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About the European Cannabis Market
Europe represents one of the largest potential cannabis markets globally. The Europe cannabis market is currently valued at US$3.5 billion and expected to reach US$37 billion by 2027 with an anticipated CAGR of 29.6% from 2020 to 2027 (ResearchAndMarkets.com, 2020). European countries are experiencing a transformation in the regulations for marketing cannabis and related products, facilitating easier cultivation, processing, and trade of the cannabis-derived products across this region.
Terms of the Transaction
The Canapar Shares were acquired for C$7,000,000 pursuant to the terms of a share purchase agreement (the Agreement ) and represent approximately 49% of the issued and outstanding shares of Canapar on a non-diluted basis. Canopy Rivers is also entitled to additional contingent consideration of C$2,000,000 payable in cash or issuable in common shares of RAMM, at the sole discretion of RAMM, on the achievement of certain production mileston
Canopy Rivers or the
Company ) (TSX: RIV) (OTC: CNPOF), through its wholly-owned subsidiary, Canopy Rivers Corporation, has entered into a definitive share purchase agreement (the
Share Purchase Agreement ), effective as of December 30, 2020, with RAMM Pharma Corp. (
RAMM ) (CSE: RAMM), pursuant to which the Company has sold its 49% common equity interest in Canapar Corp. (
Canapar ) to RAMM for consideration of up to $9.0 million (the
Transaction ).
Under the terms of the Share Purchase Agreement, on closing, RAMM delivered a cash payment of $7.0 million to Canopy Rivers to purchase the Company s 29,833,333 common shares in Canapar. The Transaction also includes contingent consideration of $2.0 million, to be paid upon achievement of certain operational milestones. The contingent portion of the consideration will be satisfied, at RAMM s sole discretion, in either cash or through the issuance of common shares in RAMM to the Company.
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