About Canopy Rivers
Canopy Rivers Inc., the venture capital affiliate of Canopy Growth Corporation (TSX: WEED) (NYSE: CGC), is an investment and strategic support platform focused on the emerging global cannabis industry.
The company has an established portfolio of diversified investments across several categories including licensed production, processing, pharmaceutical formulation, brand development, distribution, cosmetics, data & technology, and media.
2020E attributable EBITDA from joint ventures *
Current market value of public and private venture investments**
Cash for future investments ***
* Represents midpoint of estimated proportionate EBITDA for joint venture investments for CY 2020 based on Canopy Rivers’ ownership stake.
** Represents estimated market value for select public and private venture investments as at March 31, 2019.
*** Approximately $65 MM is unencumbered and available for new investments.
Canopy Rivers’ portfolio of companies brings product, segment, geographic, and investment structure diversification. The company looks to invest in all segments of the cannabis value chain as well as aims to partner with expert management teams that bring track records of success.
Investments take the form of production-linked royalties, secured debt, newly formed joint ventures, and a variety of equity and equity-linked instruments. These various structures position Canopy Rivers with preferred economics that ascribe value to both financial and strategic considerations.
Relationship With Canopy Growth
C A N O P Y
R I V E R S
P R O V I D E S
Exposure to highly experienced operators in unique and specialized growth verticals and industry niches
Access to new brands, new IP, craft producers, and ROFR / ROFO optionality on products, services, and offtake cannabis.
C A N O P Y
G R O W T H
P R O V I D E S
To portfolio companies: access to its distribution network, genetics, and strategic support
To Canopy Rivers: access to deal flow, proprietary structures, and global reach.
EXTENSIVE DEAL FLOW
- Origination of investment opportunities from deep network and knowledge of the industry
- Access to unique structures and investment opportunities
– Production linked royalty / debt
– Newly formed joint ventures
– Preferred economics
- Strategic partnership with Canopy Growth, the world’s largest cannabis company
- Global entrepreneurs, industry leaders and government officials
- Finance professionals supported by a highly experienced team of technical cannabis professionals
- Evaluation of over 1,500 opportunities resulting in in-depth knowledge and unparalleled insights into overall trends shaping the global cannabis industry
- Retail distribution and CraftGrow (through Canopy Growth)
- Supply offtake arrangements
- R&D partnerships
Canopy Rivers offers diversified exposure to the burgeoning cannabis sector
Canopy Growth subsidiary and Canopy Rivers portfolio company Vert Mirabel now fully licensed by Health Canada
Les Serres Vert Cannabis Inc. ("Vert Mirabel"), a subsidiary of Canopy Growth Corporation and a portfolio company of Canopy Rivers Inc. (TSXV: RIV) (OTC: CNPOF) ("Canopy Rivers") has received its final cultivation licence from Health Canada. All 700,000 sq. ft. of operating space at Vert Mirabel is now licensed for cannabis production. Vert Mirabel was established in December 2017 between Canopy Growth, Canopy Rivers, and Les Serres Stéphane Bertrand ("Bertrand").
"We are thrilled that the operational infrastructure at Vert Mirabel is now fully online with over 500,000 sq. ft. already in production," said Olivier Dufourmantelle, Chief Operating Officer, Canopy Rivers. "Vert Mirabel is a key asset for Canopy Rivers as it provides exposure to a commercially scaled source of locally grown, premium quality cannabis for distribution into Québec and across the country."
The licence for Vert Mirabel increases the facility's growing space by 190,000 sq. ft. It brings Canopy Growth's total Canadian licensed production footprint to approximately 4.6 million sq. ft, another step towards its nearly 5.6 million sq. ft. national platform. The Vert Mirabel facility leverages Bertrand's multi-generational greenhouse operational expertise to produce high-quality cannabis.
"The final licence for Vert Mirabel strengthens our operations and will allow us to increase supply to meet the recreational market demand," said Mark Zekulin, President and co-CEO, Canopy Growth. "From everyone at Canopy Growth, we congratulate the Bertrand family and their team for achieving a fully licensed, large-scale cannabis operation in under 18 months."
Bertrand is a large-scale greenhouse operator and, prior to converting to cannabis, it was the largest producer of pink tomatoes in Canada. "We are proud to announce that our venture with Canopy Growth and Canopy Rivers has reached this milestone," said Stéphane Bertrand. "Obtaining this licence will allow us to pursue our production goals in order to expand our footprint to meet the needs of the Québec market."
