TRSSF - NetworkNewsBreaks - Canopy Rivers Inc. (TSX.V: RIV) (OTC: CNPOF) Announces Key Health Canada License Amendments for Two Portfolio Companies
Canopy Rivers (TSX.V: RIV) (OTC: CNPOF) on Monday announced that its portfolio company TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) received an amendment to its Health Canada license permitting the sale of cannabis oils from its Mississauga, Ontario facility. Sales of TerrAscend's cannabis oils are set to commence immediately through its medical marketplace, Solace Health. “With another key milestone achieved by TerrAscend in a matter of a few short months, the company continues to demonstrate its ambition to become a global provider of pharmaceutical-grade cannabis products,” Canopy Rivers president and CEO Narbe Alexandrian stated in the news release. “Cannabis oil is gaining popularity in Canada, the US and in other emerging global medical markets, and this sales license enables TerrAscend to meet growing demand for non-combustible cannabis products.”
In addition, Canopy Rivers announced that its portfolio company James E. Wagner Cultivation Corporation ("JWC") (TSXV: JWCA) (OTCQX: JWCAF) has also secured approval of a license amendment from Health Canada allowing the sale of formulated cannabis oil from JWC's pilot facility in Kitchener, Ontario. JWC is ready to begin selling formulated cannabis oil to its medical cannabis patients as of July 9, 2019. “We believe that JWC's multigenerational cannabis experience, its proprietary production methodologies, and a diversified product offering, make JWC a unique asset within the Canopy Rivers portfolio,” Canopy Rivers president and CEO Narbe Alexandrian stated in the news release. “With its Health Canada approval for the sale of formulated oil products, JWC is well positioned to capitalize on the production and sale of higher margin cannabis oils. With a full processing sales license, JWC will have the ability to create precursor products that could lead to the production of edible cannabis, cannabis extracts, and cannabis topicals when the regulations take effect later this year.”
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About Canopy Rivers Inc.
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, visit the company’s website at www.CanopyRivers.com.
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