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RIV Capital Inc. (CNPOF) is an acquisition and investment firm focused on building a leading multistate platform with a strong portfolio of cannabis brands in key U.S. markets. With in-house expertise, RIV Capital aims to grow its brands and partner with established operators, such as Etain, to expand market share and introduce new brands.
The company recently announced the opening of Etain's first co-located adult-use and medical dispensary in White Plains, NY. The acquisition of Etain and its strategic relationship with The Hawthorne Collective positions RIV Capital to capitalize on the growing U.S. cannabis market.
RIV Capital reported record quarterly revenue of $4.9 million for Q3 2024, a 186% year-over-year increase. The company operates three co-located adult-use and medical retail dispensaries, plus one medical-only location. Despite revenue growth, the company recorded a net loss of $63.4 million, primarily due to a $67.4 million non-cash pre-tax impairment charge on intangible assets. The company ended the quarter with $50.7 million in cash and expects to close its Business Combination with Cansortium in the coming weeks. Wholesale revenue reached $1.6 million from sales of cannabis products in New York, with a growing pipeline of approximately 60 retailers.
RIV Capital reported significant operational progress ahead of its business combination with Cansortium. Based on preliminary estimates, year-to-date net revenue doubled compared to the previous year, with strong growth in Q3 2024. The company expanded its wholesale business to over 50 customers and operationalized two additional co-located adult-use retail dispensaries in Kingston and Manhattan. RIV Capital executed a distribution partnership with Nabis to support wholesale division expansion and received approval from the New York Control Board for the Business Combination. The company also reported faster-than-anticipated pre-closing cost savings and synergies.
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) has announced a distribution partnership agreement with Nabis, a leading wholesale platform in the cannabis industry. This strategic partnership aims to boost market penetration and streamline operations for RIV Capital in New York's growing cannabis market.
Key points of the agreement include:
- Nabis will facilitate distribution of RIV Capital's branded products to licensed retailers across New York state
- The partnership leverages Nabis's experience in servicing over 300 brands nationwide
- RIV Capital is expected to expand its wholesale network and enhance its product portfolio
The New York cannabis market has shown significant growth, with Q3 2024 total adult-use sales reaching $250 million, representing a 54% sequential growth and a 357% year-over-year increase. The partnership coincides with RIV Capital's recent introduction of MOODS Cannabis products in New York.
RIV Capital and Cansortium have received New York State Cannabis Control Board approval for their previously announced business combination. The transaction is expected to close in the fourth quarter of 2024, subject to satisfaction of other closing conditions. The integration process is already underway, positioning the combined entity to be more competitive and better equipped to serve New York's rapidly expanding cannabis demand.
Key points:
- RIV Capital has seen significant momentum at its three co-located adult-use locations and rapid expansion of its statewide wholesale business.
- The combined business will operate under the Cansortium name.
- Cansortium common shares will continue trading on the CSE (TIUM.U) and OTCQB (CNTMF).
- The merger aims to leverage Fluent's medical program expertise to support and potentially expand medical locations in New York.
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) has announced the commencement of adult-use cannabis sales at Etain's Kingston dispensary in New York. This follows the recent launch of adult-use sales at Etain's Manhattan location and the introduction of the MOODS branded cannabis product line. The Kingston dispensary, located at 445 NY-28, features a renovated space with a flower bud bar, electronic displays, and a wide range of products.
RIV Capital plans to continue integrating Fluent's brands and products into the New York market as part of its ongoing integration with Cansortium Inc. The company expects to close the business combination in Q4 2024. A grand opening celebration for the Kingston location is scheduled for October 18th, 2024, featuring a ribbon-cutting ceremony and in-store promotions. The dispensary will maintain priority access for medical cannabis patients, including a dedicated check-out line and access to an on-site pharmacist.
RIV Capital and Cansortium have successfully launched the MOODS cannabis brand in New York. The brand is now available at Etain dispensaries and in the wholesale market. MOODS offers four core strains and various consumption formats, including Mini All-in-One devices, 0.5g Dash All-in-One devices, and 1g Cartridges.
The launch has been met with great success, with MOODS becoming the top-selling vape brand in RIV Capital's New York retail stores during September. This success has contributed to record-breaking monthly vape sales for the company. The products are formulated using genetics grown at RIV Capital's Upstate New York facility.
To celebrate the launch, RIV Capital and Cansortium will participate in the upcoming Revelry Cannabis Festival in NYC on October 4-5, 2024. This event will showcase the new MOODS product line and celebrate its entry into the New York market.
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) has announced a leadership change. Mike Totzke, Interim CEO and COO, has resigned effective October 1st, 2024. The Board has appointed David E Vautrin, current Chief Retail Officer, as Interim CEO. Totzke led RIV Capital for two and a half years, overseeing expansion of cultivation and manufacturing operations, conversion to adult-use market, and opening of three adult-use retail stores.
Vautrin, who joined RIV Capital in June 2024, brings seven years of cannabis industry experience. Under his leadership, the company has seen rapid revenue growth and expanded its wholesale business. The change comes as RIV Capital prepares for a pending merger with Cansortium.
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) has announced that Etain has launched adult-use cannabis sales at its Manhattan dispensary. The store, located at 242 E 58th Street in midtown Manhattan, will host a grand opening event on October 16th, 2024. This marks Etain's second co-located dispensary open for adult-use sales in New York.
The newly upgraded store features electronic menu boards and tablets, offering a wide selection of cannabis products, including the MOODS brand from their upstate New York facility. RIV Capital plans to introduce additional brands and products to the New York market as part of its integration with Cansortium Inc., with the business combination expected to close in Q4 2024.
The dispensary will maintain priority access for medical cannabis patients, including a dedicated check-out line and exclusive access to an on-site pharmacist.
RIV Capital (CSE: RIV) (OTC: CNPOF) reported Q2 2024 financial results, with quarterly revenue of $3.8 million, up 112% year-over-year and 77% quarter-over-quarter. The company is on track to complete a business combination with Cansortium later this year, leveraging its $57.7 million cash balance to support growth across a multi-state footprint.
Key highlights include:
- Net revenue increased to $3.8 million, primarily due to adult-use retail operations in New York
- Gross profit was $(1.6) million, compared to $0.4 million in Q2 2023
- Net loss of $8.3 million, with a basic and diluted net loss per share of $0.06
- SG&A expenses increased to $5.8 million, mainly due to advisory fees related to the Cansortium business combination
The company continues to monitor potential cannabis rescheduling at the federal level, which could lead to the removal of 280E taxes and support further reform.
RIV Capital (CSE: RIV) (OTC: CNPOF) and Cansortium (CSE: TIUM.U) (OTCQB: CNTMF) announced shareholder approval for their proposed business combination. Approximately 98.8% of eligible votes at the RIV Meeting favored the Arrangement Resolution, while 99.1% of eligible votes at the Cansortium Meeting supported the Amendment Proposal. The combined entity will operate under the Cansortium name, trading on the CSE as 'TIUM.U' and OTCQB as 'CNTMF'. The transaction is expected to close in Q4 2024, subject to final court approval and regulatory clearances. Both companies' leadership expressed enthusiasm about leveraging their joint capabilities to establish strong positions in key markets and drive shareholder value.
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