Canopy Rivers Inc. ("Canopy Rivers" or the "Company") (TSXV: RIV) (OTC: CNPOF) is pleased to share that its portfolio company, Agripharm Corp. ("Agripharm"), has received its outdoor cultivation license from Health Canada. Agripharm will be growing its first outdoor crop this summer at its Creemore, Ontariolocation using award-winning genetics.
"We are pleased to see Agripharm diversify its operations and increase its growing capacity with the grant of this outdoor cultivation licence," said Oliver Dufourmantelle, Chief Operating Officer of Canopy Rivers. "Agripharm's outdoor production is ahead of the curve with support from Green House Brands, which provides decades of experience in choosing, and successfully growing, the best genetics for open-air crops."
Founded in 2013, Agripharm is home to both the first cannabis production facility built from the ground up and the first supercritical CO2 extraction lab in Canada. Agripharm is located in Creemore, Ontario, and operates out of an indoor facility that has been licensed for cannabis production since 2014. Agripharm is co-owned by SLANG Worldwide Inc. ("SLANG Worldwide") (CNSX: SLNG), Canopy Growth Corporation (TSX: WEED,NYSE: CGC) and Green House Holdings North America Inc. and received a strategic investment from Canopy Rivers. Agripharm has the exclusive Canadian rights to the intellectual property, strains and brands of Green House Seed Co., the preeminent global provider of cannabis genetics, and its sister brand Strain Hunters. Agripharm is also the Canadian distributor of SLANG Worldwide's portfolio of leading U.S. consumer cannabis brands including, O.penVAPE, Bakked, District Edibles, and Magic Buzz.
"With access to strains optimized for outdoor production from the world's leading genetics portfolio, Agripharm is well-positioned to significantly increase its production capacity for extraction," continued Dufourmantelle. "Agripharm has robust internal extraction capabilities primed to bring SLANG Worldwide's most popular U.S. consumer brands to the Canadian cannabis market."
As a strategic partner of Agripharm, Canopy Rivers provided the capital to finance the build-out of Agripharm's growing facilities in exchange for a long-term royalty interest subject to annual cash flow minimums. Canopy Rivers made its strategic investment in Agripharm in 2017, recognizing the strength of its extraction capabilities and its unique partnerships with Green House Seed Co. and SLANG Worldwide. For more information regarding the Company's investment in Agripharm, 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.
Canopy Rivers Backs BioLumic - Shines Light on New AgTech for the Medical Cannabis Industry
BioLumic Ltd. ("BioLumic"), creators of a sustainable ultraviolet (UV) crop yield enhancement system, and Canopy Rivers Inc. ("Canopy Rivers") (TSXV: RIV), (OTC: CNPOF) today announced a strategic investment from Canopy Rivers. BioLumic extended the Finistere Ventures-led Series A financing round to include Canopy Rivers' strategic investment of US$1.5 million, closing the oversubscribed round at US$6.7 million. The financing was comprised of a tier-one investor roster that also included Rabo Food & Agri Innovation Fund and Radicle Growth acceleration fund.
This marks Canopy Rivers' first investment in agri-technologies, specifically focused on the promising fields of plant physiology and UV photobiology. With extensive global trials in traditional and high-value produce crops already underway, BioLumic will use the added investment to grow its team to support the acceleration and expansion of its UV light treatment initiatives, including applications in the medical cannabis market.
"Canopy Rivers' mission is to build and support a thriving global cannabis economy, and we are dedicated to identifying and investing in strategic technology players throughout the legal cannabis value chain," stated Mary Dimou, Director, Business Development, Canopy Rivers. "Led by an exceptional management team, BioLumic's groundbreaking, proprietary UV technology has the potential to significantly improve cannabis growth, vigor and yield – promising an environmentally friendly, GM-free cannabis crop through the power of light."
Already demonstrating game-changing results in produce-crop trials around the globe, BioLumic's UV light treatments deliver long-term crop benefits such as improved crop consistency, increased yield, drought tolerance, and disease and pest resistance. With the global legal cannabis market expected to top $146 billion by the end of 2025 and increasing legalization of cannabis usage and farming around the globe, BioLumic aims to help commercial producers cultivate stronger, healthier plants to meet the rising demand for cannabis and cannabis-derived products in the regulated medical cannabis market.
