Canopy Rivers Congratulates Portfolio Company James E Wagner as It Launches Product Sales on Spectrum Cannabis Platform
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TORONTO, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Canopy Rivers Inc. (“Canopy Rivers” or the “Company”) (TSXV:RIV) congratulates its portfolio company, James E. Wagner Cultivation Ltd. (“JWC”) (TSXV:JWCA), on the selection and sales launch of its dried cannabis products on the Spectrum Cannabis online marketplace.
JWC is a participant in Canopy Growth Corporation’s (“Canopy Growth”) (TSX:WEED, NYSE:CGC) CraftGrow program which is designed to distribute high quality cannabis grown by a diverse set of producers through Canopy Growth’s broader distribution platform. JWC is the first entirely aeroponic licensed producer of cannabis in Canada, and its unique growing model combines craft cannabis production practices with proprietary technology to produce high quality flower. The first product expected to be offered on the Spectrum site is JWC’s high-CBD strain “Cannatonic”.
“We are thrilled to see JWC expanding its commercial strategy through participation in Canopy Growth’s CraftGrow program,” said Daniel Pearlstein, Executive Vice President, Strategy of Canopy Rivers. “By working collaboratively with Canopy Growth, we are able to help foster unique opportunities like this for our portfolio companies. With their advanced production technology and experienced team of operators, we believe JWC is well positioned to leverage Canopy Growth’s large-scale distribution platform and provide standardized quality-controlled cannabis products to medical customers through SpectrumCannabis.com.”
Canopy Rivers has been a shareholder of JWC since August 2017. The Company controls approximately 13.7% of the issued and outstanding common shares in the capital of JWC on a fully-diluted basis. The Company also receives a royalty on a portion of the sales generated from the JWC’s Trillium Drive pilot facility. For more information regarding the Company’s investment in JWC, 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. For additional information about JWC, please refer to JWC’s profile on SEDAR or their website at www.jwc.ca.
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 production technology, well positioned to leverage Canopy Growth’s large-scale distribution platform and provide standardized quality-controlled cannabis products to medical customers through SpectrumCannabis.com; 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; JWC product availability and variety through Spectrumcannabis.com; the ability to secure distribution and sales channels through the CraftGrow program; 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:
Canopy Rivers Inc.
Sr. Director, Investor Relations & Communications
Executive Vice President, Strategy