TORONTO, Dec. 3, 2020 /CNW/ - Canopy Rivers Inc.
("Canopy Rivers") (TSX: RIV) (OTC: CNPOF) today provided an
update on three portfolio companies.
"Over the past month, our portfolio companies have made several
announcements that demonstrate their continued momentum and growth
in their respective markets," said Narbe Alexandrian. "We believe
that this growth is a testament to the theses behind these
investments, and we look forward to seeing their progress continue
into 2021."
- TerrAscend Corp. ("TerrAscend") announced that it
received the final permit to dispense cannabis from its first
medical dispensary in New Jersey.
TerrAscend's Apothecarium location in New
Jersey opened to customers on November 24th. This opening follows TerrAscend's
third quarter results in which the company reported net sales of
$51 million and adjusted EBITDA of
$17.8 million.
- YSS Corp. ("YSS") announced its third quarter earnings.
YSS reported that revenue increased 24% and gross margin grew by
31% compared to Q2 2020. It noted that its store-level EBITDA of
approximately $0.6 million
represented a 56% increase over the previous quarter. YSS added
that its newest Calgary location
is in the final phase of construction, and it is planning to open
four additional stores, including two in Ontario.
- Dynaleo Inc. ("Dynaleo") received its sales licence from
Health Canada. Dynaleo is now able to distribute gummies from its
Edmonton-based manufacturing
facility to provincial wholesalers and retailers. Dynaleo
previously announced supply agreements with High12 Brands and
California-based edibles company
Pantry.
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 progress of portfolio companies
continuing in 2021; the plan for YSS to open four additional
locations, including two in Ontario; 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; competition risks;
changes in cannabis industry growth and trends; changes in the
business activities, focus and plans of 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 Canopy Rivers'
relationship with its investees; counterparty risks, including
risks associated with joint venture arrangements; 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; changes in the global sentiment towards, and public
opinion of, the cannabis industry; divestiture risks; and the risk
factors set out in Canopy Rivers' most recent annual information
form and management's discussion and analysis 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.