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Canopy Rivers provides update on High Beauty, TerrAscend, Canapar, and JWC
TORONTO, Feb. 6, 2020 /PRNewswire/ - Canopy Rivers Inc. ("Canopy Rivers") (TSX: RIV, OTC: CNPOF), a venture capital firm specializing in cannabis, and its portfolio companies have made a series of recent announcements that include a board appointment for Canopy Rivers' President & CEO, one brand's retail launch in Canada, and a founder and portfolio company receiving awards for their accomplishments. Other Canopy Rivers portfolio companies hit the milestones required to help further expand and build out their facilities. More details on these developments are included below:
- Narbé Alexandrian, President & CEO of Canopy Rivers, was appointed to the National Cannabis Industry Association's ("NCIA") Board of Directors. The NCIA is the United States' largest cannabis trade association and industry advocacy organization. Alexandrian plans to draw on his experience investing in global cannabis markets to advocate for a forward-looking cannabis framework in the United States. He will serve as a director until 2022.
- High Beauty, Inc. ("High Beauty"), the skincare brand powered by cannabis sativa seed oil, officially launched its retail presence in Canada on January 30, 2020. High Beauty's launch event at Hudson's Bay flagship store in downtown Toronto showcased the company's skincare line to an audience of professionals, influencers, and media in the fashion and beauty industries. In Canada, High Beauty currently retails in Hudson's Bay and Indigo. This launch came only a day after Melissa Jochim, High Beauty's founder and CEO, was awarded the Rising Star Award in the Beauty Entrepreneur category by Fashion Group International. In the U.S., High Beauty was the first cannabis brand in Macy's, and also sells in Sephora, Urban Outfitters, and Anthropologie, among others. High Beauty's European distributors include Douglas and Amazon.
- Two subsidiaries of TerrAscend Corp. (CSE: TER, OTCQX: TRSSF) ("TerrAscend") have received approval for the cultivation or processing of cannabis in certain U.S. states. In January, TerrAscend NJ, LLC ("TerrAscend NJ") received a permit from the New Jersey Department of Health to cultivate medical cannabis. TerrAscend NJ is the second entity to receive a cultivation permit in New Jersey, as part of the state's plan to expand the medicinal marijuana program for the growing patient population, and plans to begin operations at its Boonton Township facility immediately. TerrAscend also announced that TerrAscend Utah, LLC ("TerrAscend Utah") was awarded a Medical Cannabis Processor Licence by the Utah Department of Agriculture and Food on January 29, 2020. TerrAscend Utah plans to open a processing facility in St. George, Utah.
- Canapar Corp. ("Canapar"), a Sicily-based CBD oil and isolate extraction company, received the Senate of the Republic of Italy's 100 National Ambassadors Award. The award, accepted by Canapar's founder and CEO Sergio Martines, is given to companies whose work positively impacts the socio-economic development of the communities in which they operate.
- James E. Wagner Cultivation Corporation ("JWC") (TSXV: JWC, OTCQX: JWCA) announced that it closed both the second and third tranches of its previously announced non-brokered private placement. These tranches are part of a larger offering conducted by JWC to raise aggregate gross proceeds of up to CA$7.5 million. JWC intends to use the proceeds for corporate and general working capital purposes and to further develop JWC's second facility located at 530 Manitou Drive, Kitchener, Ontario.
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 portfolio.
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 and its portfolio companies 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: Alexandrian's term as an NCIA director and the expectation that he will advocate for a forward-looking cannabis framework in the U.S.; the plans of TerrAscend NJ and TerrAscend Utah; the expected expansion of New Jersey's medical marijuana program to serve the growing patient population; the intended use of proceeds from JWC's non-brokered private placement; and expectations for other economic, regulatory, 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; changes in the business activities and plans of TerrAscend NJ and TerrAscend Utah; changes in the use of proceeds from JWC's non-brokered private placement; changes in cannabis industry growth and trends; changes in consumer preferences and demands; 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, including Canopy Rivers' interpretation of such regulation; public opinion and perception of the cannabis industry; divestiture risks; 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.