NetworkNewsBreaks – Canopy Rivers Inc. (TSXV: RIV) Enters Technology-Focused Cannabis Vertical via Investment in Headset, Inc.; Secures $80M Financial Development for PharmHouse
Jan 8, 2019
Canopy Rivers (TSXV: RIV) this morning announced its completion of an equity investment in Headset, Inc., a data and analytics service provider for the cannabis industry. Representing its first entry into a technology-focused cannabis vertical, Canopy Rivers subscribed for CAD $4,084,500 of Series A Preferred Shares in Headset. In addition, the company recently announced that its 49 percent-owned joint venture PharmHouse Inc. has entered into a syndicated credit facility with the Bank of Montreal (“BMO”), as agent and lead lender, and with Canadian Imperial Bank of Commerce and Concentra Bank as lenders. According to the update, under the credit facility, the lenders will provide up to CAD $80 million of secured debt financing to PharmHouse over a 3-year term with a rate of interest that is expected to average in the mid-to-high 5 percent per annum range. The company intends to allocate the funds to finalize the acquisition of the 1.3 million square foot modern greenhouse facility, as well as toward necessary project equipment and ongoing construction costs in ramp up of the production and distribution platform.
“We are proud to be entering the new year with a significant financial development for PharmHouse, a joint venture we consider well-positioned to pursue the increasingly global cannabis opportunity,” Canopy Rivers Chairman and Chief Executive Officer Bruce Linton stated in the news release. “Having secured what we believe to be the largest bank debt to a private company in the cannabis industry, one that is supported by a syndicate of three Schedule I banks, PharmHouse has gained substantial momentum. We believe the commitment made by these leading Canadian financial institutions demonstrates confidence in PharmHouse and sheds meaningful light on the quality of the infrastructure, the level of expertise of the joint venture partners, and the anticipated significant near-term cash flow of this platform.”
To view the full press releases, visit http://nnw.fm/xbn5W and http://nnw.fm/P5QRt
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 Corporation (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. For more information, visit the company’s website at www.CanopyRivers.com.
More from NetworkNewsBreaks
NetworkNewsBreaks – CytoDyn Inc. (CYDY) to Present at Biotech Showcase Conference NetworkNewsBreaks – Monaker Group, Inc. (NASDAQ: MKGI) Inks Contracts with Nine Additional Travel Partners Increasing Contracted Distributor Count to 24 NetworkNewsBreaks – SinglePoint, Inc. (SING) Invests in TorusMed Inc. for Lab-Based Development of CBD Cell CulturesAbout NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
[email protected]
Recommended
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.
More News
Australian property prices plunging at fastest rate in 40 years after seven straight months of falls as rate decision looms
Property prices have plummeted for a seventh straight month, with the decline tracking faster than any previous downturn over the past four decades.
‘I may politically die in this endeavour’: Canavan confirms battleground contest
The Nationals leader’s move has set up a heated fight between conservative titans.
Pilot's chilling final words before tragic Learjet crash in Florida killed all nine on board
Audio has been released of the pilot's final words before his Learjet 60 crashed into a residential area in Greenacres, Florida, killing all nine people on board
Moonlighting mandarins: Civil servants are earning up to £225,000 cash in with second jobs
Across Whitehall, dozens of mandarins up to chief executive level have declared second jobs in the past two years, a Daily Mail audit has found.
It's just nonsense! Mary McAleese claims that giving infants the sacrament of Baptism breaches their human rights as they are too young to give CONSENT... Her controversial view has sparked angry reaction
Mary McAleese faced heavy criticism yesterday after declaring that baptising infants soon after birth was a breach of their human rights because they can't give their consent.
Two people are dead and another two are hurt after 'being electrocuted' in five-star hotel pool in India
Managers at the five-star Conrad Bengaluru Hotel said they were 'deeply saddened' by the incident involving a German flight crew member and Slovak business manager.
KPMG set to slash hundreds more jobs before Christmas
The latest round of job cuts will be executed within weeks as the whistleblower scandal continues to hammer its business.
Australia news live: Westpac profits total $6.8 billion as further interest rate rise looms; Qantas seeks answers on data breach
Follow our rolling coverage of all the latest news and developments from around Australia and the world.
Second time around: Andrew Shue and Marilee Fiebig marry at his sprawling New Jersey estate weeks after their exes T.J. Holmes and Amy Robach tie the knot
Andrew Shue and Marilee Fiebig finally got their happy ending on Sunday when they said 'I do' with her and T.J. Holmes daughter at their idyllic New Jersey farm.
Ukraine's air raid app 'is hacked': Kyiv and Lviv residents 'get fake alerts about radiation threats'
The app for a short time showed Kyiv and other areas subject to a nuclear alert. But the abnormality later disappeared, the Ukrainian military said on Sunday night.
Westpac expects 11 per cent house price fall, posts $6.8 billion profit
The nation’s second-biggest lender expects interest rates to remain “elevated” and for house prices to fall more than 10 per cent by March.
As confirmed water, air and fire defects mount, we asked the board in charge of the National Children's Hospital for an opening date. They said BAM hadn't told them 2028... Which isn't what BAM told us
National Children's Hospital Builders BAM last night refused to rule out the possibility that the facility may not open its doors for another two years.