Canopy Rivers Inc. (TSX-V: RIV) (OTC: CNPOF) congratulates its portfolio company TerrAscend Corp. (“TerrAscend“) (CSE: TER) (OTCQX: TRSSF) on its announcement today that it has received an amendment to its licence from Health Canada allowing for the sale of cannabis oils from its facility in Mississauga, Ontario. Sales of TerrAscend’s cannabis oils are set to begin immediately through its medical marketplace, Solace Health. This news comes two months following TerrAscend’s announcement that it had been issued a Good Manufacturing Practice (GMP) certificate in accordance with the rules governing medical products in the European Union, in conjunction with establishing a sales and distribution agreement with iuvo Therapeutics GmbH, a German pharmaceutical wholesaler.
“With another key milestone achieved by TerrAscend in a matter of a few short months, the company continues to demonstrate its ambition to become a global provider of pharmaceutical-grade cannabis products,” said Narbe Alexandrian, President and CEO of Canopy Rivers. “Cannabis oil is gaining popularity in Canada, the US and in other emerging global medical markets, and this sales licence enables TerrAscend to meet growing demand for non-combustible cannabis products.”
In October 2018, to accommodate TerrAscend’s strategic pursuits internationally, including select opportunities in the United States, Canopy Rivers agreed to restructure its investment and waive certain restrictive covenants that were granted by TerrAscend, in connection with its original investment. For more information regarding Canopy Rivers’ investment in TerrAscend, please refer to the final prospectus of the Company dated February 21, 2019, filed with Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com. For additional information about TerrAscend, please refer to TerrAscend’s profile on SEDAR or their website at www.terrascend.com.
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.