Company provides update on Dynaleo, Agripharm, and TerrAscend
TORONTO, July 10, 2020 /CNW/ - Three of Canopy Rivers Inc.'s ("Canopy Rivers") (TSX:RIV.TO - News) (OTC:CNPOF - News) portfolio companies have made recent announcements as they aim to introduce new or expanded choices for cannabis consumers and medical patients in Canada and the U.S.
"We continue to be impressed with the ability of our portfolio companies to respond to shifting consumer demands in the cannabis space while executing on their long-term strategies," said Narbé Alexandrian, President and CEO, Canopy Rivers. "We still see greenfield in the Canadian brand market, and we are excited to see both Agripharm and Dynaleo taking steps to introduce Canadians to brands that have proven track records in U.S. markets."
More details on these developments are included below:
- Dynaleo Inc. ("Dynaleo"), an Edmonton-based manufacturer of cannabis-infused gummies, signed its first letter of intent ("LOI") with Pantry, a California-based edibles brand that says it has bridged the worlds of culinary arts, cannabis, and wellness. The agreement follows Dynaleo's receipt of its processing licence from Health Canada and marks Pantry's first international expansion beyond the U.S. where it distributes cannabis-infused food brands for the recreational market. Dynaleo hopes that the LOI will be a first step in the company's goal to close the gap between supply and consumer demand for gummies in Canada.
- Agripharm Corp. ("Agripharm") received a licence amendment from Health Canada to allow for the sale of dried cannabis, extracts, edibles, and topicals. The amendment enables Agripharm to exercise its exclusive rights to introduce brands from SLANG Worldwide Inc. ("SLANG") and Green House Seed Co. to the Canadian market. Agripharm plans to initially launch three products from SLANG's portfolio, including the Firefly Mini vapourizer, O.penVAPE, and Bakked Dabaratus, a one-click dabbing solution that delivers a dose of extract.
- TerrAscend Corp. ("TerrAscend") opened its third retail dispensary location in Pennsylvania. Jason Ackerman, TerrAscend's CEO, noted that this third Apothecarium location signals the company's commitment to local patients as the state's medical program continues to grow. The newly renovated, 5,000 square foot medical dispensary is designed to enhance patient experiences and features private consultation rooms, highly trained staff, a wide variety of products, and options for online ordering.
About Canopy Rivers
Canopy Rivers is a venture capital firm specializing in cannabis with a portfolio of 18 companies across various segments of the cannabis value chain. We believe that bringing together people, capital, and ideas raises the potential of the entire cannabis industry. By leveraging our industry insights, in-house expertise, and thesis-driven approach to investing, we aim to provide shareholders with exposure to specialized and disruptive cannabis companies. Our mission is to invest in innovators across the cannabis value chain, help them grow, and ultimately create value by guiding these companies towards a monetization event. Together with our portfolio, we are helping build the cannabis industry of tomorrow, today.
Forward Looking Statements
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 Canopy Rivers and its portfolio companies 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 aim of certain Canopy Rivers portfolio companies to introduce new or expanded choices for cannabis consumers and medical patients in Canada and the U.S.; the ability of Canopy Rivers' portfolio companies to respond to consumer demand while executing on their long-term strategies; management's belief that there is greenfield in the Canadian brand market; Dynaleo's goal of closing the gap between supply and demand for gummies in Canada; Agripharm's plan to launch three products from SLANG's portfolio; the continued growth of the medical program in Pennsylvania; and expectations for other economic, regulatory, 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 Canopy Rivers 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 Canopy Rivers. 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; changes in the plans, goals and business activities of Canopy Rivers' portfolio companies; changes in cannabis industry growth and trends; changes in consumer preferences and demands and the ability of Canopy Rivers' portfolio companies to respond thereto; 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 Canopy Rivers' relationship with its portfolio companies; 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 Canopy Rivers' interpretation of such regulation; public opinion and perception of the cannabis industry; divestiture risks; competition risks; and the risk factors set out in Canopy Rivers' annual information form dated June 2, 2020, filed with the Canadian securities regulators and available on Canopy Rivers' 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 Canopy Rivers 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. Canopy Rivers does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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SOURCE Canopy Rivers Inc.
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