Canopy Rivers portfolio companies receive approvals, sign agreement

Canopy Rivers portfolio company Radicle Medical Marijuana has received approval from Health Canada for its production facility expansion project. This approval effectively doubles Radicle's production footprint, significantly increasing its capacity to 6,000 kilograms per year, they say. 

"First licensed for cultivation in early 2018, Radicle's indoor facility located in Hamilton, Ontario is focused on small-batch cultivation of unique genetic strains for its premium cannabis brand, Gage. With this Health Canada approval, Radicle will have 40,000 sq. ft. dedicated to indoor hydroponic cultivation. Radicle was one of the original twenty-six licensed cannabis producers selected in a highly competitive product call by the Ontario Cannabis Store for adult-use sale online and in retail stores, and one of two entities selected despite only having a licence to cultivate at the time," the team with the company explains. 

Additionally, Canopy Rivers portfolio company TerrAscend Corp has signed a definitive agreement to acquire Ilera Healthcare, a vertically-integrated cannabis cultivator, processor, and dispensary operator in Pennsylvania. "Ilera's state-of-the-art, fully integrated seed-to-sale operations adds to TerrAscend's growing global footprint, currently spanning multiple U.S. states, Canada and the European Union," they explain. 

They further explain that "Ilera is one of only five operators in the state of Pennsylvania to have been awarded a "super licence" to grow, process and sell cannabis. Through its state-of-the-art facility in Waterfall, Pennsylvania, Ilera has a genetic library of more than 170 cannabis strains, a modern greenhouse designed for optimal plant growth and minimal environmental impact, clean CO2 and ethanol extraction capabilities, and cutting-edge packaging technology. In addition to selling its products in its own dispensary, Ilera distributes its dried flower, concentrates, tinctures, and topicals to 50 of Pennsylvania's 52 medical cannabis dispensaries. With this acquisition, TerrAscend plans on launching its own suite of brands in the Pennsylvania market, including its California-based Valhalla Confections and State Flower brands as well as its premium Canadian cannabis brand, Haven St."

On top of that, Canopy Rivers portfolio company, YSS Corp. has received its 12th cannabis retail licence from the Alberta Gaming, Liquor and Cannabis Commission (AGLC). "Operating under the YSS brand name, the newly licensed store is strategically located in a high-traffic suburban area in northwest Edmonton. YSS has six operational stores located in Calgary and Red Deer, with an additional two licensed locations expected to open in Vermilion and Vegreville within the next week," they point out. 

For more information:
Canopy Rivers
40 King Street West
Suite 2504
Toronto, ON, M5H 3Y2

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