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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 a comprehensive income of $67.3 million for fiscal year 2021, driven by a successful transaction with Canopy Growth that brought in $118.4 million in cash and shares. The company shifts focus to the U.S. cannabis market after monetizing key assets, enhancing its financial position. Their net loss for Q4 2021 was $21.5 million, while operating income decreased to $0.7 million. RIV Capital aims for significant future growth despite challenges, such as a anticipated delisting from TSX to pursue U.S. investments.
RIV Capital Inc. (OTC: CNPOF) announced the sale of its Fredericton property to The Tweed Tree Lot Inc. for $4 million, as part of its strategy to recapitalize and focus on the U.S. market. The company has leased this property since October 2017 and now terminates its lease with TTL. This transaction is viewed as a confirmation of RIV Capital's initial investment thesis, allowing further capital allocation towards U.S. operations.
RIV Capital subsidiary ZeaKal has developed the PhotoSeed™ technology, which reportedly increases hemp biomass oil output by up to 50%. This breakthrough aims to enhance the sustainability and value of hemp crops as global demand for plant oils, particularly for renewable diesel, continues to rise. The technology allows for oil production of approximately 800lbs per acre, nearly three times that of soybeans. ZeaKal’s innovations could significantly benefit renewable diesel and bioplastics industries, positioning it as a game changer in agriculture.
RIV Capital Inc. (OTC: CNPOF) has scheduled its financial results release for the fourth quarter and fiscal year ended March 31, 2021, on June 3, 2021. The audited consolidated financial statements and management's discussion will be available on SEDAR and the Company's website. Following the results announcement, RIV Capital will host a conference call at 9:00 AM ET on the same day, featuring key executives. The company focuses on cannabis investment and acquisitions, aiming to enhance industry potential through its diverse portfolio of 13 companies.
RIV Capital has settled its guarantee obligations related to PharmHouse's Credit Facility following the sale of PharmHouse's greenhouse facility. The transaction, facilitated through PharmHouse's asset purchase agreement, enables the repayment of debts owed to Canadian lenders. RIV Capital made a cash payment of approximately $7.5 million alongside a prior $25.0 million payment in March 2021, effectively discharging its liabilities. The company anticipates receiving cash distributions after PharmHouse's ongoing legal proceedings conclude, directing focus toward U.S. market investments.
RIV Capital announced a $25 million payment to reduce its estimated liability related to the PharmHouse Credit Facility, ahead of the court approval of PharmHouse's asset purchase agreement. The Ontario Superior Court validated the sale of PharmHouse's assets, enhancing RIV's financial position by lowering near-term debt servicing costs. This proactive measure coincided with recent asset disposals to Canopy Growth Corporation, generating a significant capital gain. The transaction is expected to close by June 30, 2021, with no anticipated material changes in the PharmHouse recoverability assessment.
On February 23, 2021, RIV Capital (formerly Canopy Rivers) announced the completion of its arrangement with Canopy Growth, receiving $115 million in cash and 3,647,902 shares valued at $170.3 million. This deal eliminated RIV Capital's dual-class share structure, enhancing its investment flexibility. CEO Narbé Alexandrian emphasized a strategic pivot towards the U.S. cannabis market, projected to grow to US$31.4 billion by 2024. The company plans to pursue investments or acquisitions in U.S. cannabis firms following this arrangement, which also terminated governance agreements with Canopy Growth.
On February 16, 2021, Canopy Rivers Inc. (OTC: CNPOF) announced that its shareholders overwhelmingly approved a plan of arrangement with Canopy Growth Corporation, with 99.87% of votes in favor. This approval facilitates a strategic shift toward the U.S. market. Additionally, Les Serres Stéphane Bertrand Inc. exercised its right of first refusal, allowing it to purchase 11.7% of Vert Mirabel shares for approximately $3.4 million. The arrangements are expected to close by the end of February, pending certain conditions.
Canopy Rivers reported a comprehensive income of $82.2 million for Q3 2021, driven by significant gains in its investment in TerrAscend. The company announced a transformative transaction with Canopy Growth to sell interests valued at $115 million, expected to close by the end of February 2021. This transaction is projected to enhance liquidity and strategic positioning for entry into the U.S. cannabis market. Despite a net operating loss of $9.6 million, the company's prior challenges seem to be resolving as it anticipates profitable growth following the deal.
Canopy Rivers Inc. (OTC: CNPOF) announced significant developments from its portfolio companies ahead of the U.S. elections regarding cannabis legalization. TerrAscend Corp. has expanded its San Francisco facility, increasing cannabis supply. High Beauty launched a new line of aloe-based products available at major retailers, including Walmart and CVS. Headset, Inc. introduced its competitive intelligence tool in Massachusetts, aiming to assist cannabis businesses. These advancements are positioned to benefit the company as the U.S. regulatory landscape evolves.
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