TORONTO, May 3, 2019 /PRNewswire/ - Canopy Rivers Inc. ("Canopy Rivers" or the "Company") (TSXV: RIV) (OTC: CNPOF) congratulates its portfolio company TerrAscend Corp. ("TerrAscend") (CSE: TER) (OTCQX: TRSSF) on its announcement yesterday that its facility in Mississauga, Ontario, Canada has been issued a Good Manufacturing Practice ("GMP") certificate in accordance with the rules governing medicinal products in the European Union ("EU"). TerrAscend also entered into a comprehensive sales and distribution agreement with iuvo Therapeutics GmbH ("iuvo"), a German pharmaceutical wholesaler.
Only medical cannabis from EU GMP certified facilities, or the equivalent, may be sold in the EU. The regulatory approach has been led by several of the larger EU countries and as such, pharmaceutical grade controls in production were an established requirement from the onset of medical cannabis legalization. Through iuvo, management at TerrAscend expects to begin shipping pharmaceutical-grade cannabis products into Germany.
"We applaud TerrAscend for achieving one of the highest and most rigorous levels of quality certification in the world," said Narbe Alexandrian, President of Canopy Rivers. "TerrAscend is now one of select Canadian licensed producers that have been issued EU GMP certificates, and with its new distribution arrangement with iuvo, becomes the first and only cannabis operator with sales in US, Canada, and Europe."
In October 2018, to accommodate TerrAscend's strategic pursuits internationally, including select opportunities in the United States, Canopy Rivers agreed to restructure its investment and waive certain restrictive covenants that were granted by TerrAscend, in connection with its original investment.
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. For more information, please visit www.canopyrivers.com.
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: the completion of the transactions discussed herein and the anticipated benefits thereof; the shipment of pharmaceutical-grade cannabis products into German; 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; the inability of the parties to satisfy the conditions to closing set out in the definitive documentation in a timely manner or at all; competition for global, regulated cannabis opportunities; 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.