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.
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.