PharmHouse Begins Sale and Investor Solicitation Process

TORONTO, Oct. 29, 2020 /PRNewswire/ - PharmHouse Inc. ("PharmHouse"), Canopy Rivers Inc.'s ("Canopy Rivers") (TSX: RIV) (OTC: CNPOF) 49%-owned joint venture, has received approval from the Ontario Superior Court of Justice to commence its Sale and Investor Solicitation Process ("SISP"). The SISP is intended to solicit interest in, and opportunities for, a sale of, or investment in, all or part of PharmHouse's assets or business. This may include a restructuring, recapitalization, or other form of reorganization of PharmHouse's business and affairs.

PharmHouse has engaged BMO Capital Markets ("BMO") to lead the SISP with oversight from Ernst and Young Inc. ("E&Y"), the monitor in PharmHouse's Companies' Creditors Arrangement Act ("CCAA") proceedings.

The phase 1 deadline for offers under the SISP will be on or about November 30, 2020. Interested parties should contact BMO using the contact information below. Further information on the SISP and bidding, as well as all documents relating to PharmHouse's CCAA proceedings, can be found at http://www.ey.com/ca/pharmhouse.

SISP Advisor Contact Information
Ian Kilimnick
ian.kilimnik@bmo.com

Greg Meligrigoris
gregory.meligrigoris@bmo.com

BMO Capital Markets
100 King St. W, 4th Floor
Toronto, ON  M5X 1H3

About Canopy Rivers
Canopy Rivers is a venture capital firm specializing in cannabis with a portfolio of 18 companies across various segments of the cannabis value chain. We believe that bringing together people, capital, and ideas raises the potential of the entire cannabis industry. By leveraging our industry insights, in-house expertise, and thesis-driven approach to investing, we aim to provide shareholders with exposure to specialized and disruptive cannabis companies. Our mission is to invest in innovators across the cannabis value chain, help them grow, and ultimately create value by guiding these companies towards a monetization event. Together with our portfolio, we are helping build the cannabis industry of tomorrow, today.

Forward Looking Statements
This news release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Canopy Rivers with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding the timing and potential outcomes of the SISP.

Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Canopy Rivers believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Canopy Rivers. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: regulatory and licensing risks; changes in cannabis industry growth and trends; changes in general economic, business and political conditions, including challenging global financial conditions and the impact of the novel coronavirus pandemic; potential conflicts of interest; the regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; risks associated with the termination, renegotiation and enforcement of material contracts; credit, liquidity and additional financing risks; changes in applicable laws; compliance with extensive government regulation, including Canopy Rivers' interpretation of such regulation; public opinion and perception of the cannabis industry; divestiture risks; competition risks; and the risk factors set out in Canopy Rivers' annual information form dated June 2, 2020, filed with the Canadian securities regulators and available on Canopy Rivers' profile on SEDAR at www.sedar.com.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Canopy Rivers has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Canopy Rivers does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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SOURCE Canopy Rivers Inc.