$RIV $RIV.V $CNPOF Portfolio Company Agripharm Awarded Outdoor Cultivation Licence

TORONTO, May 21, 2019 – Canopy Rivers Inc. (“Canopy Rivers” or the “Company”) (TSXV: RIV) (OTC: CNPOF) is pleased to share that its portfolio company, Agripharm Corp. (“Agripharm“), has received its outdoor cultivation license from Health Canada. Agripharm will be growing its first outdoor crop this summer at its Creemore, Ontario location using award-winning genetics.

“We are pleased to see Agripharm diversify its operations and increase its growing capacity with the grant of this outdoor cultivation licence,” said Oliver Dufourmantelle, Chief Operating Officer of Canopy Rivers. “Agripharm’s outdoor production is ahead of the curve with support from Green House Brands, which provides decades of experience in choosing, and successfully growing, the best genetics for open-air crops.”

Founded in 2013, Agripharm is home to both the first cannabis production facility built from the ground up and the first supercritical CO₂ extraction lab in Canada. Agripharm is located in Creemore, Ontario, and operates out of an indoor facility that has been licensed for cannabis production since 2014. Agripharm is co-owned by SLANG Worldwide Inc. (“SLANG Worldwide“) (CNSX: SLNG), Canopy Growth Corporation (TSX: WEED, NYSE: CGC) and Green House Holdings North America Inc. and received a strategic investment from Canopy Rivers. Agripharm has the exclusive Canadian rights to the intellectual property, strains and brands of Green House Seed Co., the preeminent global provider of cannabis genetics, and its sister brand Strain Hunters. Agripharm is also the Canadian distributor of SLANG Worldwide’s portfolio of leading U.S. consumer cannabis brands including, O.penVAPE, Bakked, District Edibles, and Magic Buzz.

“With access to strains optimized for outdoor production from the world’s leading genetics portfolio, Agripharm is well-positioned to significantly increase its production capacity for extraction,” continued Dufourmantelle. “Agripharm has robust internal extraction capabilities primed to bring SLANG Worldwide’s most popular U.S. consumer brands to the Canadian cannabis market.”

As a strategic partner of Agripharm, Canopy Rivers provided the capital to finance the build-out of Agripharm’s growing facilities in exchange for a long-term royalty interest subject to annual cash flow minimums. Canopy Rivers made its strategic investment in Agripharm in 2017, recognizing the strength of its extraction capabilities and its unique partnerships with Green House Seed Co. and SLANG Worldwide. For more information regarding the Company’s investment in Agripharm, please refer to the joint management information circular of Canopy Rivers Corporation and the Company dated August 8, 2018, filed with Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com.

About Canopy Rivers:

Canopy Rivers is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers works collaboratively with Canopy Growth Corporation (TSX: WEED, NYSE: CGC) to identify strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem.

Forward-Looking Statements

This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Canopy Rivers with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding: Agripharm’s plan to grow its first outdoor crop; the impact of the outdoor cultivation license on Agripharm’s operations and growing capacity; Agripharm’s production capacity; Agripharm’s extraction capabilities, partnerships and licensed genetics and brands; Agripharm’s ability to bring SLANG Worldwide’s popular U.S. consumer brands to Canada; and other expectations regarding economic, business, and/or competitive factors.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Canopy Rivers believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Canopy Rivers. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: regulatory and licensing risks; Agripharm’s ability to grow its first outdoor crop; the actual impact of the outdoor cultivation license on Agripharm’s operations and growing capacity; Agripharm’s ability to increase its production capacity for extraction and collaborate with its partners; the success of Agripharm’s licensed genetics and brands; changes in general economic, business and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation; public opinion and perception of the cannabis industry; and the risk factors set out in Canopy Rivers’ final short form prospectus dated February 21, 2019, filed with Canadian securities regulators and available on Canopy Rivers’ profile on SEDAR at www.sedar.com.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Canopy Rivers has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Canopy Rivers does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.