Canopy Rivers Floats $63M Write-Down Amid Restructuring

Law360 (September 16, 2020, 11:05 PM EDT) -- Cannabis giant Canopy Growth's venture capital arm on Wednesday said it expects to write down up to 82.8 million Canadian dollars ($62.9 million) in investments as a partially owned joint venture entered restructuring and creditor protection in Canada.

Canopy Rivers Inc. said it will provide a CA$7.2 million debtor-in-possession loan to cannabis cultivator PharmHouse as it undergoes insolvency proceedings through Canada's Companies' Creditors Arrangement Act, which automatically pauses recent litigation over the company's financial woes.

Canopy Rivers expects a full writedown on its CA$32.6 million equity investment in PharmHouse, along with a possible hit on CA$50.2 million in shareholder loans it...

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