Bruce Linton to Continue as Chairman of the Board
TORONTO, May 22, 2019 /PRNewswire/ - Canopy Rivers Inc. (the "Company" or "Canopy Rivers") (TSXV: RIV) today announced the promotion of former OMERS venture capitalist and Canopy Rivers President, Mr. Narbé Alexandrian, to Chief Executive Officer of the Company, effective immediately. Bruce Linton has transitioned from his role as acting CEO and will continue to provide oversight, deal flow, strategic insight, and opportunities for collaboration and further strategic alignment with Canopy Growth in conjunction with his ongoing role as Chairman of the Canopy Rivers Board of Directors.
"I am extremely proud of what Canopy Rivers has accomplished since the Company's inception and Canopy Growth's initial seed investment. We first invested in Canopy Rivers on the thesis that our equity and strategic support relationship would provide Canopy Growth with exposure to a diversified portfolio of cannabis investments in specialized and innovative businesses throughout the global cannabis industry. Today, Canopy Rivers has a diversified and integrated portfolio of 17 domestic and international investments that includes exposure to the majority of the industry value chain. These businesses collaborate and draw insight from each other and Canopy Growth such that the entire Canopy ecosystem of companies can navigate the industry more efficiently and cost effectively," said Bruce Linton, Co-CEO of Canopy Growth and Chairman of Canopy Rivers. "We have aspired to build the Canopy Rivers team using the same approach we use to build our portfolio - by identifying specialists with diversified but complementary skillsets and having them leverage their individual areas of expertise to create value for our portfolio partners and shareholders," continued Linton. "After working directly with Narbe and seeing him excel in several internal roles since we recruited him from OMERS, the Board of Directors and I believe that he is the ideal candidate to lead the Company going forward to continue to build value for all Canopy Rivers shareholders."
"I would like to thank Bruce, the Board of Directors, and the entire team at Canopy Rivers for the privilege and opportunity to build upon the impressive portfolio and platform that has been developed to date," said Narbé Alexandrian, President and CEO of Canopy Rivers. "With the global cannabis economy continuing to evolve and expand at a lightspeed pace, I am both humbled and thrilled to have been chosen to lead the Company at this incredibly important juncture," continued Alexandrian. "Canopy Rivers is committed to being the world's preeminent cannabis-focused investment and strategic support platform by providing diverse, thesis-driven exposure to the cutting edge of the cannabis value chain, working collaboratively and transparently with our investors and portfolio companies, and generating superior long-term investment returns for our shareholders. I have every confidence we can realize each of these goals, and we welcome the challenge."
Prior to joining Canopy Rivers, Narbe was a venture capitalist at OMERS Ventures, where he sourced and lead private debt and equity investments, raised more than $500 million of new investment capital, and acted as a board observer for several of the firm's portfolio companies. Prior to OMERS Ventures, Narbe was at TELUS' Internet of Things Group, where he helped develop and launch operational and go-to-market strategies in collaboration with the TELUS executive leadership team. Narbe has also held roles at Firmex Inc. in corporate development and Deloitte LLP in both Financial Advisory and Consulting.
With a tier one management and advisory team of specialists and thought leaders, a cornerstone investment and strategic support relationship with global industry leader Canopy Growth, and a thriving ecosystem of portfolio companies, Canopy Rivers is well-situated to capitalize on the expansive universe of opportunities in the global cannabis industry. Canopy Rivers currently has 17 domestic and international portfolio companies that span almost the entirety of the cannabis value chain, including significant, legally compliant exposure to the rapidly expanding and attractive U.S. market.
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 works collaboratively with Canopy Growth (TSX: WEED,NYSE: CGC) to identify 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 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.
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 ability of the Canopy ecosystem of companies to navigate the industry efficiently and cost effectively; the creation of value for the Company's portfolio partners and shareholders; the evolution of the global cannabis economy; the ability to become the world's preeminent cannabis-focused investment and strategic support platform; the ability to generate shareholder returns; the Company's ability to capitalize on opportunities in the cannabis industry; the rapid expansion and attractiveness of the U.S. cannabis market and other expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical facts 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; conflicts of interest; 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' final short form prospectus dated February 21, 2019, filed with 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 which 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Rivers Inc.