"Growers need more sustainable ways to meet global crop demands, and precision UV light treatments can safely activate important characteristics in seeds and seedlings that make them more productive as they mature," said BioLumic CEO Warren Bebb. "Canopy Rivers' extensive network in the cannabis industry and its ecosystem of companies will open a new, strategic market for BioLumic. Given our results with other flowering crops, the cannabis plant is a natural fit for our technology."
Building out its data science and machine learning teams, BioLumic will use the funding to accelerate the research and commercialization of its UV light crop yield enhancement system – with a focus on developing cannabis-specific UV treatments to improve yield and increase the concentration of cannabinoids, such as cannabidiol (CBD). It will continue to focus on traditionally grown produce such as lettuce, broccoli, strawberries and tomatoes, and increase its focus on seed treatments for row crops. The company plans to explore indoor farming and protected-environment, high-value crops in the future.
Canopy Rivers is proud to collaborate with BioLumic and its leading agtech venture partners to extend BioLumic's commercial and propriety agri-technologies for potential application in the medical cannabis sector. Finistere Ventures, focused on agtech and supported by industry leaders like Bayer and Nutrien, works closely with its extensive network in the ag and food space to help commercialize innovations at a global scale. Rabo Food & Agri Innovation Fund was launched by Rabobank, a global leader in food and agriculture financing, and invests in high-potential, early-stage food and agriculture companies.
Dr. Adrian Percy, newly appointed CTO of Finistere Ventures and the former head of R&D for the Crop Science Division of Bayer, has joined the Board as Chairman, while Finistere's Arama Kukutai will stay on as a Board Observer. As part of the investment, Canopy Rivers' Mary Dimou will join the BioLumic Board as an Observer. Dean Tilyard, CEO of The Factory in Palmerston North, New Zealand, will also join the Board.
"It is exciting to consider the broad range of benefits that BioLumic technology can offer to both seed producers and growers across a range of crops – from improved yield and consistency to reduction, and potentially replacement, of certain chemical and biological inputs," noted Percy.
Canopy Rivers Announces Significant Supply Agreement Between PharmHouse and Canopy Growth
Canopy Rivers Inc. ("Canopy Rivers" or the "Company") (TSXV: RIV) (OTC: CNPOF) is pleased to announce that its portfolio company PharmHouse Inc. ("PharmHouse") has entered into a second offtake agreement (the "Agreement") with Canopy Growth Corporation ("Canopy Growth") (TSX: WEED) (NYSE: CGC) for the purchase of cannabis from its 1.3 million square foot greenhouse facility upon licensing. The Agreement commits an additional 20% of PharmHouse's flowering space to Canopy Growth for the next three years, in addition to the 10% that was originally committed in May 2018. The Agreement provides for the delivery to Canopy Growth of a minimum of 25,000 kg of cannabis per year and a maximum of 45,000 kg of cannabis per year.
"PharmHouse continues to show tremendous progress at the facility, and the joint venture is quickly developing as a key pillar for value creation and synergy within the Canopy Rivers portfolio ecosystem," said Olivier Dufourmantelle, Chief Operating Officer of Canopy Rivers. "Thanks to the collaborative contributions of our joint venture partners, the ongoing support and guidance of Canopy Rivers, and the strategic insight of Canopy Growth throughout the licensing process, we are excited to announce an incremental supply partnership that mutually benefits all three parties."
This new supply arrangement provides PharmHouse with additional revenue visibility and financial de-risking for a significant portion of the expected production from the flagship facility. Canopy Rivers holds a 49% equity interest in the PharmHouse joint venture and has played an active role in sourcing and negotiating production and supply agreements, which now cover approximately 50% of expected annual output. The incremental 50% of output remains unencumbered for the development of PharmHouse's own suite of brands and products.
"This offtake agreement represents a significant step forward for PharmHouse. By effectively committing and selling 50% of our near-term cannabis production, we favorably position PharmHouse for the development of a proprietary suite of products and brands and/or the pursuit of incremental contract manufacturing agreements," said Tony Abbas, General Manager of PharmHouse. "The fact that we are executing yet another agreement with an industry titan like Canopy Growth sends a strong signal about the quality of our operations and the confidence in our team's ability to deliver."
The 1.3 million square foot facility in Leamington represents the first stage of a planned global strategic relationship between Canopy Rivers and its PharmHouse joint venture partner, a company formed by the leading principals and operators of a North American agriculture conglomerate. The parties seek to leverage their relationship networks and respective strengths in cannabis, global commercial agriculture, marketing, and distribution to pursue regulated cannabis opportunities together on a global scale.
