RIV Capital to acquire New York-based Etain, names new CEO to lead entry and expansion in U.S. cannabis market

RIV Capital to acquire New York-based Etain, names new CEO to lead entry and expansion in U.S. cannabis market
CANNANNEW REPORT

Transformative transaction will include one of only 10 vertically integrated licences in New York and four active dispensaries with plans to bolster operations in advance of adult-use market Names Mark Sims, former SVP of Strategy and M&A for the Scotts Miracle-Gro Company, as President and CEO The Hawthorne Collective to advance an additional US$25 million to RIV Capital concurrently with transaction, deepening relationship and adding to RIV Capital’s balance sheet TORONTO — March 30, 2022 — RIV Capital, Inc. (CSE: RIV) (OTC: CNPOF) (“RIV Capital”) today announced a definitive agreement to acquire ownership and control of Etain LLC and Etain IP LLC, owners and operators of legally licensed cannabis cultivation and retail dispensaries in the state of New York. RIV Capital will acquire ownership and control of the Etain companies for approximately US$247 million, payable through a combination of cash and newly issued Class A common shares of RIV Capital, subject to, among other things, receipt of all required regulatory approvals, including from the New York Cannabis Control Board and the New York State Office of Cannabis Management. RIV Capital also announced today that its Board of Directors has named Mark Sims as President and CEO of RIV Capital, to lead the company’s formal entry into the U.S. market and expansion into licensed adult-use operations in New York. Mr. Sims is a current director of RIV Capital, a role he will retain, and most recently was Senior Vice President of Strategy and M&A for The Scotts Miracle-Gro Company (NYSE: SMG) (“ScottsMiracle-Gro”), where he also previously served as its CIO and head of business transformation. He replaces Narbé Alexandrian, who departs RIV Capital to pursue other opportunities. “On behalf of the entire Board of Directors, I would like to congratulate Mark on this appointment. Mark has deep experience in successfully building…

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Source : RIV Capital to acquire New York-based Etain, names new CEO to lead entry and expansion in U.S. cannabis market

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