Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, on Wednesday announced that TerrAscend Canada Inc., a wholly owned subsidiary of CNPOF’s portfolio company TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), has entered into an C$80.5 million loan financing arrangement with Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) pursuant to a secured debenture. TerrAscend has issued 17,808,975 common share purchase warrants to Canopy Growth in connection with the loan. TerrAscend Canada intends to use the net proceeds toward general corporate purposes, the funding of its Canadian operations, its Arise Bioscience U.S. hemp division, international expansion, and the repayment of indebtedness. “This additional capital is a vote of confidence in TerrAscend Canada’s ability to execute on its strategic mandate for both domestic and international markets,” Canopy Rivers president and CEO Narbe Alexandrian stated in the news release. “We believe the TerrAscend team is well-positioned through their resources and network to continue to take advantage of opportunities in regulated jurisdictions. We are also pleased with Canopy Growth’s continued support of our portfolio companies.”
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About Canopy Rivers
Canopy Rivers is a venture capital firm specializing in cannabis. Its unique investment and operating platform is structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers identifies 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 Corporation (TSX: WEED) (NYSE: CGC) 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 portfolio. For more information, visit www.CanopyRivers.com.
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