Canopy Rivers provides update on TerrAscend, JWC, and Radicle
TORONTO, Nov. 7, 2019 /CNW/ - As cannabis 2.0 rolls out across Canada, several Canopy Rivers Inc. ("Canopy Rivers") (TSX: RIV, OTC: CNPOF) portfolio companies are positioning themselves to seize new opportunities after a series of recent announcements. These include two Health Canada licence amendments enabling certain portfolio companies to process and sell edibles, extracts, and topicals for the Canadian market. Additionally, a portfolio company signed an agreement with Canopy Growth Corporation ("Canopy Growth") (TSX: WEED, NYSE: CGC), demonstrating the benefits facilitated by Canopy Rivers' relationship with Canopy Growth.
TerrAscend Corp. ("TerrAscend") (CSE: TER, OTCQX: TRSSF), the first and only global cannabis company licensed for sales in Canada, the U.S., and the E.U., received an amendment to its licence from Health Canada allowing it to process and sell cannabis edibles, extracts, and topicals produced at its EU-GMP certified facility in Mississauga, Ontario. Pending Health Canada's authorization, TerrAscend expects to begin sales of its new product formats in December 2019.
James E. Wagner Cultivation Corporation ("JWC") (TSXV: JWC) received a Health Canada licence amendment allowing it to process and sell cannabis edibles, extracts, and topicals at its Kitchener, Ontario pilot facility. The approval is an important development as JWC works towards introducing its derivative line of cannabis extract products – including kief, rosins, and pre-rolls – in the first quarter of 2020.
Radicle Medical Marijuana Inc.'s Clementine Purp, Orange CKS, Strawberry Fire OG, and The OG products are now available through Spectrum Therapeutics' ("Spectrum") online distribution platform. Spectrum is Canopy Growth's international medical brand, serving as the company's healthcare professional and patient-facing identity in medical markets in Canada and around the world.
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 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: the expectation that TerrAscend will begin sales of its new product formats in December 2019; JWC's plan to introduce its derivative line of cannabis extract products in the first quarter of 2020; 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 the timing of, and plans for, the product lines of TerrAscend and JWC; changes in consumer preferences and demands; 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' 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: Canopy Rivers Media: Rob Small, Senior Manager, Public Relations & Communications, [email protected]; Canopy Rivers Investor Relations: Karoline Hunter, Senior Director, Investor Relations & Communications, [email protected]