Etain Receives Regulatory Approval for Flagship Facility in Buffalo, New York
The Buffalo cultivation and manufacturing facility is expected to be completed by CQ3 2024
Upon completion, Etain's total
Upon completion, Etain will operate the Buffalo Facility, which will significantly expand its manufacturing and cultivation capabilities. The new facility is expected to focus on the production of premium flower, as Etain shares the Company's expectation that high-quality products and diversified form factors will be key differentiators in building brand and customer loyalty in the burgeoning
"This is a landmark moment for the team and an important step in positioning Etain as a leading operator with an emphasis on producing premium flower," said Mike Totzke, COO and interim CEO of RIV Capital. "As the cannabis ecosystem evolves, this facility has been strategically designed to address the anticipated surge in demand for premium products with the progressive expansion of the adult-use market throughout the state. We are thrilled to establish ourselves more strongly for the future with this new facility, which will nearly double Etain's
As previously announced, RIV Capital's development partner has committed approximately
Completion of the construction and commissioning of the Buffalo Facility is expected to occur by CQ3 2024. The Company will require additional OCM approval prior to the commencement of operations at the Buffalo Facility.
RIV Capital is an acquisition and investment firm with a focus on building a leading multistate platform with one of the strongest portfolios of brands in key strategic
strategy with its previously announced acquisition of Etain. Through its strategic relationship with The Hawthorne Collective, Inc. ("The Hawthorne Collective"), a subsidiary of ScottsMiracle-Gro, RIV Capital is The Hawthorne Collective's preferred vehicle for cannabis-related investments not under the purview of other ScottsMiracle-Gro subsidiaries.
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 RIV Capital, its portfolio companies, and Etain 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 the timing, availability, and expectations of the regulatory approvals related to the Buffalo Facility; the timing and ability the Company and Etain to commission the Buffalo Facility for operation; RIV Capital's and Etain's expectations regarding the anticipated benefits of the Buffalo Facility, including on Etain's product offerings and expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical fact 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 RIV Capital 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 RIV Capital, its portfolio companies, and/or Etain. 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; changes in cannabis industry growth and trends; 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, including RIV Capital's interpretation of such regulation; public opinion and perception of the cannabis industry; divestiture risks; and the risk factors set out in RIV Capital's annual information form for the year ended March 31, 2023 filed with the Canadian securities regulators and available on RIV Capital's 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 RIV Capital has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. RIV Capital does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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SOURCE RIV Capital Inc.