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Canopy Rivers Enters into $40 Million Funding Agreement with PharmHouse Inc.

Published: 11/22/2018

Team: Jonathan Sherman, Charles (Chuck) Rich

On November 22, 2018, Canopy Rivers Inc. entered into an incremental funding agreement with its joint venture partner PharmHouse Inc. Under the terms of the agreement, Canopy Rivers will provide up to $40 million of secured debt financing with a three-year term and an annual interest rate of 12%. 

In connection with the loan, Canopy Rivers and its joint venture partner, 2615975 Ontario Limited, have agreed to extend the scope of the existing global non-competition agreement to include additional rights in favour of Canopy Rivers in the event the joint venture partner commences operations in the U.S. cannabis market. 

Cassels Brock acted for Canopy Rivers with a deal team that included Jonathan Sherman (Business and Cannabis) and Chuck Rich and Hilary Fender (Financial Services and Cannabis).