New York’s Women-Led Etain Health Acquired by RIV Capital for $247 Million

New York’s Women-Led Etain Health Acquired by RIV Capital for 7 Million

<![CDATA[Dubbing it one of the “most significant transactions for a women-owned business in cannabis history,” Etain Health, one of 10 cannabis companies that operates in New York’s medical market, announced March 30 it had penned an agreement with RIV Capital, which will be assuming ownership and control of the family-owned, vertically integrated business. The $247 million deal is still pending regulatory approvals from the New York Cannabis Control Board and the New York State Office of Cannabis Management, according to a press release by RIV Capital, an investment firm that is the Hawthorne Collective’s, a ScottsMiracle-Gro subsidiary, “preferred vehicle for cannabis-related investments.” The Hawthorne Collective will advance an additional $25 million to RIV Capital concurrently with the transaction, according to the announcement.The payment terms include $212 million in cash and $35 million in Class A common shares in RIV Capital, according to RIV’s press release. Etain CEO Amy Peckham will join RIV Capital’s Board of Directors, and Peckham, along with her daughters Hillary Peckham, COO, and Keeley Peckham, chief horticultural officer, will “be integrated into RIV Capital as core leaders in the future of the Etain brand,” Etain noted in its announcement. The mother-daughter team established the company, the only non-multistate operator in New York, in 2015. RELATED: Q&A With Etain’s COO Hillary Peckham on Adult-Use Legalization in New York Mark Sims, former SVP of Strategy and M&A for ScottsMiracle-Gro, was also named CEO and president of RIV Capital, and will lead the company’s efforts in New York as the state continues to build its framework for adult-use cannabis sales.In addition to its Chestertown cultivation and manufacturing facility, where expansion is underway, Etain operates four dispensaries in the state, including its flagship location in Manhattan and stores in Kingston, Syracuse, and Yonkers. RIV Capital noted its plans to expand operations in…

Excerpt only …
Source : New York’s Women-Led Etain Health Acquired by RIV Capital for 7 Million

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.