RIV Capital Reports Fiscal Second Quarter 2023 Financial Results

– Receives all regulatory approvals for the final closing of the previously announced Etain Transaction, which is expected to occur by year end

TORONTO, Nov. 29, 2022 /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, today released its financial results for the three and six months ended September 30, 2022 (“FQ2 2023”).

FQ2 2023 Highlights

  • Received New York State Cannabis Control Board (“CCB”) and New York State Office of Cannabis Management (“OCM”) approval for Etain, LLC’s change of control request, clearing the path for the Company to complete the final closing of the previously announced acquisition of ownership and control of Etain IP LLC and Etain, LLC (collectively, “Etain”) (the “Etain Acquisition”)

  • Entered into a lease agreement with Zephyr, a leading California-based developer, for the development and operation of a planned new flagship cannabis cultivation and manufacturing facility in Buffalo, New York

  • $165 million of cash on-hand to, among other things, support the completion of the Etain Acquisition, the expansion and development of Etain’s cultivation and processing facilities, and to pursue new growth opportunities

  • Reported a net loss of $142.3 million, including a goodwill impairment charge of $138.9 million related to the Etain Acquisition

“Having cleared…

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