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Canopy Rivers Portfolio Company Awarded Second Licence From Health Canada
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Canopy Rivers Inc. (“Canopy Rivers” or the “Company”) (TSXV: RIV) is pleased to share that its portfolio company, James E. Wagner Cultivation Corporation (“JWC“) (TSXV: JWCA) (OTCQX: JWCAF), has received its cultivation licence from Health Canada for its Kitchener-based commercial scale production facility (“JWC2“). This second licence launches the initial phase of JWC2, a 345,000 square foot production and distribution complex where JWC is rolling out more than 130 individual production rooms utilizing JWC’s proprietary GrowthSTORM
Dual Droplet cultivation platform and methodologies. With the newly licenced facility located just minutes from JWC’s already licenced pilot facility, JWC is well-positioned for an efficient ramp-up and expects to commence cannabis production at JWC2 immediately.
“While optimizing production methodologies at their already licenced pilot facility, JWC has concurrently built out and implemented refinements and learnings for production at commercial scale,” said Daniel Pearlstein, EVP, Strategy, of Canopy Rivers. “We are pleased to see Health Canada reward JWC for the quality of their operations, and their disciplined approach to expansion with the issuance of this second site licence.”
Canopy Rivers believes that JWC’s multigenerational cannabis and hemp experience, its unique and proprietary production methodologies, and its disciplined and de-risked path to scale makes JWC a strong constituent within the Canopy Rivers ecosystem. After making its initial investment in 2017, the Company has continued to support JWC and currently holds approximately 13% of the issued and outstanding common shares in the capital of JWC on a fully-diluted basis. Additionally, Canopy Rivers receives a long-term royalty cash flow stream from JWC with a minimum annual payment of approximately $488,000. The royalty has a term of 20 years.
“We have seen strong demand for standardized, quality-controlled indoor cannabis within both the medical and adult use cannabis markets,” continued Pearlstein. “Until now, JWC has focused on delivering an exceptional experience to a concentrated population of patients and through Canopy Growth’s Spectrum Cannabis online store. With this second site licence in hand and the expanded production facility now online, JWC is well-positioned to bring their premium quality-controlled cannabis products to patient and consumer markets on a much larger scale.”
For more information regarding the Company’s investment in JWC, please refer to the joint management information circular of Canopy Rivers Corporation and the Company dated August 8, 2018, filed with Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com. For additional information about JWC, please refer to JWC’s profile on SEDAR or their website at www.jwc.ca.
SOURCE Canopy Rivers Inc.
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