Canopy River Archives - Green Market Report

Debra BorchardtNovember 27, 2018


Canopy Rivers (RIV.V) reported net income of C$10.9 million for the quarter ending in September versus last year’s net loss of C$2.1 million. The company has cash on hand of C$105 million versus last year’s C$46 million. Canopy Rivers is the investment arm of Canopy Growth (CGC). Canopy Rivers reported earnings per diluted share of seven cents.

During the quarter, the company completed an oversubscribed private placement of subscription receipts at C$3.50 for gross proceeds of approximately C$101 million, co-led by CIBC Capital Markets, GMP Securities L.P., and Eight Capital, and then followed on with a non-brokered private placement of subscription receipts for gross proceeds of approximately C$3.4 million.

“The second quarter was highlighted by several key milestones for Canopy Rivers, including the closing of our private placement financing, our go public transaction and listing on the TSX Venture Exchange, our first European investment, and several new developments from our existing portfolio companies,” said Bruce Linton, Chairman and CEO of Canopy Rivers. “With increasingly progressive global sentiment towards cannabis, a rapidly evolving regulatory landscape, and the increased volatility we have observed in the capital markets since legalization, the conditions are there for significant potential gains.  With our strong balance sheet, we believe Canopy Rivers is poised to make highly accretive investments in this robust sector.”

The companies that Canopy Rivers has invested in include:

  • PharmHouse Inc. – a North American greenhouse produce conglomerate with specialized agricultural, production, contract manufacturing, branding, distribution, and logistics experience. PharmHouse will operate out of 1.3 million square feet of newly constructed modern greenhouse infrastructure in Leamington, Ontario with the intent of becoming a licensed producer of high-quality greenhouse grown cannabis.
  • TerrAscend Corp.  (CSE:TER)  – a biopharmaceutical and wellness company providing quality products, brands and services for the global cannabinoid market. TerrAscend has secured supply agreements with the provinces of Ontario, British Columbia, Nova Scotia and PEI and launched a premium cannabis brand, Haven Street, for the Canadian adult-use market.
  • Radicle Medical Marijuana Inc. – a licensed cultivator producing premium indoor small-batch cannabis that is hydroponically grown and processed with a craft methodology and proprietary dry, trim and cure processes. Radicle was one of twenty-six licensed cannabis producers selected by the Ontario Cannabis Store in a highly competitive product call for recreational sale online and one of two entities selected despite only having a license to cultivate at the time.
  • Les Serres Vert Cannabis Inc. – a greenhouse property that has been upgraded and retrofitted, and recently received a license amendment from Health Canada increasing the greenhouse production footprint from 40,000 to 525,000 square feet licensed operating space available for cannabis production.
  • Agripharm Corp. – a licensed company under the Cannabis Act, and is a joint venture between Canopy Growth and the owners of globally-recognized cannabis brands Green House Seeds and Organa Brands.
  • James E. Wagner Cultivation Ltd. (JWCA.V) –  a licensed cultivator focusing on producing clean, consistent cannabis.
  • Civilized Worldwide Inc. – an international modern media company and lifestyle brand focused on elevating cannabis culture.
  • Spot Therapeutics Inc. – a large-scale indoor production and distribution facility located in Fredericton, New Brunswick.
  • LiveWell Canada Inc. (LVWL.V) – a Canadian hemp and cannabis company focused on advanced research of CBD and other cannabinoids, as well as developing and distributing prescription and consumer health and wellness products.
  • Aldershot Resources Ltd. d.b.a. Solo Growth Corp. – a retail-focused cannabis strategy with store locations branded as “YSS by Solo” led by the principals of Solo Liquor Stores Ltd., a leading Canadian private liquor retailer.



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