Jason Ackerman to its Board of Directors. Mr. Ackerman, the founder and former CEO of online grocer FreshDirect, was also named Executive Chairman, and will oversee day-to-day operations from the company's New York office as it builds its U.S. leadership team.
James E. Wagner Cultivation Corporation ("JWC") (TSXV: JWC) entered into a CDN $4 million loan agreement with Trichome Financial Corp. JWC plans to use the loan proceeds to finance the completion its flagship facility in Kitchener, Ontario, fund the launch of new products, and for general working capital requirements.
Second, JWC made two announcements that we believe strengthens its position as a leading producer and supplier of premium cannabis products. First, it entered into a supply and manufacturing agreement with CannaCure Corporation, a wholly-owned subsidiary of Heritage Cannabis Holdings Corp., for the formulation and filling of vape cartridges for the Canadian recreational and medical cannabis markets. JWC also entered into a brokerage agreement with Kindred that will see Kindred serve as the exclusive broker for JWC's adult use cannabis products in Canada.
YSS Corp. ("YSS") (TSXV: YSS) became the first company in western Canada to open the TSX/TSXV markets from a retail location on November 12, 2019. YSS currently operates 13 retail locations, including eight YSS locations and another five under the Sweet Tree brand. YSS expects that expansion will continue at a measured pace with additional store openings planned before the end of 2019, supported by new cannabis formats, including oil vaporizers, beverages, edibles, concentrates, and topicals that are expected to hit the market in early 2020.
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 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 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: JWC's anticipated use of loan proceeds received fromTrichome Financial Corp.; management's belief that JWC's recent announcements strengthen its position as a leading producer and supplier of premium cannabis products; expectations for YSS' continued expansion and timing for new cannabis formats to hit the market; 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 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]