RIV Capital Hints At Upcoming Acquisitions - Grow Life 420

RIV Capital Hints At Upcoming Acquisitions

November 18, 2021

#KahliBuds #MMJ #CBD #THC

RIV Capital Inc. (TSX: RIV) (OTC: CNPOF) released its unaudited condensed interim consolidated financial statements for the quarter ending September 30, 2021, with a business update that mostly focused on The Hawthorne Collective. In August, a newly-formed cannabis-focused subsidiary of Scotts Miracle-Gro (NYSE: SMG), invested $150 million in RIV Capital through an unsecured convertible note.

With regards to actual financials, Riv Capital reported an operating loss of $1.7 million for the quarter, net of a provision for expected credit losses of $2.1 million. The loss per share was ($0.01). This primarily consisted of royalty and interest income (before provisions for expected credit losses) generated from the Company’s royalty and debenture agreements with Agripharm Corp., 10831425 Canada Ltd. d/b/a/ Greenhouse Juice Company, and NOYA Cannabis Inc., offset by a provision for expected credit losses on the company’s royalty receivables.

In addition to that, Riv Capital reported a total comprehensive loss of $1.1 million for the quarter versus last year’s total comprehensive loss of $87 million, primarily attributable to several charges related to the company’s former investment in PharmHouse Inc.

“Following the close of the convertible note investment from The Hawthorne Collective, we have been solely focused on narrowing our pipeline of potential acquisition targets in strategic U.S. markets,” said Narbé Alexandrian, President, and CEO, RIV Capital. “We continue to advance discussions with a select number of target companies that we believe embody the qualities we are looking for in our U.S. operating and brand platform, and look forward to making an announcement further to this in the coming months.”

Riv Capital reported that the operating expenses were $5.1 million for the quarter. General and administrative expenses were $3.0 million for the quarter, primarily attributable to employee compensation (including the recognition and payment of certain non-recurring variable compensation expenses) and other public company costs. Consulting and professional fees were $1.8 million for the quarter, primarily attributable to legal and consulting fees related to transaction advisory expenses and other public company and regulatory advisory costs.

“With approximately $400 million in cash on our balance sheet, and potential access to further capital through our strategic partnership, RIV Capital is well-positioned to accelerate the operating and expansion plans of existing U.S. cannabis businesses,” said Eddie Lucarelli, Chief Financial Officer, RIV Capital. “We believe that our substantial liquidity is a core differentiator of our platform and positions us well to build a market leader in the U.S.”


The post RIV Capital Hints At Upcoming Acquisitions appeared first on Green Market Report.


via www.KahliBuds.com

Debra Borchardt, KahliBuds, 420GrowLife

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