NetworkNewsBreaks – Canopy Rivers Inc.’s (TSX:
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Posted On: 04/16/2020 4:17:34 PM
NetworkNewsBreaks – Canopy Rivers Inc.’s (TSX: RIV) (OTC: CNPOF) PharmHouse Increases Bank Debt Facility by $10M, Signifying Confidence in the Joint Venture
Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, today announced that its 49%-owned joint venture in Leamington, Ontario, PharmHouse Inc., amended its syndicated credit facility (“Credit Facility”) with the Bank of Montreal (“BMO”), as the agent and lead lender, and the Canadian Imperial Bank of Commerce and Concentra Bank (together with BMO, the “Lenders”). According to the update, the amended terms provide PharmHouse with an additional $10 million of secured debt financing, representing an increase to the Credit Facility that was initially announced in January 2019. “This incremental debt financing, which comes at a time of significant constraint in capital markets generally, is a testament to the momentum that our joint venture has been building for the past two years,” Canopy Rivers Chief Financial Officer Eddie Lucarelli stated in the news release. “We believe that it signifies the growing confidence that leading financial institutions have in the quality of the cultivation platform that has been built, the expertise of our partners, and PharmHouse’s long-term role in the global cannabis sector.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, today announced that its 49%-owned joint venture in Leamington, Ontario, PharmHouse Inc., amended its syndicated credit facility (“Credit Facility”) with the Bank of Montreal (“BMO”), as the agent and lead lender, and the Canadian Imperial Bank of Commerce and Concentra Bank (together with BMO, the “Lenders”). According to the update, the amended terms provide PharmHouse with an additional $10 million of secured debt financing, representing an increase to the Credit Facility that was initially announced in January 2019. “This incremental debt financing, which comes at a time of significant constraint in capital markets generally, is a testament to the momentum that our joint venture has been building for the past two years,” Canopy Rivers Chief Financial Officer Eddie Lucarelli stated in the news release. “We believe that it signifies the growing confidence that leading financial institutions have in the quality of the cultivation platform that has been built, the expertise of our partners, and PharmHouse’s long-term role in the global cannabis sector.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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