Canopy Rivers (TSX: RIV) (OTC: CNPOF)
, through its wholly owned subsidiary, Canopy Rivers Corporation, on Wednesday announced its entry into a definitive share purchase agreement. Under the agreement, effective as of Dec. 30, 2020, with RAMM Pharma Corp. (CSE: RAMM), Canopy Rivers has sold its 49% common equity interest in Canapar Corp. to RAMM for consideration of up to $9.0 million. On closing, RAMM delivered a cash payment of $7.0 million to Canopy Rivers to purchase its 29,833,333 common shares in Canapar. The transaction also includes contingent consideration of $2.0 million, to be paid upon achievement of certain operational milestones and satisfied, at RAMM’s sole discretion, in either cash or through the issuance of common shares in RAMM to Canopy Rivers. “The divestment of our equity interest in Canapar represents an important reallocation of capital as we adjust our go-forward investment strategy,” said Narbé Alexandrian, president and CEO of Canopy Rivers. “We thank Canapar for their work and partnership. As Canopy Rivers turns a new page, however, it’s important to narrow our focus and recalibrate our capital deployment and exposure to better align with our new strategic direction.”
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About Canopy Rivers Inc.
Canopy Rivers is a venture capital firm 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 industry insights, in-house expertise and thesis-driven approach to investing, Canopy Rivers aims to provide shareholders exposure to specialized and disruptive cannabis companies. Canopy Rivers’ mission is to invest in innovators across the cannabis value chain, help them grow, and ultimately create value by guiding these companies towards a monetization event. Together with its portfolio, the company is helping build the cannabis industry of tomorrow, today. For more information, visit www.CanopyRivers.com
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