TORONTO, May 3, 2019 /CNW/ - Canopy Rivers Inc.
("Canopy Rivers" or the "Company") (TSXV: RIV) (OTC:
CNPOF) congratulates its portfolio company TerrAscend Corp.
("TerrAscend") (CSE: TER) (OTCQX: TRSSF) on its announcement
yesterday that its facility in Mississauga, Ontario, Canada has been issued a
Good Manufacturing Practice ("GMP") certificate in
accordance with the rules governing medicinal products in the
European Union ("EU"). TerrAscend also entered into a
comprehensive sales and distribution agreement with iuvo
Therapeutics GmbH ("iuvo"), a German pharmaceutical
wholesaler.
Only medical cannabis from EU GMP certified facilities, or the
equivalent, may be sold in the EU. The regulatory approach has been
led by several of the larger EU countries and as such,
pharmaceutical grade controls in production were an established
requirement from the onset of medical cannabis legalization.
Through iuvo, management at TerrAscend expects to begin shipping
pharmaceutical-grade cannabis products into Germany.
"We applaud TerrAscend for achieving one of the highest and most
rigorous levels of quality certification in the world," said Narbe
Alexandrian, President of Canopy Rivers. "TerrAscend is now one of
select Canadian licensed producers that have been issued EU GMP
certificates, and with its new distribution arrangement with iuvo,
becomes the first and only cannabis operator with sales in US,
Canada, and Europe."
In October 2018, to accommodate
TerrAscend's strategic pursuits internationally, including select
opportunities in the United
States, Canopy Rivers agreed to restructure its investment
and waive certain restrictive covenants that were granted by
TerrAscend, in connection with its original investment.
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 works collaboratively with
Canopy Growth Corporation (TSX: WEED, NYSE: CGC) to identify
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. For more
information, please visit www.canopyrivers.com.
Forward-Looking Statements
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: the completion of the
transactions discussed herein and the anticipated benefits thereof;
the shipment of pharmaceutical-grade cannabis products into German;
and other expectations for other economic, business, and/or
competitive factors.
Investors are cautioned that forward-looking information is
not based on historical facts 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; the
inability of the parties to satisfy the conditions to closing set
out in the definitive documentation in a timely manner or at all;
competition for global, regulated cannabis opportunities; 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' final short form prospectus
dated February 21, 2019, 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.
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SOURCE Canopy Rivers Inc.