TORONTO, May 21, 2019 /CNW/ - Canopy Rivers Inc.
("Canopy Rivers" or the "Company") (TSXV: RIV) (OTC:
CNPOF) is pleased to share that its portfolio company, Agripharm
Corp. ("Agripharm"), has received its outdoor cultivation
license from Health Canada. Agripharm will be growing its first
outdoor crop this summer at its Creemore,
Ontario location using award-winning genetics.
"We are pleased to see Agripharm diversify its operations and
increase its growing capacity with the grant of this outdoor
cultivation licence," said Oliver Dufourmantelle, Chief Operating
Officer of Canopy Rivers. "Agripharm's outdoor production is ahead
of the curve with support from Green House Brands, which provides
decades of experience in choosing, and successfully growing, the
best genetics for open-air crops."
Founded in 2013, Agripharm is home to both the first cannabis
production facility built from the ground up and the first
supercritical CO2 extraction lab in Canada. Agripharm is located in Creemore, Ontario, and operates out of an
indoor facility that has been licensed for cannabis production
since 2014. Agripharm is co-owned by SLANG Worldwide Inc.
("SLANG Worldwide") (CNSX: SLNG), Canopy Growth Corporation
(TSX: WEED, NYSE: CGC) and Green House Holdings North America Inc.
and received a strategic investment from Canopy Rivers. Agripharm
has the exclusive Canadian rights to the intellectual property,
strains and brands of Green House Seed Co., the preeminent global
provider of cannabis genetics, and its sister brand Strain Hunters.
Agripharm is also the Canadian distributor of SLANG Worldwide's
portfolio of leading U.S. consumer cannabis brands including,
O.penVAPE, Bakked, District Edibles, and
Magic Buzz.
"With access to strains optimized for outdoor production from
the world's leading genetics portfolio, Agripharm is
well-positioned to significantly increase its production capacity
for extraction," continued Dufourmantelle. "Agripharm has robust
internal extraction capabilities primed to bring SLANG Worldwide's
most popular U.S. consumer brands to the Canadian cannabis
market."
As a strategic partner of Agripharm, Canopy Rivers provided the
capital to finance the build-out of Agripharm's growing facilities
in exchange for a long-term royalty interest subject to annual cash
flow minimums. Canopy Rivers made its strategic investment in
Agripharm in 2017, recognizing the strength of its extraction
capabilities and its unique partnerships with Green House Seed Co.
and SLANG Worldwide. For more information regarding the Company's
investment in Agripharm, please refer to the joint management
information circular of Canopy Rivers Corporation and the Company
dated August 8, 2018, filed with
Canadian securities regulators and available on the Company's
profile on SEDAR at www.sedar.com.
About Canopy Rivers:
Canopy Rivers is a unique investment and operating platform
structured to pursue investment opportunities in the emerging
global cannabis sector. Canopy Rivers works collaboratively with
Canopy Growth Corporation (TSX: WEED, NYSE: CGC) to identify
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 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 ecosystem.
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: Agripharm's plan to grow its first outdoor
crop; the impact of the outdoor cultivation license on Agripharm's
operations and growing capacity; Agripharm's production capacity;
Agripharm's extraction capabilities, partnerships and licensed
genetics and brands; Agripharm's ability to bring SLANG Worldwide's
popular U.S. consumer brands to Canada; and other expectations regarding
economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is
not based on historical facts 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; Agripharm's ability to
grow its first outdoor crop; the actual impact of the outdoor
cultivation license on Agripharm's operations and growing capacity;
Agripharm's ability to increase its production capacity for
extraction and collaborate with its partners; the success of
Agripharm's licensed genetics and brands; changes in general
economic, business and political conditions, including changes in
the financial markets; the global regulatory landscape and
enforcement related to cannabis, including political risks and
risks relating to regulatory change; risks relating to anti-money
laundering laws; compliance with extensive government regulation;
public opinion and perception of the cannabis industry; and the
risk factors set out in Canopy Rivers' final short form prospectus
dated February 21, 2019, filed with
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
which 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Canopy Rivers Inc.