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Canopy Rivers Provides Update on Milestones Achieved by Its Italian Hemp-Focused Investment
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
TORONTO, Jan. 17, 2019 (GLOBE NEWSWIRE) -- Canopy Rivers Inc. (the “Company” or “Canopy Rivers”) (TSXV: RIV) is pleased to provide an update on the operations of Canapar SrL (“Canapar), an Italian-based hemp production and processing platform and subsidiary of portfolio company, Canapar Corp. Yesterday evening, in Ragusa, Sicily, Canapar hosted a ribbon cutting ceremony for its new cannabidiol (“CBD”) extraction and processing facility. When completed in Fall 2019, this facility is expected to be the largest in Europe. Through its advanced extraction and processing capabilities, it is anticipated to transform 600 metric tons of hemp biomass annually into CBD isolates and derivative products for distribution in the European market.
“In a short time, Canapar has achieved several significant milestones positioning the company as a leader in the nascent European CBD vertical. With over 1,000 hectares of hemp secured, strong partnerships with Italian universities, and this new facility, Canapar is well positioned to supply Europe’s demand for CBD derived products. The company is on the path to bring to market products ranging from CBD isolates, to 'made in Italy' beauty products, to pharmaceutical products,” said Olivier Dufourmantelle, Chief Operating Officer of Canopy Rivers.
Management believes Canapar is playing an important role in developing and commercializing the CBD and hemp industry in Italy and Europe. Canapar is seeking to optimize the cultivation and extraction processes of the active ingredients derived from hemp that are used in consumer products, particularly for the cosmetic, natural health and pharmaceutical markets. Canapar relies on an outsource farming model and the company has created a solid network of farmers in Southern Italy, a region with a rich agricultural history. With over 1000 hectares contracted for hemp farming, management believes Canapar is prepared to meet the growing demand for cannabis and CBD derivative products in Europe.
“It was a great day for Canapar, Sicily and the European hemp industry,” said Sergio Martines, CEO of Canapar. “The regulatory landscape in Italy and Europe is creating exciting opportunities for hemp and its derivatives. The size and scale of this extraction and processing facility, our growing hemp resources, as well as various partnerships, ideally position Canapar to pursue these opportunities.”
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 (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.
This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding:the international growth strategy of Canopy Rivers; the expected growth in demand for cannabis derivative products; the rapid growth of the cannabis market; expectations regarding the business of Canapar Italy; the development and commercialization of hemp in Italy; the ability of Canapar Italy to utilize extraction capabilities for the production of CBD oil; Canapar Italy’s ability to generate low-cost, high yield sources of CBD oil; the use of CBD oil in new commercial products; the increasing demand for cannabis-derived products in Italy and the growing global demand for innovative and unique cannabis products; the benefits of the Italian regulatory landscape; and Canapar ability to seize the CBD-infused product market opportunity. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: regulatory and licensing risks; demand for cannabis derivative products in Europe; the Italian regulatory framework for the cultivation of hemp and production of CBD oil; demand for consumer products containing the active ingredients derived from hemp; lack of control over operations; compliance with laws; changes in laws, regulations and guidelines; competition; the difficulty to forecast accurately; cannabis prices; challenging global financial conditions; litigation; government regulation; operating risks involved in the cannabis industry; the ability to attract customers; constraints on marketing; risks inherent in agricultural businesses; product recalls; product liability; reliance on partners; reliance on key inputs; and dependence on suppliers and skilled labour; changes in general economic, business and political conditions, including changes in the financial markets; potential conflicts of interest; the Canadian regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; compliance with extensive government regulation; public opinion and perception of the cannabis industry; and the risk factors set out in 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.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
|Canopy Rivers Inc. |
Sr. Director, Investor Relations & Communications
Executive Vice President, Strategy