Monday, December 21, 2020

QualityStocksNewsBreaks – Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) Announces Corporate Updates, New Strategic Focus

 Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, on Friday provided an update on its 49%-owned joint venture, PharmHouse Inc. Per the update, on Oct. 29, 2020, PharmHouse received a court order from the Ontario Superior Court of Justice to initiate a sale and investment solicitation process (“SISP”) to identify interest in, and opportunities for, a sale of, or investment in, all or part of PharmHouse’s assets or business. This may include a restructuring, recapitalization, or other form of reorganization of PharmHouse’s business and affairs. Phase one of the SISP concluded on Nov. 30, 2020, and a number of non-binding offers were received. PharmHouse, with the assistance of the monitor and the SISP advisor, has selected a number of parties to bring forward to the next phase of the SISP, and binding offers for phase two are due on or about Feb. 16, 2021.

In addition, Canopy Rivers today announced its entry into a definitive agreement with Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) pursuant to which, among other things, Canopy Rivers will transfer three portfolio assets to Canopy Growth in exchange for $115 million in cash and 3,750,000 common shares of Canopy Growth and the cancellation of all 36,468,318 Multiple Voting Shares (“MVS”) and the 15,223,938 Subordinate Voting Shares (“SVS”) of Canopy Rivers held by Canopy Growth (collectively, the “transaction”). On closing, the transaction will result in Canopy Rivers becoming a widely-held company and will unlock substantial value, providing it with significant additional cash resources and allowing it to pursue opportunities in the global cannabis market, including the United States. “This is a transformative transaction for our company that we believe provides substantial value to our shareholders through an enhanced cash position and strategic flexibility, and the collapse of our dual class share structure,” said Narbe Alexandrian, president and CEO of Canopy Rivers. “Following the closing of the transaction, we intend to shift our focus to pursuing other opportunities in the global cannabis market, where we believe that our new strategic focus and substantial balance sheet will allow us to successfully execute our revamped strategic plan.”

To view the full press releases, visit https://ibn.fm/mK91S and https://ibn.fm/axoWa

About Canopy Rivers Inc.

Canopy Rivers is a venture capital firm specializing in cannabis with a portfolio of 18 companies across various segments of the cannabis value chain. The company believes that bringing together people, capital and ideas raises the potential of the entire cannabis industry. By leveraging industry insights, in-house expertise and thesis-driven approach to investing, Canopy Rivers aims to provide shareholders exposure to specialized and disruptive cannabis companies. Canopy Rivers’ 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 its portfolio, the company is helping build the cannabis industry of tomorrow, today. For more information, visit www.CanopyRivers.com.

NOTE TO INVESTORS: The latest news and updates relating to CNPOF are available in the company’s newsroom at http://ibn.fm/CNPOF

About QualityStocksNewsBreaks

QualityStocksNewsBreaks provide a rapid summary of corporate news that catch the attention of QualityStocks. QualityStocksBreaks are designed to keep investors up to date on important and breaking news in the small-cap and micro-cap markets. Spanning all industries, including energy, entertainment, telecommunications, healthcare, retail and more, these news breaks deliver opportunities the investment community may have missed. Whether it is earnings results, mergers and acquisitions, or any other market-moving news, our news breaks keep you in the know. QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential.

QualityStocks (QS)
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com

Please see full terms of use and disclaimers on the QualityStocks website applicable to all content provided by QS, wherever published or re-republished: http://www.qualitystocks.net/disclaimer.php

No comments: