Canopy Rivers Inc. (TSX.V: RIV) (OTC: CNPOF) this morning announced that PharmHouse Inc., its 49 percent-owned joint venture, has received a cultivation license from Health Canada. According to the update, PharmHouse will immediately commence operations in 190,000 sq. ft of licensed nursery infrastructure. In addition, the company plans to ramp up its entire 1.3 million sq. ft of ultramodern greenhouse space before the end of 2019 to deliver low-cost and high-quality cannabis and cannabis derivative products, both domestically and internationally, for Canopy Rivers’ ecosystem of partners. “This is a significant corporate milestone for Canopy Rivers. We believe the PharmHouse platform to be the epitome of value creation for our shareholders, and exposure to this project represents an investment opportunity only available through Canopy Rivers,” Narbe Alexandrian, president and CEO of Canopy Rivers, said in the news release. “Together with the expertise of agriculture industry titan Paul Mastronardi, along with our team of ag-specialist joint venture partners, Canopy Rivers has helped finance, construct and prepare for licence one of the largest, state-of-the-art cannabis facilities in the world, and has already backed it with multi-year contracts with internationally -focused industry leaders that we expect will translate into significant cash flow and profitability.”
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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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