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RIV Capital Appoints David E Vautrin to Interim CEO

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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) ha annunciato un cambiamento alla dirigenza. Mike Totzke, CEO e COO ad interim, si è dimesso con effetto dal 1 ottobre 2024. Il Consiglio ha nominato David E Vautrin, attuale Chief Retail Officer, come CEO ad interim. Totzke ha guidato RIV Capital per due anni e mezzo, supervisionando l'espansione delle operazioni di coltivazione e produzione, la conversione al mercato per adulti e l'apertura di tre negozi al dettaglio per adulti.

Vautrin, che è entrato in RIV Capital nel giugno 2024, porta con sé sette anni di esperienza nell'industria della cannabis. Sotto la sua guida, l'azienda ha registrato una rapida crescita dei ricavi e ha espanso il proprio business all'ingrosso. Questo cambiamento avviene mentre RIV Capital si prepara a una fusione in sospeso con Cansortium.

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) ha anunciado un cambio en la dirección. Mike Totzke, CEO y COO interino, ha renunciado con efecto a partir del 1 de octubre de 2024. La Junta ha nombrado a David E Vautrin, actual Chief Retail Officer, como CEO interino. Totzke lideró RIV Capital durante dos años y medio, supervisando la expansión de las operaciones de cultivo y fabricación, la conversión al mercado de adultos y la apertura de tres tiendas minoristas para adultos.

Vautrin, quien se unió a RIV Capital en junio de 2024, aporta siete años de experiencia en la industria del cannabis. Bajo su liderazgo, la empresa ha experimentado un rápido crecimiento de ingresos y ha expandido su negocio mayorista. Este cambio se produce mientras RIV Capital se prepara para una fusión pendiente con Cansortium.

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF)가 경영진 변경을 발표했습니다. Mike Totzke가 임시 CEO 겸 COO로서 2024년 10월 1일부로 사임하게 됩니다. 이사회는 현재 소매 최고 책임자인 David E Vautrin을 임시 CEO로 임명했습니다. Totzke는 RIV Capital을 2년 반 동안 이끌었으며, 재배 및 제조 운영 확장, 성인 시장으로의 전환, 성인용 소매점 3곳의 개장을 감독해왔습니다.

Vautrin은 2024년 6월에 RIV Capital에 합류했으며, 7년의 대마초 산업 경험을 가지고 있습니다. 그의 지도 하에 회사는 빠른 수익 성장을 이루었고 도매 사업을 확장했습니다. 이번 변화는 RIV Capital이 Cansortium과의 합병을 준비하는 상황에서 일어났습니다.

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) a annoncé un changement de direction. Mike Totzke, PDG et COO par intérim, a démissionné avec effet au 1er octobre 2024. Le conseil d'administration a nommé David E Vautrin, directeur actuel du développement des affaires, en tant que PDG par intérim. Totzke a dirigé RIV Capital pendant deux ans et demi, supervisant l'expansion des opérations de culture et de fabrication, la conversion vers le marché des adultes et l'ouverture de trois magasins de détail pour adultes.

Vautrin, qui a rejoint RIV Capital en juin 2024, possède sept ans d'expérience dans l'industrie du cannabis. Sous sa direction, l'entreprise a connu une croissance rapide de ses revenus et a étendu son activité de gros. Ce changement intervient alors que RIV Capital se prépare à une fusion imminente avec Cansortium.

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) hat einen Führungswechsel angekündigt. Mike Totzke, interimistischer CEO und COO, hat mit Wirkung zum 1. Oktober 2024 zurückgetreten. Der Vorstand hat David E Vautrin, derzeit Chief Retail Officer, zum interimistischen CEO ernannt. Totzke leitete RIV Capital zwei Jahre und sechs Monate und beaufsichtigte die Expansion der Anbau- und Produktionsoperationen, die Umstellung auf den Erwachsenennutzermarkt und die Eröffnung von drei Einzelhandelsgeschäften für Erwachsene.

Vautrin, der im Juni 2024 zu RIV Capital kam, verfügt über sieben Jahre Erfahrung in der Cannabisindustrie. Unter seiner Führung hat das Unternehmen ein schnelles Umsatzwachstum verzeichnet und sein Großhandelsgeschäft ausgeweitet. Der Wechsel erfolgt, während RIV Capital auf eine bevorstehende Fusion mit Cansortium vorbereitet.

Positive
  • Appointment of experienced cannabis industry executive David E Vautrin as Interim CEO
  • Rapid revenue growth under Vautrin's leadership
  • Expansion of co-located adult-use retail locations
  • Substantial growth in wholesale business
  • Pending merger with Cansortium
Negative
  • Resignation of Mike Totzke as Interim CEO and COO
  • Potential disruption in leadership continuity

TORONTO, Oct. 1, 2024 /PRNewswire/ - RIV Capital Inc. ("RIV Capital" or the "Company") (CSE: RIV) (OTC: CNPOF), 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 U.S. markets, announced today that Mike Totzke, Interim Chief Executive Officer and Chief Operating Officer, has resigned from the company, effective October 1st, 2024. The Board of Directors has appointed its current Chief Retail Officer, David E Vautrin, as Interim Chief Executive Officer.

