Dynamic plant-based food and beverage company Canopy Rivers (TSX.V: RIV) (OTC: CNPOF) today
announced that its 49 percent-owned portfolio company, PharmHouse Inc., has
entered into a second offtake agreement with Canopy Growth Corporation (TSX:
WEED) (NYSE: CGC) for the purchase of cannabis from its 1.3 million square foot
greenhouse facility upon licensing. According to the update, the agreement commits
an additional 20 percent of PharmHouse’s flowering space, in addition to the 10
percent originally committed in May 2018, to Canopy Growth for the next three
years. The agreement provides for the delivery to Canopy Growth a minimum of
25,000 kg and 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,” Canopy Rivers COO Olivier Dufourmantelle said in
the news release. “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.”
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 (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. For more
information, visit the company’s website at 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
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