Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital
firm specializing in cannabis, today announced a series of operational changes
designed to optimize its organizational structure, streamline operations, and
preserve and maximize cash-on-hand. According to the update, the company, as part
of its strategic and operational review of the business, is implementing
changes including a material reduction in the company’s operating cash
outflows; a focus on generating positive cash flow; and a focus on maximizing
returns on existing assets. In addition, the company today reaffirmed its
intention, under its previously announced normal course issuer bid (the
“NCIB”), to repurchase subordinated voting shares in accordance with its NCIB.
“We believe that sharpening our focus on financial discipline, operational
excellence, and opportunistic capital deployment on our investment pipeline
will yield long-term results for shareholders,” Canopy Rivers’ CEO and
President Narbe Alexandrian stated in the news release. “In addition, the
strategic utilization of our NCIB could be an important tool to provide
attractive returns to shareholders.”
To view the full press release, visit http://ibn.fm/KW3bT
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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