Mike Totzke has led RIV Capital for two and a half years, achieving expanded cultivation and manufacturing operations in its Chestertown facility, converting into the adult-use market and opening its first three adult use retail stores, while positioning the Company for the pending merger with Cansortium. Beyond Mr. Totzke's numerous accomplishments, he directly led the recruitment and hiring of Mr. Vautrin.

"It has been an honor to lead RIV Capital," said Mike Totzke. "I am incredibly proud of everything we have accomplished as a team, and I am confident that RIV Capital is in a strong position to continue its growth under David E Vautrin as the Interim CEO. Dave is one of the most effective executive operators I have worked with in the industry. With Dave's leadership and our merger with Cansortium, it's an ideal time for me to step into my next opportunity."

David E Vautrin is a highly experienced executive who has been in the cannabis industry for seven years and with RIV Capital since June 2024. Since joining the executive team Mr. Vautrin has led transformational growth. Under his leadership, the Company has experienced rapid revenue growth, and expanded its co-located adult-use retail locations while substantially expanding the breadth of the Company's wholesale business.

"I am excited to expand my responsibilities with the impressive team while leveraging prior experiences with both building The Travel Agency, multi-store cannabis group in NYC, and my successful tenure starting up Cannaroyalty (later renamed Origin House) in California and implementing its sale to Cresco. In my new role, I will remain laser-focused on optimizing the business, driving top line revenue and closely working with the executive team at Cansortium as we prepare for our combination."

About RIV Capital

RIV Capital is an acquisition and investment firm with a focus on building a leading multistate platform with one of the strongest portfolios of cannabis brands in key strategic U.S. markets. Backed by in-house expertise and cannabis domain knowledge, RIV Capital aims to grow its own brands and partner with established U.S. cannabis operators and brands to bring them to new markets and build market share. RIV Capital established the foundational building blocks of its active U.S. strategy with its previously announced acquisition of Etain. Through its strategic relationship with The Hawthorne Collective, Inc. ("The Hawthorne Collective"), a subsidiary of The ScottsMiracle-Gro Company ("ScottsMiracle-Gro"), RIV Capital is The Hawthorne Collective's preferred vehicle for cannabis-related investments not under the purview of other ScottsMiracle-Gro subsidiaries.

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 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 RIV Capital's strategies, objectives, goals, opportunities and plans, including in respect of Etain and its product portfolio; RIV Capital's ability to appropriately scale Etain's existing infrastructure, processes and systems and the development of a robust adult-use retail and wholesale program; the ability of RIV Capital and Etain to open its second co-located medical and adult-use retail dispensary in midtown Manhattan; RIV Capital's expectations regarding the U.S. cannabis market; expectations regarding adult-use cannabis market opportunities in New York and the benefits of the New York adult-use cannabis market; expectations regarding adult-use sales in the state of New York; plans to update Etain's existing retail locations and the potential to build new locations; expectations regarding midtown Manhattan and the midtown Manhattan dispensary, RIV Capital's expectations regarding Etain's position in the New York cannabis market; RIV Capital's expectations and plans regarding Etain's business, including its market share, sales, brand, products and locations; Etain's plans and future prospects in the cannabis retail space; RIV Capital's ability to successfully introduce additional brands and products into the New York market; RIV Capital's expectations regarding its continued integration activities with Cansortium Inc.; RIV Capital's expectations regarding a potential close of its business combination with Cansortium Inc. in the fourth quarter of 2024; RIV Capital's ability to maintain priority access for medical cannabis patients; RIV Capital's expectations regarding growth opportunities; 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: RIV Capital's ability to execute its go-forward strategy; stock market volatility; changes in the business activities, focus and plans of RIV Capital, Etain and RIV Capital's investees and the timing associated therewith; the timing of any changes to federal laws in the U.S. to allow for the general cultivation, distribution, and possession of cannabis; 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 management's discussion and analysis dated November 28, 2023 and annual information form dated March 31, 2023 filed with the Canadian securities regulators and available on RIV Capital's profile on SEDAR+ at www.sedarplus.com.

The Company has invested in and acquired, and intends to in the future invest in and/or acquire, companies that are involved in the manufacture, possession, use, sale, and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States. Local state laws where such operations occur permit such activities, however, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable U.S. federal money laundering legislation.

While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with recreational and medicinal cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company's operations and financial performance. 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.

FAQ

Who is the new Interim CEO of RIV Capital (CNPOF)?

David E Vautrin, previously the Chief Retail Officer, has been appointed as the new Interim CEO of RIV Capital (CNPOF) effective October 1st, 2024.

When did Mike Totzke resign from RIV Capital (CNPOF)?

Mike Totzke resigned from his position as Interim CEO and COO of RIV Capital (CNPOF) effective October 1st, 2024.

What are RIV Capital's (CNPOF) recent business developments?

RIV Capital (CNPOF) has expanded cultivation and manufacturing operations, converted to the adult-use market, opened three adult-use retail stores, and is preparing for a pending merger with Cansortium.

How long has David E Vautrin been with RIV Capital (CNPOF)?

David E Vautrin has been with RIV Capital (CNPOF) since June 2024, bringing seven years of cannabis industry experience to the company.

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