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Canopy Rivers Inc. (TSX:RIV) (OTCPNK: CNPOF) agreed to provide up to $7.2 million in DIP (debtor-in-possession) financing to Ontario-based PharmHouse to support its operations through the restructuring.
Canopy owns a 49% stake in PharmHouse as part of a joint venture.
Ontario Superior Court of Justice provided PharmHouse creditor protection under the Companies' Creditors Arrangement Act (CCAA), Canopy Rivers confirmed Wednesday.
The Toronto–based venture capital firm said that this is an "important step" in defining the most efficient way to "conduct business going forward, and maximizing value for its stakeholders."
Ernst & Young Inc. is set to represent PharmHouse in the CCAA proceedings.
TerrAscend Corp.’s (CSE:TER) (OTC:TRSSF) TerrAscend Canada Inc. supported an investment in PharmHouse's production facility. According to a recent update, PharmHouse didn't generate cash flows from deals with Canopy Growth or TerrAscend Canada.
The restructuring comes on the heels of Canopy Rivers' investing $2 million in Dynaleo Inc., a Canadian cannabis edibles manufacturer.
"In the gummies market specifically, we see a significant supply and demand imbalance and a move towards outsourcing products to leading manufacturers," said Canopy Rivers President and CEO Narbé Alexandrian.
In addition, Alexandrian was recently featured in Benzinga Virtual Cannabis Capital Conference's panel on venture capital investing in the cannabis industry.
Courtesy image
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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