Canopy Rivers Inc. (TSX-V: RIV) (OTC: CNPOF) is pleased to share that its portfolio company, James E. Wagner Cultivation Corporation (“JWC“) (TSXV: JWCA) (OTCQX: JWCAF), has received approval of a licence amendment from Health Canada. This licence amendment allows for the sale of formulated cannabis oil from JWC’s pilot facility in Kitchener, Ontario. In anticipation of this news, JWC is prepared to commence the sale of formulated cannabis oil to JWC’s medical cannabis patients on July 9, 2019.
“We believe that JWC’s multigenerational cannabis experience, its proprietary production methodologies, and a diversified product offering, make JWC a unique asset within the Canopy Rivers portfolio,” said Narbe Alexandrian, President and CEO of Canopy Rivers. “With its Health Canada approval for the sale of formulated oil products, JWC is well positioned to capitalize on the production and sale of higher margin cannabis oils. With a full processing sales license, JWC will have the ability to create precursor products that could lead to the production of edible cannabis, cannabis extracts, and cannabis topicals when the regulations take effect later this year.”
Canopy Rivers currently holds approximately 14% of the issued and outstanding common shares in the capital of JWC on a fully-diluted basis. Additionally, Canopy Rivers receives a long-term royalty cash flow stream from JWC with a minimum annual payment of approximately $487,500. The royalty has a term of 20 years. For more information regarding Canopy Rivers’ investment in JWC, please refer to the joint management information 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:
Canopy Rivers is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers works collaboratively with Canopy Growth Corporation (TSX: WEED,NYSE: CGC) to identify 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 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.