Canopy Rivers Announces Significant Increase in Health Canada Licensed Infrastructure at Vert Mirabel
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
TORONTO, Oct. 10, 2018 (GLOBE NEWSWIRE) - Canopy Rivers Inc. (the “Company”) (TSXV: RIV) is pleased to announce that its investment portfolio company, Les Serres Vert Cannabis Inc. (“Vert Mirabel”), a joint venture with Canopy Growth Corporation (TSX:WEED, NYSE:CGC) (“Canopy Growth”) and Les Serres Stéphane Bertrand (“Bertrand”) based in Mirabel, Quebec, has received a licence amendment from Health Canada that significantly increases Vert Mirabel’s greenhouse production footprint, which now includes 525,000 sq. ft. of licensed operating space available for cannabis production.
“We are excited about the rapid progress being made at Vert Mirabel,” said Olivier Dufourmantelle, Chief Operating Officer at Canopy Rivers. “This latest amendment is a testament to the strength of the licensing team at Canopy Growth Corporation, the operating pedigree of the local management team, and the quality of the greenhouse infrastructure.”
“In less than a year, Vert Mirabel has obtained a cultivation licence for over half a million square feet of operational production infrastructure. Vert Mirabel is a key pillar in the Canopy Rivers portfolio of companies and we believe it will be a provider of choice for locally-produced cannabis products for the Quebec market,” continues Dufourmantelle.
The Vert Mirabel joint venture was established in December 2017 between the Company, Canopy Growth, and Bertrand. Bertrand is a large-scale greenhouse operator and, prior to converting to cannabis, they were the largest producer of pink tomatoes in Canada. The Company holds approximately 26% of the common equity at Vert Mirabel in addition to its Class A preference share position. For more information regarding the Company’s investment in Vert Mirabel, please refer to the joint management information circular (the “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 Inc.
The Company is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. The Company works collaboratively with Canopy Growth (TSX:WEED, NYSE: CGC) to identify strategic counterparties seeking financial and/or operating support. The Company 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 the Company believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem.
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 the Company 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 pedigree of management and quality of infrastructure; Vert Mirabel being a provider of choice; and expectations for other 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 the Company 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 the Company. 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 ability of Vert Mirabel to obtain a licence to sell cannabis under applicable legislation in Canada; the ability to secure distribution and sales channels; changes in general economic, business and political conditions, including changes in the financial markets; potential conflicts of interest; the Canadian regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; changes in applicable laws; compliance with extensive government regulation; public opinion and perception of the cannabis industry; and the risk factors set out in the Circular, filed with Canadian securities regulators and available on the Company’s 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 the Company 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. The Company 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.
For further information, please contact:
Canopy Rivers Inc.
Sr. Director, Investor Relations & Communications
Executive Vice President, Strategy