CannabisNewsBreaks – Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) Announces Corporate Updates, New Strategic Focus

Dec 21, 2020

Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, on Friday provided an update on its 49%-owned joint venture, PharmHouse Inc. Per the update, on Oct. 29, 2020, PharmHouse received a court order from the Ontario Superior Court of Justice to initiate a sale and investment solicitation process (“SISP”) to identify interest in, and opportunities for, a sale of, or investment in, all or part of PharmHouse’s assets or business. This may include a restructuring, recapitalization, or other form of reorganization of PharmHouse’s business and affairs. Phase one of the SISP concluded on Nov. 30, 2020, and a number of non-binding offers were received. PharmHouse, with the assistance of the monitor and the SISP advisor, has selected a number of parties to bring forward to the next phase of the SISP, and binding offers for phase two are due on or about Feb. 16, 2021.

In addition, Canopy Rivers today announced its entry into a definitive agreement with Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) pursuant to which, among other things, Canopy Rivers will transfer three portfolio assets to Canopy Growth in exchange for $115 million in cash and 3,750,000 common shares of Canopy Growth and the cancellation of all 36,468,318 Multiple Voting Shares (“MVS”) and the 15,223,938 Subordinate Voting Shares (“SVS”) of Canopy Rivers held by Canopy Growth (collectively, the “transaction”). On closing, the transaction will result in Canopy Rivers becoming a widely-held company and will unlock substantial value, providing it with significant additional cash resources and allowing it to pursue opportunities in the global cannabis market, including the United States. “This is a transformative transaction for our company that we believe provides substantial value to our shareholders through an enhanced cash position and strategic flexibility, and the collapse of our dual class share structure,” said Narbe Alexandrian, president and CEO of Canopy Rivers. “Following the closing of the transaction, we intend to shift our focus to pursuing other opportunities in the global cannabis market, where we believe that our new strategic focus and substantial balance sheet will allow us to successfully execute our revamped strategic plan.”

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About Canopy Rivers Inc.

Canopy Rivers is a venture capital firm specializing in cannabis with a portfolio of 18 companies across various segments of the cannabis value chain. The company believes that bringing together people, capital and ideas raises the potential of the entire cannabis industry. By leveraging industry insights, in-house expertise and thesis-driven approach to investing, Canopy Rivers aims to provide shareholders exposure to specialized and disruptive cannabis companies. Canopy Rivers’ 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 its portfolio, the company is helping build the cannabis industry of tomorrow, today. For more information, visit www.CanopyRivers.com.

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WNBA offseason begins with search for first commissioner

UNCASVILLE, Connecticut — With Golden State the newly crowned WNBA champion, the league turns its attention to a pivotal offseason. Unlike last year when a new collective bargaining agreement dominated the offseason, the top priority is finding new leadership. Outgoing Commissioner Cathy Engelbert, who has been in the position nearly seven years, announced last month that she was retiring at the end of the calendar with year. A search has begun and the next commissiner will inherit a host of issues, including officiating, the transgender debate scheduling and improving a strained relationship with players. Here's a look at some of the main topics that will be center stage over the next few months before the season tips off again next May with a 50-game schedule: Improving relationship with players The league thrived in many ways during Engelbert's tenure. Under her leadership, the WNBA enjoyed record growth and popularity, and signed a record-breaking broadcasting deal. Players surpassed million-dollar annual salaries. But despite her accomplishments, Engelbert's relationship with players cordial at best, confrontational at other times. Breanna Stewart may have summed it up best when said that players “respect” Engelbert. Building a stronger relationship with players will likely be one of the first things on the new commissioner's to-do list. Officiating improvements Complaints about officiating felt like it reached a crescendo this season. The WNBA is taking various steps to address the situation. The league is opening a the new officiating replay center. The WNBA, along with the NBA, completed a multi-million dollar renovation in New Jersey to the official replay center. It will be fully operational next season. The WNBA is working to upgrade techonology and video infrastructure at arenas to help the process. There were improvements this year after a rough start to the season where teams struggled to adjust to the emphasis on players' freedom of movement. The league put together a task force, which Minnesota coach Cheryl Reeve is on, in the offseason to help clean up some of the physicality in the game. The main point of emphasis was to help players’ freedom of movement. Despite some hiccups early on, it has led to more offense as teams are averaging around 86 points a game — the highest ever. Scheduling challenges WNBA teams will play a record 50 games next season. It helps that there's no break for either the women's FIBA World Cup or the Olympics. Still the playoffs could once again go into the start of the NBA season. Nearly every team will be playing in an NBA arena next season with a few exceptions. To avoid a repeat of this year where Game 6 of the WNBA Finals was played at 12:30 p.m. EDT because of arena availability, the teams need to lock in potential playoff dates way ahead of time. Transgender debate The WNBA has criticized those trying to create a narrative about transgender women playing in the league. “There are no immediate eligibility matters affecting the WNBA, and we strongly denounce the bad-faith efforts to use these topics to demean or marginalize others,” a league spokesperson said in August after an anti-hate task force met virtually and discussed a variety of topics, including social media vitriol and transgender athletes. The league’s collective bargaining agreement states that “only players who are women are eligible to play in the WNBA,” but it does not include any more specific language about gender identity or sex assigned at birth. Two former NBA players, Enes Kanter Freedom and Royce White, declared themselves eligible for the WNBA draft, saying they identify as women. The league has said they aren't eligible. Welcome back Houston Comets The Connecticut Sun will relocate to Houston as the Comets will return after folding in 2008. The Sun were bought by the Houston Rockets ownership group led by Tilman Fertitta for $300 million. The Comets will begin play next season and are tied with Toronto for the best chance to win the WNBA draft lottery that will be held on Nov. 15. While the Sun relocated to Houston, there will be no expansion teams entering the league next year. Cleveland will enter in 2028, Detroit in 2029 and Philadelphia in 2030.