Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital
firm specializing in cannabis, today announced that its 49%-owned joint venture
in Leamington, Ontario, PharmHouse Inc., amended its syndicated credit facility
(“Credit Facility”) with the Bank of Montreal (“BMO”), as the agent and lead
lender, and the Canadian Imperial Bank of Commerce and Concentra Bank (together
with BMO, the “Lenders”). According to the update, the amended terms provide
PharmHouse with an additional $10 million of secured debt financing,
representing an increase to the Credit Facility that was initially announced in
January 2019. “This incremental debt financing, which comes at a time of
significant constraint in capital markets generally, is a testament to the
momentum that our joint venture has been building for the past two years,”
Canopy Rivers Chief Financial Officer Eddie Lucarelli stated in the news
release. “We believe that it signifies the growing confidence that leading
financial institutions have in the quality of the cultivation platform that has
been built, the expertise of our partners, and PharmHouse’s long-term role in
the global cannabis sector.”
To view the full press release, visit http://ibn.fm/fpEYP
About Canopy Rivers
Canopy Rivers is a venture capital firm specializing in
cannabis. Its unique investment and operating platform is structured to pursue
investment opportunities in the emerging global cannabis sector. Canopy Rivers
identifies 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
Corporation (TSX: WEED) (NYSE: CGC) 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 portfolio.
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
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