TORONTO — Canopy Rivers Inc. (“Canopy Rivers” or the “Company”) (TSX: RIV, OTC: CNPOF) today welcomed Canopy Growth Corporation (“Canopy Growth”) (TSX: WEED, NYSE: CGC) Chief Financial Officer Mike Lee to its Board of Directors (the “Board”). Mr. Lee joins a Board that already has executives drawn from multiple industries, a wealth of strategic industry know-how, and significant public company governance experience. The Company expects that Mr. Lee's experience at Canopy Growth, Constellation Brands, Inc. (“Constellation Brands”), and other leading consumer packaged goods and beverage companies will help strengthen its strategic execution as it continues to focus on developing a leading global cannabis portfolio.
“Mike’s addition to our Board is another sign of our strong and growing relationship with Canopy Growth and Constellation Brands,” said John Bell, Chair of Canopy Rivers’ Board. “We expect that this will benefit both of our companies, as well as our portfolio companies, as we exchange industry insights and further leverage the guidance and expertise of the largest cannabis company in the world.”
“I’m very pleased to join the Canopy Rivers Board as they continue building a diverse portfolio of cannabis investments. As we at Canopy Growth increase our focus on core markets and core products, there is a renewed need for an aggressive venture arm focused on identifying the next big opportunities in the global cannabis industry,” said Mr. Lee.
Mr. Lee previously worked for companies such as E. & J. Gallo Winery, PepsiCo, and Constellation Brands, where he served as Senior Vice President and Chief Financial Officer for its US$3 billion wine and spirits division. He worked closely with Constellation Brands’ executive leadership to transform its premium wine and spirits business, applying financial rigour along with a sense of urgency that translated strategy into action. Mr. Lee also led the business transformation agenda at Constellation Brands, focused on digital enablement and operating model design. As a senior executive at Canopy Growth, he has made meaningful improvements to the business as it matures, adding key capabilities to the finance, IT, and investor relations functions, enabling it to meet and exceed reporting requirements as an accelerated filer under US GAAP.
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.
Canopy Growth (TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through the Company’s subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time.
The Company’s medical division, Spectrum Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public’s understanding of cannabis, and has devoted millions of dollars toward cutting edge, commercializable research and IP development. Spectrum Therapeutics sells a range of full-spectrum products using its colour-coded classification Spectrum system as well as single cannabinoid Dronabinol under the brand Bionorica Ethics.
The Company operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships.
From our public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. For more information visit www.canopygrowth.com.
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 expected benefits of Mr. Lee’s appointment to the Board, including its impact on the Company’s strategic execution, portfolio companies and relationship with Canopy Growth and Constellation Brands; the plans and future focus of the Company and Canopy Growth; 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 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; competition risks; changes in cannabis industry growth and trends; changes in the business activities, focus and plans of Canopy Growth and the Company and its investees; stock market volatility; changes in general economic, business and political conditions, including challenging global financial conditions and the impact of the novel coronavirus pandemic; potential conflicts of interest; the regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; changes in the Company’s relationship with Canopy Growth, Constellation Brands and its investees; risks associated with the termination, renegotiation and enforcement of material contracts; credit, liquidity and additional financing risks; changes in applicable laws; compliance with extensive government regulation, including the Company’s interpretation of such regulation; changes in the global sentiment towards, and public opinion of, the cannabis industry; divestiture risks; and the risk factors set out in the Company’s annual information form dated June 2, 2020, filed with the 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 that 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.
For further information:
Canopy Rivers Media:
Senior Manager, Public Relations & Communications
Canopy Rivers Investor Relations:
Canopy Growth Media:
Canopy Growth Investor Relations:
Vice President, Investor Relations (USA)
Vice President, Investor Relations (Canada)
855-558-9333 ext. 122
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