Canopy Rivers congratulates TerrAscend on receiving its EU GMP certification and new distribution agreement
Canopy Rivers Inc. ("Canopy Rivers" or the "Company") (TSXV: RIV) (OTC: CNPOF) congratulates its portfolio company TerrAscend Corp. ("TerrAscend") (CSE: TER) (OTCQX: TRSSF) on its announcement yesterday that its facility in Mississauga, Ontario, Canada has been issued a Good Manufacturing Practice ("GMP") certificate in accordance with the rules governing medicinal products in the European Union ("EU"). TerrAscend also entered into a comprehensive sales and distribution agreement with iuvo Therapeutics GmbH ("iuvo"), a German pharmaceutical wholesaler.
Only medical cannabis from EU GMP certified facilities, or the equivalent, may be sold in the EU. The regulatory approach has been led by several of the larger EU countries and as such, pharmaceutical grade controls in production were an established requirement from the onset of medical cannabis legalization. Through iuvo, management at TerrAscend expects to begin shipping pharmaceutical-grade cannabis products into Germany.
"We applaud TerrAscend for achieving one of the highest and most rigorous levels of quality certification in the world," said Narbe Alexandrian, President of Canopy Rivers. "TerrAscend is now one of select Canadian licensed producers that have been issued EU GMP certificates, and with its new distribution arrangement with iuvo, becomes the first and only cannabis operator with sales in US, Canada, and Europe."
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.
CANOPY RIVERS INCREASES CPG PORTFOLIO WITH INVESTMENT IN HIGH BEAUTY
Canopy Rivers Inc. (“Canopy Rivers”) (TSXV: RIV) and High Beauty, Inc. (“High Beauty”) are pleased to announce the completion of an investment by Canopy Rivers in High Beauty, creator of industry-leading cannabis beauty brand high. Canopy Rivers has subscribed for US$2.5 million of shares in High Beauty, representing 18.4% of the company on a fully diluted basis, including additional warrant coverage.
“Being supported by Canopy Rivers enables us to collaborate within the Canopy Rivers ecosystem and to focus our energy and passion on the creation of a robust new product line using cannabis-derived extracts,” said Melissa Jochim, a highly successful formulator and Founder of High Beauty. "Cannabis sativa seed oil is an untapped ingredient resource with amazing skincare benefits. This partnership will allow us to scale High Beauty’s business much “higher” in a short time frame.”
“We have been actively pursuing opportunities in the health and beauty industry, guided by a growing consumer trend of brand new, innovative and functional beauty products. Enter high,” said Narbe Alexandrian, President of Canopy Rivers. “Led by Melissa Jochim, a repeat entrepreneur, preeminent formulator and brand developer coming from the natural, organic segment of the beauty industry, high has already captured mindshare and awareness of consumers - it has all the makings to continue to be a prominent brand in the cannabis-infused beauty market.”
We’re proud to welcome @highskincare to the $RIV $RIV.V portfolio. Innovators in the cosmetics space, High Beauty focuses on how #cannabis ingredients can be used topically and legally for #skincare. https://t.co/8trpQu10xV #BackedByRIV pic.twitter.com/1XhOiXfC6A
— Canopy Rivers Inc. (@CanopyRiversInc) April 16, 2019
CANOPY RIVERS PORTFOLIO COMPANY AWARDED SECOND LICENCE FROM HEALTH CANADA
Canopy Rivers Inc. (“Canopy Rivers” or the “Company”) (TSXV: RIV) is pleased to share that its portfolio company, James E. Wagner Cultivation Corporation (“JWC“) (TSXV: JWCA) (OTCQX: JWCAF), has received its cultivation licence from Health Canada for its Kitchener-based commercial scale production facility (“JWC2“). This second licence launches the initial phase of JWC2, a 345,000 square foot production and distribution complex where JWC is rolling out more than 130 individual production rooms utilizing JWC’s proprietary GrowthSTORM™ Dual Droplet cultivation platform and methodologies. With the newly licenced facility located just minutes from JWC’s already licenced pilot facility, JWC is well-positioned for an efficient ramp-up and expects to commence cannabis production at JWC2 immediately.
