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"I can't give specifics on a release date, but am permitted to say that it will be in the next dot release (i.e. Lr5.7 or ACR8.7)."
You could use the DPP software that was included with the camera to create TIF copies that you should use in Lightroom. Not the best solution, but a workaround until the next release.
It is on our radar and hoping to add it in an upcoming update.
As soon as it is available, it will be updated in the below article.
JimHess' suggestion of using DPP software to work with .tiff files works if you have NOT upgraded to Apple's OSX 10.10 Yosemite. The DPP software on the 7D Mark II CD and even the downloaded software from Canon's site hasn't work for me. So I'm taking everyone's advice and trying to be patient while it gets sorted out. Working with .jpg files is a huge compromise but I have no choice but to live with it for now.
If you’re working with JPGs, perhaps turn off sharpening and noise-reduction so you have as much of the raw pixels to work with.
Apple updated Camera RAW 6.01 and it's compatible with Aperture / Yosemite and Canon 7D Mark II.
I'm temporarily back in business until Adobe updates ACR for my apps of choice; Lightroom 5 & CS6.
I downloaded Camera RAW 6.01 for Apple's Aperture from this address
Bumping this back up, since it seems to get asked every day or so. ACR 8.7 is out with 7D2 Support.