TORONTO, Dec. 3, 2020 (Canada NewsWire via COMTEX) -- Canopy Rivers Inc. ("Canopy Rivers") /zigman2/quotes/214109402/delayed CA:RIV -8.80% /zigman2/quotes/201002551/composite CNPOF -5.86% today provided an update on three portfolio companies.
"Over the past month, our portfolio companies have made several announcements that demonstrate their continued momentum and growth in their respective markets," said Narbe Alexandrian. "We believe that this growth is a testament to the theses behind these investments, and we look forward to seeing their progress continue into 2021."
-- TerrAscend Corp. ("TerrAscend") announced that it received the final permit to dispense cannabis from its first medical dispensary in New Jersey. TerrAscend's Apothecarium location in New Jersey opened to customers on November 24th. This opening follows TerrAscend's third quarter results in which the company reported net sales of $51 million and adjusted EBITDA of $17.8 million. -- YSS Corp. ("YSS") announced its third quarter earnings. YSS reported that revenue increased 24% and gross margin grew by 31% compared to Q2 2020. It noted that its store-level EBITDA of approximately $0.6 million represented a 56% increase over the previous quarter. YSS added that its newest Calgary location is in the final phase of construction, and it is planning to open four additional stores, including two in Ontario. -- Dynaleo Inc. ("Dynaleo") received its sales licence from Health Canada. Dynaleo is now able to distribute gummies from its Edmonton-based manufacturing facility to provincial wholesalers and retailers. Dynaleo previously announced supply agreements with High12 Brands and California-based edibles company Pantry.
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.
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: the progress of portfolio companies continuing in 2021; the plan for YSS to open four additional locations, including two in Ontario; 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; competition risks; changes in cannabis industry growth and trends; changes in the business activities, focus and plans of the Company and its investees; stock market volatility; changes in general economic, business and political conditions, including challenging global financial conditions and the impact of the novel coronavirus pandemic; potential conflicts of interest; the regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; changes in Canopy Rivers' relationship with its investees; counterparty risks, including risks associated with joint venture arrangements; risks associated with the termination, renegotiation and enforcement of material contracts; credit, liquidity and additional financing risks; changes in applicable laws; compliance with extensive government regulation, including Canopy Rivers' interpretation of such regulation; changes in the global sentiment towards, and public opinion of, the cannabis industry; divestiture risks; and the risk factors set out in Canopy Rivers' most recent annual information form and management's discussion and analysis 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.
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SOURCE Canopy Rivers Inc.
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