TORONTO – RIV Capital Inc. an acquisition and investment firm with a focus on building a leading multistate platform, and Cansortium Inc., a vertically integrated, multi-state cannabis company operating under the FLUENT brand, have received New York Cannabis Control Board approval for a business combination.
“We are thrilled to have received regulatory approval in New York to move forward with our business combination transaction, bringing us closer to completing this important step for both of our companies in the fourth quarter of 2024,” said Robert Beasley, Chief Executive Officer of Cansortium. “The respective teams have worked diligently and collaboratively since announcing the transaction to facilitate a smooth transition following the closing, and I remain confident that the full integration of our two companies will bring tremendous value for our stakeholders.”
“With this integration process already well underway, we are strongly positioned to become more competitive and better equipped with the resources needed to develop even better cannabis products to serve New York consumers rapidly expanding demand,” said Dave Vautrin, Chief Retail Officer and Interim Chief Executive Officer of RIV Capital. “Since launching adult-use sales in New York earlier this year we’ve seen tremendous momentum at all three of our co-located locations and the rapid expansion of our statewide wholesale business. Beyond adult use, we will lean on the medical program expertise of Fluent to further support our current medical locations and look to potential expand the reach to more New Yorkers.”
The Business Combination is expected to close in the fourth quarter of 2024, subject to, the satisfaction of the other closing conditions set forth in the Arrangement Agreement. Further details regarding the Business Combination, including the principal closing conditions and the anticipated benefits for RIV Shareholders, can be found in RIV Capital’s management information circular dated July 12, 2024.
The combined business of Cansortium and RIV Capital will operate under the Cansortium name and Cansortium common shares will continue to trade on the Canadian Securities Exchange under the symbol “TIUM.U” and on the OTCQB Venture Market under the symbol “CNTMF.”
About Cansortium
Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania and Texas. Cansortium operates under the FLUENT brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium’s unrelenting commitment to operational excellence in cultivation, production, distribution and retail. Cansortium is headquartered in Tampa, Florida.
About RIV Capital
RIV Capital is an acquisition and investment firm with a focus on building a leading multistate platform with one of the strongest portfolios of cannabis brands in key strategic U.S. markets. Backed by in-house expertise and cannabis domain knowledge, RIV Capital aims to grow its own brands and partner with established U.S. cannabis operators and brands to bring them to new markets and build market share. RIV Capital established the foundational building blocks of its active U.S. strategy with its previously announced acquisition of Etain. Through its strategic relationship with The Hawthorne Collective Inc., a subsidiary of The ScottsMiracle-Gro Company, RIV Capital is The Hawthorne Collective’s preferred vehicle for cannabis-related investments not under the purview of other ScottsMiracle-Gro subsidiaries.
