Company provides update on Dynaleo, Agripharm,
and TerrAscend
TORONTO, July 10, 2020 /PRNewswire/ - Three of Canopy
Rivers Inc.'s ("Canopy Rivers") (TSX: RIV) (OTC: CNPOF)
portfolio companies have made recent announcements as they aim to
introduce new or expanded choices for cannabis consumers and
medical patients in Canada and the
U.S.
"We continue to be impressed with the ability of our portfolio
companies to respond to shifting consumer demands in the cannabis
space while executing on their long-term strategies," said Narbé
Alexandrian, President and CEO, Canopy Rivers. "We still see
greenfield in the Canadian brand market, and we are excited to see
both Agripharm and Dynaleo taking steps to introduce Canadians to
brands that have proven track records in U.S. markets."
More details on these developments are included below:
- Dynaleo Inc. ("Dynaleo"), an Edmonton-based manufacturer of
cannabis-infused gummies, signed its first letter of intent
("LOI") with Pantry, a California-based edibles brand that says it
has bridged the worlds of culinary arts, cannabis, and wellness.
The agreement follows Dynaleo's receipt of its processing licence
from Health Canada and marks Pantry's first international expansion
beyond the U.S. where it distributes cannabis-infused food brands
for the recreational market. Dynaleo hopes that the LOI will be a
first step in the company's goal to close the gap between supply
and consumer demand for gummies in Canada.
- Agripharm Corp. ("Agripharm") received a licence
amendment from Health Canada to allow for the sale of dried
cannabis, extracts, edibles, and topicals. The amendment enables
Agripharm to exercise its exclusive rights to introduce brands from
SLANG Worldwide Inc. ("SLANG") and Green House Seed Co. to
the Canadian market. Agripharm plans to initially launch three
products from SLANG's portfolio, including the Firefly Mini
vapourizer, O.penVAPE, and Bakked Dabaratus, a one-click dabbing
solution that delivers a dose of extract.
- TerrAscend Corp. ("TerrAscend") opened its third retail
dispensary location in Pennsylvania. Jason
Ackerman, TerrAscend's CEO, noted that this third
Apothecarium location signals the company's commitment to local
patients as the state's medical program continues to grow. The
newly renovated, 5,000 square foot medical dispensary is designed
to enhance patient experiences and features private consultation
rooms, highly trained staff, a wide variety of products, and
options for online ordering.
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 and
its portfolio companies 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 aim of
certain Canopy Rivers portfolio companies to introduce new or
expanded choices for cannabis consumers and medical patients in
Canada and the U.S.; the ability
of Canopy Rivers' portfolio companies to respond to consumer demand
while executing on their long-term strategies; management's belief
that there is greenfield in the Canadian brand market; Dynaleo's
goal of closing the gap between supply and demand for gummies in
Canada; Agripharm's plan to launch
three products from SLANG's portfolio; the continued growth of the
medical program in Pennsylvania;
and expectations for other economic, regulatory, 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; changes in the plans,
goals and business activities of Canopy Rivers' portfolio
companies; changes in cannabis industry growth and trends; changes
in consumer preferences and demands and the ability of Canopy
Rivers' portfolio companies to respond thereto; 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 Canopy Rivers'
relationship with its portfolio companies; 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.