Update on TerrAscend, High Beauty, and
TORONTO, Oct. 9, 2020 /CNW/ - Canopy Rivers Inc.
("Canopy Rivers") (TSX: RIV) (OTC: CNPOF) today provided an
update on the progress three of its portfolio companies are making
in U.S. markets. These updates come only weeks before the U.S.
election, where six U.S. states will vote on cannabis legalization
initiatives and the potential power shift at the federal level
could lead to more progressive policies for the cannabis industry.
These updates include:
- TerrAscend Corp. ("TerrAscend") commenced sales from its
newly expanded State Flower cultivation facility in San Francisco. Since acquiring State Flower in
2019, TerrAscend has expanded the facility from 5,000 to 20,000 sq.
ft., enabling it to significantly increase the supply of State
Flower's premium cannabis products to California's wholesale market and to
TerrAscend's Apothecarium dispensaries.
- High Beauty, Inc. ("High Beauty") introduced canBE, a
new line of natural, aloe-based products combining hemp seed oil,
organic plant oils, essential vitamins, antioxidants, and
bioflavonoids. canBE is now available on Walmart.com and in 1,760
CVS locations across the U.S. High Beauty has also signed a
contract to sell canBE in Kohls in early 2021. This is in addition
to High Beauty's High brand, which is available in more than 25
retailers, totalling over 600 stores, in Canada, the U.S., and Europe.
- Headset, Inc. ("Headset") launched its competitive
intelligence tool, Headset Insights Pulse, in Massachusetts. The complimentary service helps
potential cannabis business owners, investors and media
professionals to compare markets over time and contextualize
industry data at various category levels. Headset's co-founder and
CEO Cy Scott believes that data on
the Massachusetts market may
influence the business and investing behaviours of other east coast
states on the cusp of legalization. Headset Insights Pulse is now
available in nine states and territories, including California, Colorado, Nevada, Oregon, Michigan and Washington, as well as the Canadian provinces
of Alberta and British Columbia.
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
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: potential changes in the U.S. regulatory
landscape, including expectations regarding the timing, outcome and
impact of the legalization votes to be held in certain U.S. states;
the expectation that canBE will be available through more retailers
in early 2021; the belief of Headset's co-founder and CEO that data
on the Massachusetts market may
influence business and investing behaviour; 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.
View original content to download
SOURCE Canopy Rivers Inc.