Canopy Rivers Inc. announced that PharmHouse Inc., its 49%-owned joint venture in Leamington, Ontario, amended its syndicated credit facility ("Credit Facility") with the Bank of Montreal ("BMO"), as the agent and lead lender, and the Canadian Imperial Bank of Commerce and Concentra Bank (together with BMO, the "Lenders"). The amended terms of the Credit Facility (the "Amendment") provides PharmHouse with an additional $10 million of secured debt financing, representing an increase to the Credit Facility that was initially announced in January 2019.

"This incremental debt financing, which comes at a time of significant constraint in capital markets generally, is a testament to the momentum that our joint venture has been building for the past two years," said Eddie Lucarelli, Chief Financial Officer, Canopy Rivers. "We believe that it signifies the growing confidence that leading financial institutions have in the quality of the cultivation platform that has been built, the expertise of our partners, and PharmHouse's long-term role in the global cannabis sector."

Pursuant to the Amendment and as part of the increase to the Credit Facility, the date that required principal repayments under the Credit Facility are to begin was pushed out one year to March 31, 2021. Additional amendments include an increase to interest rate spreads of 25 basis points and an increase to the Company's limited guarantee by $10 million, commensurate with the increase to the Credit Facility.