TORONTO – December 12, 2019 – Canopy Rivers Inc. (“Canopy Rivers”) (TSX: RIV, OTC: CNPOF), a venture capital firm specializing in cannabis, portfolio companies have made a series of recent announcements
relating to their plans for the cannabis retail market or U.S. cannabis operations. Two portfolio companies are evaluating opportunities to expand their retail footprint in Canada, while another will remember 2019 as the year it grew its retail presence
across the U.S., Canada, and Europe. Another Canopy Rivers portfolio company is taking steps to build out its U.S. operations, as more states look to legalize medical or recreational cannabis. More details on these developments are included below:
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.
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
and its portfolio companies 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 intended use of proceeds from TerrAscend’s
private placement; YSS’ goal of taking over New Brunswick’s recreational cannabis operations and the expected timing for the opening of YSS Grand Prairie; YSS’ Ontario expansion plans and its initial strategy for such expansion;
JWC’s plans to open a farmgate retail store, the impact thereof and the products expected to be sold thereat; the expectation that JWC’s farmgate retail store will be the Kitchener-Waterloo region’s first cannabis store located on
a licensed cultivation site; and expectations for other economic, regulatory, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical fact 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; changes in the
use of proceeds from TerrAscend’s private placement; changes in cannabis industry growth and trends; changes in consumer preferences and demands; changes in the business activities and plans of JWC and YSS and the associated timing therewith; 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, including Canopy Rivers’ interpretation of such regulation; public opinion and perception of the cannabis industry; divestiture risks; and the risk factors set out in
Canopy Rivers’ annual information form dated July 15, 2019, filed with the Canadian securities regulators and available on Canopy Rivers’ profile on SEDAR at www.sedar.com.
SOURCE Canopy Rivers Inc.
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