TORONTO, June 15, 2020 /CNW/ - Canopy Rivers Inc.
("Canopy Rivers" or the "Company") (TSX: RIV) (OTC:
CNPOF) today welcomed Canopy Growth Corporation ("Canopy
Growth") (TSX: WEED) (NYSE: CGC) Chief Financial Officer
Mike Lee to its Board of Directors
(the "Board"). Mr. Lee joins a Board that already has
executives drawn from multiple industries, a wealth of strategic
industry know-how, and significant public company governance
experience. The Company expects that Mr. Lee's experience at Canopy
Growth, Constellation Brands, Inc. ("Constellation Brands"),
and other leading consumer packaged goods and beverage companies
will help strengthen its strategic execution as it continues to
focus on developing a leading global cannabis portfolio.
"Mike's addition to our Board is another sign of our strong and
growing relationship with Canopy Growth and Constellation Brands,"
said John Bell, Chair of Canopy
Rivers' Board. "We expect that this will benefit both of our
companies, as well as our portfolio companies, as we exchange
industry insights and further leverage the guidance and expertise
of the largest cannabis company in the world."
"I'm very pleased to join the Canopy Rivers Board as they
continue building a diverse portfolio of cannabis investments. As
we at Canopy Growth increase our focus on core markets and core
products, there is a renewed need for an aggressive venture arm
focused on identifying the next big opportunities in the global
cannabis industry," said Mr. Lee.
Mr. Lee previously worked for companies such as E. & J.
Gallo Winery, PepsiCo, and Constellation Brands, where he served as
Senior Vice President and Chief Financial Officer for its
US$3 billion wine and spirits
division. He worked closely with Constellation Brands' executive
leadership to transform its premium wine and spirits business,
applying financial rigour along with a sense of urgency that
translated strategy into action. Mr. Lee also led the business
transformation agenda at Constellation Brands, focused on digital
enablement and operating model design. As a senior executive at
Canopy Growth, he has made meaningful improvements to the business
as it matures, adding key capabilities to the finance, IT, and
investor relations functions, enabling it to meet and exceed
reporting requirements as an accelerated filer under US GAAP.
About Canopy Rivers Inc.
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 portfolio.
About Canopy Growth Corporation
Canopy Growth (TSX:WEED, NYSE:CGC) is a world-leading
diversified cannabis, hemp and cannabis device company, offering
distinct brands and curated cannabis varieties in dried, oil and
Softgel capsule forms, as well as medical devices through the
Company's subsidiary, Storz & Bickel GMbH & Co. KG. From
product and process innovation to market execution, Canopy Growth
is driven by a passion for leadership and a commitment to building
a world-class cannabis company one product, site and country at a
time.
The Company's medical division, Spectrum Therapeutics is proudly
dedicated to educating healthcare practitioners, conducting robust
clinical research, and furthering the public's understanding of
cannabis, and has devoted millions of dollars toward cutting edge,
commercializable research and IP development. Spectrum Therapeutics
sells a range of full-spectrum products using its colour-coded
classification Spectrum system as well as single cannabinoid
Dronabinol under the brand Bionorica Ethics.
The Company operates retail stores across Canada under its award-winning Tweed and Tokyo
Smoke banners. Tweed is a globally recognized cannabis brand which
has built a large and loyal following by focusing on quality
products and meaningful customer relationships.
From our public listing on the Toronto Stock Exchange and New
York Stock Exchange to our continued international expansion, pride
in advancing shareholder value through leadership is engrained in
all we do at Canopy Growth. Canopy Growth has established
partnerships with leading sector names including cannabis icons
Snoop Dogg and Seth Rogen, breeding
legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol
leader Constellation Brands, to name but a few. For more
information visit www.canopygrowth.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 the Company 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 expected benefits of Mr. Lee's
appointment to the Board, including its impact on the Company's
strategic execution, portfolio companies and relationship with
Canopy Growth and Constellation Brands; the plans and future focus
of the Company and Canopy Growth; 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 the Company 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 the Company. 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 risks;
changes in cannabis industry growth and trends; changes in the
business activities, focus and plans of Canopy Growth and the
Company and its investees; stock market volatility; 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; changes in
the Company's relationship with Canopy Growth, Constellation Brands
and its investees; 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
the Company's interpretation of such regulation; changes in the
global sentiment towards, and public opinion of, the cannabis
industry; divestiture risks; and the risk factors set out in the
Company's annual information form dated June
2, 2020, filed with the Canadian securities regulators and
available on the Company's 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 the Company 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. The
Company does not intend, and does not assume any obligation, to
update this forward-looking information except as otherwise
required by applicable law.
SOURCE Canopy Growth Corporation