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Canopy Rivers Invests Additional US $10 Million in TerrAscend

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Canopy Rivers Inc., a venture capital firm specializing in cannabis, has completed a US $10 million investment in TerrAscend Canada Inc., a subsidiary of its portfolio company TerrAscend Corp.. The investment includes the purchase of 13,243 units, with each unit consisting of: (i) one unsecured convertible debenture of TerrAscend Canada with a principal amount of CA $1,000 (the "Debentures"), and (ii) 25.2 common share purchase warrants of TerrAscend exercisable until October 2, 2024 (the "Warrants").

TerrAscend is the first and only cannabis company with sales in Canada, the U.S., and Europe. TerrAscend's international cannabis portfolio includes a robust research and development platform, domestic and international cultivation, processing, and distribution facilities, and a portfolio of medical and adult-use branded cannabis products, and is one of a select group of industry operators to have been recognized with a European Good Manufacturing Practices ("EU GMP") certification. TerrAscend is also an active participant in the Canopy Rivers ecosystem, with significant agreements in place with Canopy Rivers portfolio companies PharmHouse Inc. and James E. Wagner Cultivation Corporation.

"We think TerrAscend is uniquely positioned to meet the evolving consumer demands in the three largest cannabis markets worldwide," said Narbe Alexandrian, President & CEO of Canopy Rivers. "We strongly believe in TerrAscend's ability to execute on its global strategy, market a diversified brand portfolio, and build on its recent acquisitions, and this additional investment is an affirmation of that belief."

"We are privileged to have the continued confidence and support of Canopy Rivers, one of the preeminent investment firms specializing in cannabis," said Michael Nashat, CEO of TerrAscend. "This growth capital enables us to accelerate our organic and acquisition-driven investments in our key markets across the globe, as we execute our strategic vision of being a truly global cannabinoid company."

Canopy Rivers, along with Canopy Growth Corporation, first invested in TerrAscend in November 2017. In October 2018, both parties restructured their investment in TerrAscend. This restructuring enabled TerrAscend to pursue strategic international transactions in the cannabis space while ensuring all parties remained compliant with industry and securities regulations.

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