TORONTO, Oct. 15, 2019 /CNW/ - Canopy Rivers ("Canopy
Rivers") (TSX: RIV, OTC: CNPOF), a venture capital firm
specializing in cannabis, today announced that its portfolio
company James E. Wagner Cultivation Corporation ("JWC")
(TSXV: JWCA, OTCQX: JWCAF) received a Health Canada licence
amendment allowing for cannabis production in four new flowering
rooms at its flagship facility in Kitchener, Ontario.
"We believe that this licence amendment demonstrates Health
Canada's recognition of JWC, the quality of its operations, and its
disciplined approach to expansion," said Olivier Dufourmantelle,
Chief Operating Officer, Canopy Rivers. "Through its supply
agreement with TerrAscend, JWC has an active role in the Canopy
Rivers ecosystem. We've seen that companies that work together,
thrive together, and we think this Health Canada approval will
enable JWC to increase production and further collaborate within
the Canopy Rivers ecosystem."
The additional flowering rooms are part of an ongoing program to
expand JWC's existing production capacity. At full-scale, the
facility will measure 345,000 square feet. Like the previously
licensed space, the newly licensed areas will be equipped with
JWC's proprietary GrowthSTORM™ Dual Droplet™ System. GrowthSTORM™
is an aeroponic method that sees plant roots suspended in the air
and misted at regular intervals using specified nutrient solutions
adapted for the system. When combined with the GrowthSTORM™
Management system, this method delivers a precise cultivation
technique with the ability to collect and analyze data to
continually deliver consistent, high-quality cannabis. More
information on GrowthSTORM™ can be found on JWC's website.
Once fully operational, the new flowering rooms will double the
facility's current licensed production capacity from 22,000 square
feet, to approximately 44,500 square feet. The additional spaces
are composed of two pods, each consisting of two flowering rooms,
with each room containing approximately 5,500 square feet of
cultivation space.
About Canopy Rivers
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 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: the impact of the licence amendment on JWC's
production capacity; the size of JWC's full-scale facility and
JWC's intention to equip the newly licenced areas with the
GrowthSTORM™ Dual Droplet™ System; management's belief that this
Health Canada approval will enable JWC to increase production and
further collaborate within the Canopy Rivers ecosystem; 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; the actual impact of the
licence amendment on JWC's production capacity and ability to
collaborate within the Canopy Rivers ecosystem; changes in JWC's
plans with respect to its facility and the newly licenced areas;
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' annual information
form dated July 15, 2019, 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.