Canopy Rivers or the
Company ) (TSX: RIV) (OTC: CNPOF) today provided an update on its 49%-owned joint venture, PharmHouse Inc. (
PharmHouse ).
On October 29, 2020, PharmHouse received a court order from the Ontario Superior Court of Justice (the
Court ) to initiate a sale and investment solicitation process (
SISP ) to identify 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. Phase one of the SISP concluded on November 30, 2020, and a number of non-binding offers were received. PharmHouse, with the assistance of the monitor and the SISP advisor, have selected a number of parties to bring forward to the next phase of the SISP, and binding offers for phase two of the SISP are due on or about February 16, 2021.