TORONTO, Oct. 29, 2020 /CNW/ - PharmHouse Inc.
("PharmHouse"), Canopy Rivers Inc.'s ("Canopy
Rivers") (TSX: RIV) (OTC: CNPOF) 49%-owned joint venture, has
received approval from the Ontario Superior Court of Justice to
commence its Sale and Investor Solicitation Process
("SISP"). The SISP is intended to solicit interest in, and
opportunities for, a sale of, or investment in, all or part of
PharmHouse's assets or business. This may include a restructuring,
recapitalization, or other form of reorganization of PharmHouse's
business and affairs.
PharmHouse has engaged BMO Capital Markets ("BMO") to
lead the SISP with oversight from Ernst and Young Inc.
("E&Y"), the monitor in PharmHouse's Companies'
Creditors Arrangement Act ("CCAA") proceedings.
The phase 1 deadline for offers under the SISP will be on or
about November 30, 2020. Interested
parties should contact BMO using the contact information below.
Further information on the SISP and bidding, as well as all
documents relating to PharmHouse's CCAA proceedings, can be found
at http://www.ey.com/ca/pharmhouse.
SISP Advisor Contact Information
Ian Kilimnick
ian.kilimnik@bmo.com
Greg Meligrigoris
gregory.meligrigoris@bmo.com
BMO Capital Markets
100 King St. W, 4th Floor
Toronto, ON M5X 1H3
About Canopy Rivers
Canopy Rivers is a venture capital
firm specializing in cannabis with a portfolio of 18 companies
across various segments of the cannabis value chain. We believe
that bringing together people, capital, and ideas raises the
potential of the entire cannabis industry. By leveraging our
industry insights, in-house expertise, and thesis-driven approach
to investing, we aim to provide shareholders with exposure to
specialized and disruptive cannabis companies. Our mission is to
invest in innovators across the cannabis value chain, help them
grow, and ultimately create value by guiding these companies
towards a monetization event. Together with our portfolio, we are
helping build the cannabis industry of tomorrow, today.
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 timing and potential outcomes of the SISP.
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 cannabis
industry growth and trends; changes in general economic, business
and political conditions, including challenging global financial
conditions and the impact of the novel coronavirus pandemic;
potential conflicts of interest; the regulatory landscape and
enforcement related to cannabis, including political risks and
risks relating to regulatory change; risks associated with the
termination, renegotiation and enforcement of material contracts;
credit, liquidity and additional financing risks; changes in
applicable laws; compliance with extensive government regulation,
including Canopy Rivers' interpretation of such regulation; public
opinion and perception of the cannabis industry; divestiture risks;
competition risks; and the risk factors set out in Canopy Rivers'
annual information form dated June 2,
2020, 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.