BioLumic's Proprietary
Technology Harnesses the Power of UV Light to Sustainably Improve
Crop Performance and Yield
TORONTO and PALMERSTON NORTH, New Zealand, May 15,
2019 /CNW/ - BioLumic Ltd. ("BioLumic"),
creators of a sustainable ultraviolet (UV) crop yield enhancement
system, and Canopy Rivers Inc. ("Canopy Rivers") (TSXV: RIV),
(OTC: CNPOF) today announced a strategic investment from Canopy
Rivers. BioLumic extended the Finistere Ventures-led Series A
financing round to include Canopy Rivers' strategic investment
of US$1.5 million, closing the
oversubscribed round at US$6.7
million. The financing was comprised of a tier-one investor
roster that also included Rabo Food & Agri Innovation Fund and
Radicle Growth acceleration fund.
This marks Canopy Rivers' first investment in agri-technologies,
specifically focused on the promising fields of plant physiology
and UV photobiology. With extensive global trials in traditional
and high-value produce crops already underway, BioLumic will use
the added investment to grow its team to support the acceleration
and expansion of its UV light treatment initiatives, including
applications in the medical cannabis market.
"Canopy Rivers' mission is to build and support a thriving
global cannabis economy, and we are dedicated to identifying and
investing in strategic technology players throughout the legal
cannabis value chain," stated Mary
Dimou, Director, Business Development, Canopy Rivers. "Led
by an exceptional management team, BioLumic's groundbreaking,
proprietary UV technology has the potential to significantly
improve cannabis growth, vigor and yield – promising an
environmentally friendly, GM-free cannabis crop through the power
of light."
Already demonstrating game-changing results in produce-crop
trials around the globe, BioLumic's UV light treatments deliver
long-term crop benefits such as improved crop consistency,
increased yield, drought tolerance, and disease and pest
resistance. With the global legal cannabis market expected to top
$146 billion by the end of 2025 and
increasing legalization of cannabis usage and farming around the
globe, BioLumic aims to help commercial producers cultivate
stronger, healthier plants to meet the rising demand for cannabis
and cannabis-derived products in the regulated medical cannabis
market.
"Growers need more sustainable ways to meet global crop demands,
and precision UV light treatments can safely activate important
characteristics in seeds and seedlings that make them more
productive as they mature," said BioLumic CEO Warren Bebb. "Canopy Rivers' extensive network
in the cannabis industry and its ecosystem of companies will open a
new, strategic market for BioLumic. Given our results with other
flowering crops, the cannabis plant is a natural fit for our
technology."
Building out its data science and machine learning teams,
BioLumic will use the funding to accelerate the research and
commercialization of its UV light crop yield enhancement system –
with a focus on developing cannabis-specific UV treatments to
improve yield and increase the concentration of cannabinoids, such
as cannabidiol (CBD). It will continue to focus on traditionally
grown produce such as lettuce, broccoli, strawberries and tomatoes,
and increase its focus on seed treatments for row crops. The
company plans to explore indoor farming and protected-environment,
high-value crops in the future.
Canopy Rivers is proud to collaborate with BioLumic and its
leading agtech venture partners to extend BioLumic's commercial and
propriety agri-technologies for potential application in the
medical cannabis sector. Finistere Ventures, focused on agtech and
supported by industry leaders like Bayer and Nutrien, works closely
with its extensive network in the ag and food space to help
commercialize innovations at a global scale. Rabo Food & Agri
Innovation Fund was launched by Rabobank, a global leader in food
and agriculture financing, and invests in high-potential,
early-stage food and agriculture companies.
Dr. Adrian Percy, newly
appointed CTO of Finistere Ventures and the former head
of R&D for the Crop Science Division of Bayer, has joined the
Board as Chairman, while Finistere's Arama Kukutai will stay on as
a Board Observer. As part of the investment, Canopy Rivers'
Mary Dimou will join the BioLumic
Board as an Observer. Dean Tilyard,
CEO of The Factory in Palmerston North, New Zealand, will also join the
Board.
"It is exciting to consider the broad range of benefits that
BioLumic technology can offer to both seed producers and growers
across a range of crops – from improved yield and consistency to
reduction, and potentially replacement, of certain chemical and
biological inputs," noted Percy.
About BioLumic
BioLumic harnesses the power of
ultraviolet (UV) light to empower growers and seed producers around
the globe. Clean, green and GM-free, BioLumic's pioneering
technology activates natural mechanisms in seeds and seedlings that
increase plant growth, vigor, and natural defense mechanisms —
resulting in increased yields at harvest. Backed by top Ag
investors, BioLumic is headquartered in New Zealand and is actively growing its
presence in North America. To
learn more, visit www.biolumic.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
works collaboratively with Canopy Growth (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, 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: BioLumic's use of the invested funds; the
application and benefits of BioLumic's technology on cannabis and
other crops; the promising fields of plant physiology and
photobiology; the ability of Canopy Rivers' network and ecosystem
to open a new, strategic market for BioLumic; the size of the
global legal cannabis market and global legalization of cannabis
usage and farming; Canopy Rivers' mission and strategy to identify
and invest in the legal cannabis value chain; Director and Board
Observer appointments; and other expectations regarding 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; BioLumic's capital
requirements; the use and impact of BioLumic's technology on
cannabis and other crops; developments in the fields of plant
physiology and photobiology; the ability of BioLumic and Canopy
Rivers to collaborate; opportunities for investment in the
legal cannabis value chain; changes in Director and/or Board
Observer appointments; 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.