Advisory board role marks star-backed venture firm's first exposure to Canadian cannabis sector
TORONTO, Nov. 26, 2019 /PRNewswire/ - Canopy Rivers Inc. ("Canopy Rivers") (TSX: RIV, OTC: CNPOF), a venture capital firm specializing in cannabis, has further bolstered its Strategic Advisory Board ("Advisory Board"), adding Thirty Five Ventures, the business owned by NBA star Kevin Durant and sports business executive Rich Kleiman.
Thirty Five Ventures will collaborate with Canopy Rivers as it continues to strengthen its global portfolio of leading cannabis companies and pursue its global growth strategy. Canopy Rivers will also look to co-invest with Thirty Five Ventures on cannabis-related deals, leveraging the group's experience in brand development, marketing, and the sports and entertainment industry.
Since its inception, Thirty Five Ventures has invested in a number of exciting tech companies, including Silicon Valley success stories Lime, Ember, Postmates, Coinbase, and Robinhood. Additionally, Thirty Five Ventures' media arm produces The Boardroom, an ESPN+ show leveraging Durant and Kleiman's knowledge of the business of sports.
"We're thrilled to have Thirty Five Ventures join the Canopy Rivers team," said Narbé Alexandrian, President & CEO, Canopy Rivers. "Kevin Durant and Rich Kleiman have built an incredible brand worldwide, investing in and growing some of the cannabis and tech industry's hottest companies. We're excited to combine our venture capital knowledge and cannabis domain expertise, and we believe that this partnership will drive success for our portfolio as we continue to grow it in the years ahead."
"We've recognized that Canopy Rivers has taken a data-backed approach to map out forward-looking opportunities in the industry," said Rich Kleiman, Partner, Thirty Five Ventures. "We are looking forward to joining the Advisory Board, and helping to align with some of the most disruptive founders in the space."
Canopy Rivers launched the Advisory Board in September 2019. In its role as a consultant on the Advisory Board, Thirty Five joins Canadian Council of Innovators' and founder of OMERS Ventures John Ruffolo, Imperial Brands PLC's former co-head of M&A Meg Lovell, former Campbell Canada president Philip Donne, and Breakthru Beverage Canada's regional president Julian Burzynski.
Forward Looking Information
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 services to be provided by Thirty Five Ventures to Canopy Rivers; Canopy Rivers' plans for its portfolio and global growth strategy; the intention that Canopy Rivers and Thirty Five Ventures will co-invest; the impact of the partnership between Canopy Rivers and Thirty Five Ventures; 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 the role of Thirty Five Ventures on the Advisory Board or Canopy Rivers' plans and growth strategy; the actual impact of the partnership between Canopy Rivers and Thirty Five Ventures; the ability of Canopy Rivers and Thirty Five Ventures to collaborate; 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, including Canopy Rivers' interpretation of such regulation; public opinion and perception of the cannabis industry; divestiture risks; and the risk factors set out in Canopy Rivers' annual information form dated July 15, 2019, 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.
About Canopy Rivers
Canopy Rivers is a venture capital firm specializing in cannabis. Its unique investment and operating platform is 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.
About Thirty Five Ventures
Co-founded by two-time NBA champion Kevin Durant and his business partner Rich Kleiman, Thirty Five Ventures incorporates the duo's business entities across sports, tech, media, philanthropy and more. Recent Thirty Five Ventures initiatives include The Boardroom, a multi-platform sports business/culture-focused vertical distributed by ESPN, the basketball-themed scripted series "SWAGGER" with Imagine Entertainment and Apple, an equity partnership with premium audio brand Master & Dynamic, and the Durant Center, a state-of-the-art educational and leadership facility in Durant's hometown in Prince George's County, Maryland.
SOURCE Canopy Rivers Inc.