TORONTO, Oct. 7, 2019 /CNW/ - Canopy Rivers Inc. (the
"Canopy Rivers") (TSX: RIV, OTC: CNPOF) today announced that
its portfolio company, TerrAscend Corp. ("TerrAscend") (CSE:
TER, OTCQX: TRSSF) has received approval from Health Canada for a
significant expansion at its Mississauga,
Ontario facility. TerrAscend expects that this milestone
will help the company meet the increased consumer demand for
premium cannabis products and brands coming with the next wave of
Canadian cannabis legalization. As the first and only cannabis
company with sales in Canada, the
U.S., and Europe, TerrAscend has
also earmarked the additional capacity to further serve the global
markets where it operates.
With this approval, TerrAscend's licensed space nearly triples
to 51,800 sq. ft. and includes additional cultivation capacity, a
commercial kitchen, formulation rooms and increased primary and
secondary packaging capacity. First licensed for cultivation in
July 2017, TerrAscend's 67,300 sq.
ft. EU GMP certified indoor cannabis facility is focused on serving
the Canadian medical and adult-use markets, conducting research
& development for plant sciences and formulations, and serving
as a platform for export of cannabis products to Europe and other international
jurisdictions.
Canopy Rivers, along with Canopy Growth Corporation, first
invested in TerrAscend in November
2017. In October 2018, both
parties restructured their investment in TerrAscend. This
restructuring enabled TerrAscend to pursue strategic international
transactions in the cannabis space while ensuring all parties
remained compliant with industry and securities regulations. More
recently, Canopy Rivers announced an additional US $10 million investment in TerrAscend Canada Inc.,
a subsidiary of TerrAscend, cementing Canopy Rivers' position that
TerrAscend is an industry leader and a critical partner in the
Canopy Rivers ecosystem.
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.
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 impact of the Health Canada approval on
TerrAscend's production capacity; TerrAscend meeting
increased consumer demand for cannabis products globally; the
growth of consumer demand with the next wave of Canadian cannabis
legalization; TerrAscend's focus for its indoor facility;
management's view of TerrAscend's position and partnership in the
Canopy Rivers ecosystem; 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; the actual impact of the
Health Canada approval on TerrAscend's production capacity and the
use of its space; changes in consumer demands and TerrAscend's
ability to meet such demands globally, including with the next wave
of cannabis legalization; 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.
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SOURCE Canopy Rivers Inc.
