Canopy Rivers (TSX: RIV) (OTC: CNPOF), an investment and acquisition company specializing in cannabis, has shared financial numbers for its most recent period, the three and nine months ended Dec. 31, 2020. The announcement included both unaudited condensed interim consolidated financial statements and management’s discussion and analysis (“MD&A”). Numbers in the report indicate that Canopy Rivers’ comprehensive income was $82.2 million, which the company notes was driven by an increase in the value of its investment in TerrAscend. The company also announced a “transformative and accretive” transaction with Canopy Growth; the transaction is scheduled to close by the end of February 2021. The announcement noted that Canopy Rivers expects to be in a strong financial and strategic position to pivot to the U.S. market after the close of the Canopy Growth transaction. “Our quarter was highlighted by the announcement of our milestone transaction with Canopy Growth, which we believe will provide substantial value to our shareholders,” said Canopy Rivers president and CEO Narbé Alexandrian in the press release. “Our portfolio companies continue to gain momentum, and we are further encouraged by the potential for regulatory reform in the U.S. given recent progress at the state level and the new administration’s position on cannabis reform. We believe that we will have the opportunity to enter the U.S. market at an ideal point in time, and that our balance sheet, simplified share structure, strategic flexibility, and deep domain expertise will enable us to deliver value to shareholders as we consider potential material investments or acquisitions in the U.S.”
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About Canopy Rivers Inc.
Canopy Rivers is an investment and acquisition company specializing in cannabis with a portfolio of 17 companies across various segments of the cannabis value chain. The company believes that bringing together people, capital and ideas raises the potential of the entire cannabis industry. By leveraging its unique industry insights, in-house expertise and thesis-driven approach to investing, Canopy Rivers aims to provide shareholders with exposure to specialized and disruptive cannabis companies. For more information about the company, visit www.CanopyRivers.com.
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