“While optimizing production methodologies at their already licenced pilot facility, JWC has concurrently built out and implemented refinements and learnings for production at commercial scale,” said Daniel Pearlstein, EVP, Strategy, of Canopy Rivers. “We are pleased to see Health Canada reward JWC for the quality of their operations, and their disciplined approach to expansion with the issuance of this second site licence.”
"We have seen strong demand for standardized, quality-controlled indoor cannabis within both the medical and adult use cannabis markets," continued Pearlstein. "Until now, JWC has focused on delivering an exceptional experience to a concentrated population of patients and through Canopy Growth's Spectrum Cannabis online store. With this second site licence in hand and the expanded production facility now online, JWC is well-positioned to bring their premium quality-controlled cannabis products to patient and consumer markets on a much larger scale."
CANOPY RIVERS PORTFOLIO COMPANY LICENSED BY HEALTH CANADA, TRIGGERING LONG-TERM CASH FLOW STREAM
Canopy Rivers Inc. (“Canopy Rivers” or the “Company”) (TSXV: RIV) congratulates Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) (“Canopy Growth”) and its portfolio company, Spot Therapeutics Inc. (“Spot”), on receiving a cultivation license from Health Canada for its Fredericton-based production and distribution facility. The newly licensed facility will operate under the flagship Tweed banner and is another important pillar in the Canopy family of companies’ commitment to establishing a local presence, engaging local trades, and creating economic opportunities within the provinces and communities the companies serve.
In 2017, Canopy Growth solidified its expansion strategy in Atlantic Canada when it acquired Spot and made significant local funding commitments in collaboration with Canopy Rivers, ultimately resulting in Canopy Growth being rewarded with one of the first provincial supply contracts in the cannabis industry, pursuant to a landmark MOU with the government of New Brunswick.
“The long-term income stream from Spot, combined with our existing royalty portfolio, will further stabilize Canopy Rivers’ operating cash flow profile and provide us with additional financial resources to deploy as we continue to make investments in industry verticals we believe offer long-term strategic value for our portfolio partners and shareholders,” said Eddie Lucarelli, CFO of Canopy Rivers.
LEAFLINK AND CANOPY RIVERS COLLABORATE TO DEPLOY MARKET-LEADING B2B SOFTWARE PLATFORM GLOBALLY
Canopy Rivers Inc. (“Canopy Rivers”) (TSXV: RIV) and LeafLink, Inc. (“LeafLink”) are pleased to announce the establishment of LeafLink Services International ULC (“LeafLink International”), a new venture that exclusively licenses and leverages LeafLink’s dominant business-to-business (B2B) marketplace and supply chain technology platform for deployment throughout regulated international cannabis markets.
LeafLink is a software-as-a-service (SaaS) marketplace that simplifies the supply chain through its e-commerce platform. The company has a growing network of more than 950 cannabis brands, and penetration throughout ~2,800 cannabis retailers across 16 territories in the United States. LeafLink has established the single largest B2B marketplace for cannabis brands and facilitates more than US$900 million in gross merchandise value annually. Retailers use LeafLink for managing their wholesale inventory, enabling them to shop multiple vendors in one cart, view up-to-date product and brand menus, review historical and open orders, discover new products, and request samples. LeafLink further serves vendors by offering supplementary tools such as order management, a customer relationship management (CRM) platform, inventory tracking tools, and customized reporting systems, among other services.
By creating this new joint venture, Canopy Rivers continues to expand its exposure across the cannabis value chain through a capital-light, market-leading B2B platform that is immediately scalable across legal jurisdictions. Canopy Rivers intends to integrate its network of complementary cannabis companies and global reach to drive growth for LeafLink International and assist in developing and deploying this technology as it continues to increase its global footprint.
CANOPY RIVERS PORTFOLIO COMPANY HEADSET ENTERS INTO ALLIANCE WITH GLOBAL DATA ANALYTICS GIANT NIELSEN
Canopy Rivers Inc. (the “Company” or “Canopy Rivers”) (TSXV: RIV) congratulates its portfolio company Headset, Inc. (“Headset”) on the formation of its landmark strategic alliance with Nielsen Holdings plc (“Nielsen”) (NYSE: NLSN). Yesterday, Nielsen and Headset together announced an alliance that will provide U.S. cannabis market data and analytics to consumer packaged goods (CPG) companies monitoring the cannabis space.
