TORONTO, Oct. 10, 2018 (GLOBE NEWSWIRE) — Canopy Rivers Inc. (the “Company”) (TSXV: RIV) is pleased to announce that its investment portfolio company, Les Serres Vert Cannabis Inc. (“Vert Mirabel”), a joint venture with Canopy Growth Corporation (TSX:WEED, NYSE:CGC) (“Canopy Growth”) and Les Serres Stéphane Bertrand (“Bertrand”) based in Mirabel, Quebec, has received a licence amendment from Health Canada that significantly increases Vert Mirabel’s greenhouse production footprint, which now includes 525,000 sq. ft. of licensed operating space available for cannabis production.
We are excited about the rapid progress being made at Vert Mirabel. This latest amendment is a testament to the strength of the licensing team at Canopy Growth Corporation, the operating pedigree of the local management team, and the quality of the greenhouse infrastructure.
Olivier Dufourmantelle, Chief Operating Officer at Canopy Rivers
In less than a year, Vert Mirabel has obtained a cultivation licence for over half a million square feet of operational production infrastructure. Vert Mirabel is a key pillar in the Canopy Rivers portfolio of companies and we believe it will be a provider of choice for locally-produced cannabis products for the Quebec market.
The Vert Mirabel joint venture was established in December 2017 between the Company, Canopy Growth, and Bertrand. Bertrand is a large-scale greenhouse operator and, prior to converting to cannabis, they were the largest producer of pink tomatoes in Canada. The Company holds approximately 26% of the common equity at Vert Mirabel in addition to its Class A preference share position. For more information regarding the Company’s investment in Vert Mirabel, please refer to the joint management information circular (the “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.
About Canopy Rivers Inc.
The Company is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. The Company works collaboratively with Canopy Growth (TSX:WEED, NYSE: CGC) to identify strategic counterparties seeking financial and/or operating support. The Company 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 the Company believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem.