RIV Capital Inc CNPOF

Recent Operational Highlights:

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• Based on preliminary estimates of financial results, year-to-date net revenue, as of October 23, 2024, doubled compared to the same period in the prior calendar year, with substantial growth in the third quarter of 2024 (“Q3 2024”) and momentum expected to continue to build in the fourth quarter of 2024.
• In step with the Company’s record revenues for Q3 2024, several additional milestones were achieved in Q3 2024, including a record number of retail transactions, wholesale retail accounts and bulk buyers. This was supported by the operationalization of two additional co-located adult-use retail dispensaries located in Kingston and Manhattan at the end of the Q3 2024.
• Successfully expanded the Company’s wholesale business to over 50 customers, enhancing RIV Capital’s market reach and further strengthening its relationships within the industry.
• Executed a distribution partnership agreement on October 16, 2024 with Siban Holdings, Inc. (“Nabis”) to support the expansion of the Company’s wholesale division that is anticipated to commence in the fourth quarter of 2024. The partnership is expected to strengthen retailer service levels, increases delivery frequency and expands statewide third-party retailer coverage in New York.
• Continued to enhance cultivation practices to support growth, expand the Company’s product portfolio, and drive operational efficiencies.
• Initial pre-closing cost savings and synergies were realized by the Company at a faster pace than initially anticipated, which better positions the Company for a more efficient integration with Cansortium following the closing of the Business Combination.
• Received approval from the New York Control Board on October 10, 2024 for the Business Combination.