JWC AND TERRASCEND SIGN MUTUALLY BENEFICIAL
PURCHASE AND SUPPLY CONTRACT
TORONTO, Aug.15, 2019 /CNW/
- Canopy Rivers Inc. ("Canopy Rivers" or the
"Company") (TSXV: RIV) (OTC: CNPOF) is pleased to share that
its portfolio companies, James E. Wagner Cultivation Corporation
("JWC") (TSXV: JWCA) (OTCQX: JWCAF) and TerrAscend Corp.
("TerrAscend") (CSE: TER) (OTCQX: TRSSF), have entered into
a purchase and supply agreement, demonstrating the type of
collaboration and synergy seen throughout the Canopy Rivers
ecosystem. As part of the agreement, JWC will supply cannabis
flower and oils to TerrAscend, which will be made available for
purchase on TerrAscend's online medical sales platform, Solace
Health, providing JWC with exposure to thousands of registered
medical patients across Canada.
This partnership was developed in collaboration with the Canopy
Rivers Impact Team, a group specifically focused on helping
portfolio companies work with each other and leverage their
competitive advantages and specialized skillsets, in turn enabling
them to specialize in what they do best. For JWC, it is a focus on
aeroponic cultivation, leading to a clean, consistent, high-quality
product for the end consumer. For TerrAscend, it is its
function as a pharma-focused processing, retail, and distribution
operator, and its status as the only company selling cannabis in
Canada, the U.S., and
Europe.
"The collaboration between JWC and TerrAscend is evidence
of the Canopy Rivers ecosystem at work," said Olivier
Dufourmantelle, Chief Operating Officer of Canopy
Rivers. "Portfolio companies that work together, thrive
together. We are constantly striving to broker opportunities for
synergy and collaboration within our portfolio."
Canopy Rivers currently holds approximately 14% of the issued
and outstanding common shares in the capital of JWC and owns
exchangeable shares in TerrAscend. For more information regarding
Canopy Rivers' investments in JWC and TerrAscend, please refer to
the Company's annual information form dated July 15, 2019 ("AIF"), filed with Canadian
securities regulators and available on Canopy Rivers' profile on
SEDAR at www.sedar.com. For additional information about JWC,
please refer to JWC's profile on SEDAR or their website at
www.jwc.ca. For additional information about TerrAscend, please
refer to TerrAscend's profile on SEDAR or their website at
www.terrascend.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 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: JWC's supply of cannabis flower and oils to
TerrAscend and the availability of such products on TerrAscend's
online medical sales platform, Solace Health; the benefits of the
purchase and supply agreement for JWC and TerrAscend and of
portfolio company collaboration; 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; JWC's ability to produce
and supply cannabis flower and oils ; the ability to sell
JWC's products on Solace Health; changes in consumer preferences
and demand; the actual impact of the purchase and supply agreement
on JWC and TerrAscend; the ability of Canopy Rivers' portfolio
companies to collaborate; 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' AIF, 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.