RIV Capital Completes Final Closing of Previously Announced Etain Transaction

RIV Capital Completes Final Closing of Previously Announced Etain Transaction
Cannabtimes

<![CDATA[TORONTO – December 15, 2022 – PRESS RELEASE – RIV Capital Inc., 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 announced that it has completed the final closing of its previously announced transaction involving Etain, LLC–owner and operator of a legally-licensed Registered Organization with cannabis cultivation and manufacturing facilities, and retail dispensaries in the state of New York–and Etain IP LLC.RELATED: New York’s Women-Led Etain Health Acquired by RIV Capital for $247 Million“With four dispensaries, including a Manhattan flagship store and locations in Kingston, Syracuse and Westchester, as well as a cultivation and production facility in Chestertown, we believe Etain is a strong foundation and a scalable platform for future growth,” said Mark Sims, president and CEO of RIV Capital. “We plan to continue Etain’s collaboration with diverse New York-owned brands, optimize Etain’s attractive retail footprint, and augment Etain’s four premium product lines with high-performing west coast brands. The ongoing expansion of Etain’s Chestertown cultivation facility, which is nearing completion, and our planned flagship indoor cultivation facility in Buffalo, will enable Etain to better serve medical patients and, eventually, adult-use consumers in New York.”Final Closing Transaction DetailsUnder the terms of the transaction, RIV Capital paid the remaining purchase price through a combination of approximately US$42 million in cash and the issuance of 5,273,084 Class A common shares in RIV Capital. Following the final closing, the former owners of Etain hold approximately 16% of the issued and outstanding Class A common shares of RIV Capital.Growth and Expansion StrategyRIV Capital’s long-term strategy is to build a leading multi-state operating and brand platform, with New York serving as the foundation. The company intends to develop and expand new brands and products designed to…

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Source : RIV Capital Completes Final Closing of Previously Announced Etain Transaction

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