“This announcement from Headset and Nielsen validates our belief in the importance of data in the rapidly unfolding and brand-intensive cannabis industry,” said Narbe Alexandrian, President of Canopy Rivers. “Partnering with Nielsen, an S&P 500 company and global market leader in consumer data and insights, marks a significant step forward for Headset in its goal to help companies make more informed business decisions through data.”
Through their partnership, Headset and Nielsen will enable CPG companies to better understand and engage with the fast-changing and dynamic cannabis industry. Combining Nielsen’s consumer research capabilities with Headset's real-time retail point of sale data and proprietary software platform will deliver greater visibility and insight into market-leading trends, consumer sentiment, the competitive product landscape, and potential interaction points within CPG categories. The first product of the Headset and Nielsen relationship will be a U.S.-focused industry report exploring market dynamics, consumer perceptions and motivations, and insights into purchase dynamics. While initially focused on the U.S., Headset and Nielsen also plan on developing a full suite of capabilities for the Canadian market.
CANOPY RIVERS COMPLETES PREVIOUSLY ANNOUNCED BOUGHT DEAL AND CONCURRENT PRIVATE PLACEMENT FOR TOTAL GROSS PROCEEDS OF APPROXIMATELY $93.5 MILLION
Canopy Rivers Inc. (TSXV:RIV) (“Canopy Rivers” or the “Company”) is pleased to announce that it has closed its previously announced bought deal financing (the “Bought Deal”) of subordinated voting shares of the Company (the “Subordinated Voting Shares”) with a syndicate of underwriters (the “Underwriters”) led by CIBC Capital Markets (“CIBC”) and Eight Capital (together with CIBC, the “Joint Bookrunners”). The Bought Deal consisted of an aggregate of 13,225,000 Subordinated Voting Shares, which reflects the exercise in full of the Underwriters’ over-allotment option, at a price of $4.80 per Subordinated Voting Share (the “Issue Price”) for gross proceeds of approximately $63.5 million.
Concurrent with the Bought Deal, the Company completed the previously announced private placement (the “Private Placement” and together with the Bought Deal, the “Offering”) with Canopy Growth Corporation (“Canopy Growth”), the Company’s largest shareholder. Pursuant to the Private Placement, Canopy Growth purchased 6,250,000 Subordinated Voting Shares at the Issue Price for additional gross proceeds of $30.0 million. Prior to the Offering, Canopy Growth owned approximately 26.5% of the issued and outstanding shares of the Company on a non-diluted basis and, elected to subscribe under the Private Placement for more than its pro rata participation right. Following completion of the Offering, Canopy Growth’s ownership interest in the Company has increased to approximately 27.1% of the issued and outstanding shares of the Company on a non-diluted basis. The Subordinated Voting Shares issued pursuant to the Private Placement are subject to a statutory hold period under Canadian securities legislation expiring on June 28, 2019, and statutory restrictions on the distribution of shares from the holdings of a control person.
See full news release here: https://www.canopyrivers.com/news/canopy-rivers-news/canopy-rivers-completes-previously-announced-bought-deal-and-concurrent-private-placement-for-total-gross-proceeds-of-approximately-935-million
CANOPY RIVERS REPORTS THIRD QUARTER FINANCIAL HIGHLIGHTS AND PROVIDES CURRENT CORPORATE UPDATE
Canopy Rivers Inc. (the “Company” or “Canopy Rivers”) (TSXV: RIV) today released its financial results for the three and nine months ended December 31, 2018. The Company’s full Management's Discussion and Analysis (the “MD&A”) and unaudited condensed interim consolidated financial statements for the three and nine months ended December 31, 2018 are available on the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.canopyrivers.com/financials. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
“We believe that Canopy Rivers has rapidly developed a strong position in the dynamic and fast-growing global cannabis industry,” said Bruce Linton, Chairman and Chief Executive Officer of Canopy Rivers. “By bringing focus and clarity to every investment decision and working alongside global market leader Canopy Growth, Canopy Rivers is responding to the greatest need in the cannabis industry – smart capital.”
“With more than $55 million of capital deployed during the quarter, Canopy Rivers continues to position itself as a preeminent investment firm in the cannabis industry,” said Eddie Lucarelli, Chief Financial Officer of Canopy Rivers. “As we continue to see meaningful developments at our portfolio companies, the closing of our bought deal financing and strategic investment from Canopy Growth will add additional strength to our balance sheet. With a strong pipeline of investment opportunities and regulatory reform continuing around the world, Canopy Rivers is optimally positioned to continue to prudently deploy capital to the global cannabis sector.”