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Canopy Rivers Portfolio Company Receives Key Licence Amendment from Health Canada
Canopy Rivers Portfolio Company Receives Key Licence Amendment from Health Canada.
About this update from James E Wagner Cultivation Corp
[{"type":"text","content":"\n\n\n\nCanopy Rivers Portfolio Company Receives Key Licence Amendment from Health Canada\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nCanopy Rivers Portfolio Company Receives Key Licence Amendment from Health Canada\nPR Newswire\nTORONTO, July 8, 2019\n\n\n\nJAMES E. WAGNER CULTIVATION CORPORATION HAS BEEN APPROVED FOR THE SALE OF CANNABIS OILS\n TORONTO, July 8, 2019 /PRNewswire/ - Canopy Rivers Inc. (\"Canopy Rivers\" or the \"Company\") (TSXV: RIV) (OTC: CNPOF) is pleased to share that its portfolio company, James E. Wagner Cultivation Corporation (\"JWC\") (TSXV: JWCA) (OTCQX: JWCAF), has received approval of a licence amendment from Health Canada. This licence amendment allows for the sale of formulated cannabis oil from JWC's pilot facility in Kitchener, Ontario. In anticipation of this news, JWC is prepared to commence the sale of formulated cannabis oil to JWC's medical cannabis patients on July 9, 2019.  \n\n\n\"We believe that JWC's multigenerational cannabis experience, its proprietary production methodologies, and a diversified product offering, make JWC a unique asset within the Canopy Rivers portfolio,\" said Narbe Alexandrian, President and CEO of Canopy Rivers. \"With its Health Canada approval for the sale of formulated oil products, JWC is well positioned to capitalize on the production and sale of higher margin cannabis oils. With a full processing sales license, JWC will have the ability to create precursor products that could lead to the production of edible cannabis, cannabis extracts, and cannabis topicals when the regulations take effect later this year.\"  \nCanopy Rivers currently holds approximately 14% of the issued and outstanding common shares in the capital of JWC on a fully-diluted basis. Additionally, Canopy Rivers receives a long-term royalty cash flow stream from JWC with a minimum annual payment of approximately $487,500. The royalty has a term of 20 years. For more information regarding Canopy Rivers' investment in JWC, please refer to the joint management information circular of Can...