Herbert Works Awarded Licence to Develop Cannabis-Infused Beverages

TORONTO – Canopy Rivers Inc. (the “Company” or “Canopy Rivers”) (TSX:RIV, OTC: CNPOF), a venture capital firm specializing in cannabis, is pleased to share that its portfolio company Herbert Works Ltd. (“Herbert Works”) has received its research and development (R&D) licence from Health Canada to develop branded cannabis-infused beverages.

“This announcement represents a significant milestone for Herbert Works as the company continues to move quickly toward the development of exceptional and widely appealing THC-infused beverages,” said Narbe Alexandrian, President and CEO of Canopy Rivers. “It’s a timely achievement, as the next wave of cannabis legalization in Canada will unlock these new product offerings in a matter of months. We believe that Herbert Works is in a prime position to capitalize on the growth opportunities that ‘Cannabis 2.0’ presents for consumers that are eager to try cannabis in different formats.”

Herbert Works’ mission is to combine advanced technology with its knowledge and appreciation of the experience-enhancing properties of cannabis to create products specifically designed around consumers’ many lifestyle needs. Canopy Rivers currently holds 23% of the equity of Herbert Works on a fully diluted basis (excluding a control warrant). For more information regarding Canopy Rivers’ investment in Herbert Works, please refer to the Company’s annual information form dated July 15, 2019 (“AIF”) filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com.

About Canopy Rivers

Canopy Rivers is a unique investment and operating platform 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 ecosystem.

Forward-Looking Statements

This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Canopy Rivers with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding: Herbert Works’ ability to develop exceptional, widely appealing THC-infused beverages; the expectation that the next wave of cannabis legalization will unlock new product offerings in a matter of months; management’s belief that Herbert is in a prime position to capitalize on the growth opportunities presented by ‘Cannabis 2.0’; and expectations for other economic, business, and/or competitive factors.

Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Canopy Rivers believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Canopy Rivers. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: regulatory and licensing risks; changes in Herbert Works’ ability to develop THC-infused beverages; Herbert Works’ actual ability to capitalize on growth opportunities; changes in consumer preferences and demands and the product offerings available to consumers; changes in general economic, business and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation; public opinion and perception of the cannabis industry; and the risk factors set out in Canopy Rivers’ AIF, filed with the Canadian securities regulators and available on Canopy Rivers’ profile on SEDAR at www.sedar.com.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Canopy Rivers has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Canopy Rivers does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

SOURCE Canopy Rivers Inc.

For further information:
Karoline Hunter
Sr. Director, Investor Relations & Communications
E-mail: ir@canopyrivers.com