JAMES E. WAGNER CULTIVATION CORPORATION HAS
BEEN APPROVED FOR THE SALE OF CANNABIS OILS
TORONTO, July 8, 2019 /CNW/ - Canopy Rivers Inc.
("Canopy Rivers" or the "Company") (TSXV: 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.
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 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: JWC as an asset to the Canopy Rivers
portfolio; JWC's ability to capitalize on the
production and sale of high margin cannabis oils; JWC's ability to
create precursor products that could lead to the production of
edible cannabis, cannabis extracts, and cannabis topicals; and
other expectations for other economic, business, and/or competitive
factors.
Investors are cautioned that forward-looking information is
not based on historical facts 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; JWC's ability to produce
and sell formulated oil products; the ability to secure
distribution and sales channels; changes in general economic,
business and political conditions, including changes in the
financial markets; the global regulatory landscape and enforcement
related to cannabis, including political risks and risks relating
to regulatory change; risks relating to anti-money laundering laws;
compliance with extensive government regulation; public opinion and
perception of the cannabis industry; and the risk factors set out
in Canopy Rivers' final short form prospectus dated February 21, 2019, filed with 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
which 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Canopy Rivers Inc.
