TORONTO, July 8, 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
today that it has received an amendment to its licence from Health
Canada allowing for the sale of cannabis oils from its facility in
Mississauga, Ontario. Sales of
TerrAscend's cannabis oils are set to begin immediately through its
medical marketplace, Solace Health. This news comes two months
following TerrAscend's announcement that it had been issued a Good
Manufacturing Practice (GMP) certificate in accordance with the
rules governing medical products in the European Union, in
conjunction with establishing a sales and distribution agreement
with iuvo Therapeutics GmbH, a German pharmaceutical
wholesaler.
"With another key milestone achieved by TerrAscend in a matter
of a few short months, the company continues to demonstrate its
ambition to become a global provider of pharmaceutical-grade
cannabis products," said Narbe Alexandrian, President and CEO of
Canopy Rivers. "Cannabis oil is gaining popularity in Canada, the US and in other emerging global
medical markets, and this sales licence enables TerrAscend to meet
growing demand for non-combustible cannabis products."
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. For more
information regarding Canopy Rivers' investment in TerrAscend,
please refer to the final prospectus of the Company dated
February 21, 2019, filed with
Canadian securities regulators and available on the Company's
profile on SEDAR at www.sedar.com. For additional information about
TerrAscend, please refer to TerrAscend's profile on SEDAR or their
website at www.terrascend.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 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 sale of cannabis oils; TerrAscend
becoming a global provider of pharmaceutical-grade cannabis
products; the sales licence enabling TerrAscend to meet growing
demand for non-combustible cannabis products; ; 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; competition
for global, regulated cannabis opportunities; cannabis
oil popularity in Canada and
emerging global medical markets; 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.