RIV Capital Inc C.RIV

now

[prone]

Plans to enter the New York wholesale market in early Q4 2023

 

Expects to launch adult-use retail sales by year end at one of its flagship locations, with two additional locations to follow in 2024

 

Completes expansion of Etain’s Chestertown cultivation and production facility, with planting expected in the coming weeks

RIV Capital today provided a regulatory and operational update following the New York State Cannabis Control Board (“CCB”) and New York State Office of Cannabis Management’s (“OCM”) release of revised adult-use (“AU”) cannabis draft regulations.

The revised regulations include a significantly shortened waiting period for Etain’s entry into the retail AU market, now allowing for one co-located store by year end and the second and third co-located stores after June 29, 2024 (compared to the initial draft regulations’ three-year waiting period). Also included are changes to the timing of market entry fees, which would now include $5 million due at the time of licensure, $5 million due within 180 days of opening the 2nd store, $5 million due when $100 million in revenue is achieved, and the last $5 million due when $200 million in revenue is achieved. The fees collected will be used to support social equity applicants.