CAN (ON): Cannabis operator awarded Health Canada oil license

Canopy Rivers portfolio company Radicle Medical Marijuana has received approval for oil sales from Health Canada. This additional licence allows for the development and sale of new cannabis products, including cannabis oil and concentrates. 

"Consumer behaviours are evolving, and we believe many of today's cannabis consumers are open to trying alternatives to dried flower products," said Narbé Alexandrian, President & CEO, Canopy Rivers. "With its Health Canada approval for the sale of formulated oil products, Radicle is well positioned to capitalize on this demand while maintaining its commitment to the production of premium, small-batch craft cannabis."

Canopy Rivers has invested $10 million in Radicle. Canopy Rivers currently owns 24% of Radicle on a fully diluted basis and also receives a long-term royalty cash flow stream from Radicle with a minimum annual payment of $900,000 over a 20-year term. More information on Canopy Rivers' investment in Radicle can be found in Canopy Rivers' management's discussion and analysis of financial results, dated August 26, 2019.

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

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