TORONTO, Sept. 14, 2020 /PRNewswire/ – Canopy Rivers Inc. (“Canopy Rivers” or the “Company“) announced that it has received a statement of claim (the “Claim“) filed by 2615975 Ontario Inc., the Company’s joint venture partner in PharmHouse Inc. (“PharmHouse“), concerning certain disputes relating to PharmHouse. The Claim makes a number of allegations against the Company, Canopy Growth Corporation (“Canopy Growth“), and TerrAscend Corp. and TerrAscend Canada Inc. (together, “TerrAscend“), including claims relating to bad faith, fraud, civil conspiracy, breach of the duty of honesty and good faith in contractual relations and breach of fiduciary duty, and claims relating to PharmHouse’s offtake agreements with Canopy Growth and TerrAscend.
Canopy Rivers considers the Claim as it relates to the actions of Canopy Rivers to be completely without merit, and intends to vigorously defend its position at the appropriate time and in the appropriate forum.
As previously announced, Canopy Rivers has formed a special committee of independent directors (the “Special Committee“) to oversee and provide guidance relating to the Company’s investment in PharmHouse as well as to consider strategic alternatives for the Company regarding its investment in PharmHouse. The Special Committee continues to consider, with the assistance of its financial and other advisors, these strategic alternatives and is aware of, and directing the Company’s defence against, the Claim.
About Canopy Rivers
Canopy Rivers is a venture capital firm specializing in cannabis with a portfolio of 18 companies across various segments of the cannabis value chain. We believe that bringing together people, capital, and ideas raises the potential of the entire cannabis industry.
By leveraging our industry insights, in-house expertise, and thesis-driven approach to investing, we aim to provide shareholders with exposure to specialized and disruptive cannabis companies. Our mission is to invest in innovators across the cannabis value chain, help them grow, and ultimately create value by guiding these companies towards a monetization event. Together with our portfolio, we are helping build the cannabis industry of tomorrow, today.
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