All required regulatory approvals to finish RIV’s Etain transaction have been obtained, with ultimate closing anticipated by the tip of This fall 2022
TORONTO, Nov. 21, 2022 /PRNewswire/ – RIV Capital Inc. (“RIV Capital” or the “Firm“) (CSE: RIV) (OTC: CNPOF), an acquisition and funding agency centered on constructing a number one multistate platform with the strongest portfolio of hashish manufacturers in key strategic markets throughout the US, at the moment introduced that the New York State Hashish Management Board (“CCB“) and the New York State Workplace of Hashish Administration (“OCM“) have permitted Etain, LLC’s (“Etain“) – house owners and operators of a legally-licensed Registered Group with hashish cultivation and manufacturing services and retail dispensaries within the state of New York – change of management request. This approval clears the trail for the Firm to finish its beforehand introduced acquisition (the “Transaction“) of possession and management of Etain and Etain IP LLC, as all vital regulatory approvals have been obtained.
The ultimate closing of the Transaction stays topic to customary closing circumstances and is predicted to happen by the tip of the fourth quarter of calendar 12 months 2022.
About RIV Capital
RIV Capital is constructing a number one hashish packaged items firm, with a give attention to establishing one of many strongest portfolios of manufacturers in key strategic U.S. markets. Backed by in-house experience and hashish area information, RIV Capital goals to develop its personal manufacturers and companion with established U.S. hashish operators and types to deliver them to new markets and construct market share. RIV Capital established the foundational constructing blocks of its energetic U.S. technique with the beforehand introduced acquisition of Etain. By means of its strategic relationship with The Hawthorne Collective, Inc. (“The Hawthorne Collective“), a subsidiary of The ScottsMiracle-Gro Firm (“ScottsMiracle-Gro“), RIV Capital is The Hawthorne Collective’s most well-liked car for cannabis-related investments not underneath the purview of different ScottsMiracle-Gro subsidiaries.
This information launch accommodates statements which represent “forward-looking info” throughout the that means of relevant securities legal guidelines, together with statements relating to the plans, intentions, beliefs and present expectations of RIV Capital, Etain and RIV Capital’s portfolio corporations with respect to closing of the Transaction, the New York state hashish market, future enterprise actions and working efficiency. Ahead-looking info is usually recognized by the phrases “might”, “would”, “may”, “ought to”, “will”, “intend”, “plan”, “anticipate”, “consider”, “estimate”, “count on” or related expressions and consists of info relating to the Firm’s methods, aims, targets, alternatives and plans, together with in respect of future progress and creating shareholder worth; and expectations for different financial, enterprise, and/or aggressive elements.
Traders are cautioned that forward-looking info shouldn’t be primarily based on historic reality however as an alternative displays administration’s expectations, estimates or projections regarding future outcomes or occasions primarily based on the opinions, assumptions and estimates of administration thought-about affordable on the date the statements are made. Though RIV Capital believes that the expectations mirrored in such forward-looking info are affordable, such info entails dangers and uncertainties, and undue reliance shouldn’t be positioned on such info, as unknown or unpredictable elements may have materials antagonistic results on future outcomes, efficiency or achievements of RIV Capital or its portfolio corporations.
Among the many key elements that might trigger precise outcomes to vary materially from these projected within the forward-looking info are the next: the satisfaction of different circumstances to closing of the Transaction; the Firm’s skill to execute its go-forward technique; inventory market volatility; modifications within the enterprise actions, focus and plans of the Firm, Etain and the Firm’s investees and the timing related therewith; the timing of any modifications to federal legal guidelines within the U.S. to permit for the overall cultivation, distribution, and possession of hashish; regulatory and licensing dangers; modifications in hashish business progress and tendencies; modifications basically financial, enterprise and political circumstances, together with modifications within the monetary markets; litigation dangers; the worldwide regulatory panorama and enforcement associated to hashish, together with political dangers and dangers referring to regulatory change; dangers referring to anti-money laundering legal guidelines; compliance with in depth authorities regulation, together with RIV Capital’s interpretation of such regulation; public opinion and notion of the hashish business; divestiture dangers; and the chance elements set out in RIV Capital’s administration’s dialogue and evaluation dated August 29, 2022 and annual info type dated June 10, 2022 filed with the Canadian securities regulators and obtainable on RIV Capital’s profile on SEDAR at www.sedar.com.
The Firm has invested in and bought, and intends to sooner or later spend money on and/or purchase, corporations which are concerned within the manufacture, possession, use, sale, and distribution of hashish within the leisure and medicinal hashish market in the US. Native state legal guidelines the place such operations happen allow such actions, nonetheless, buyers ought to observe that there are important authorized restrictions and laws that govern the hashish business in the US. Hashish stays a Schedule I drug underneath the U.S. Managed Substances Act, making it unlawful underneath federal legislation in the US to, amongst different issues, domesticate, distribute or possess hashish in the US. Monetary transactions involving proceeds generated by, or supposed to advertise, cannabis-related enterprise actions in the US might type the premise for prosecution underneath relevant U.S. federal cash laundering laws.
Whereas the strategy to enforcement of such legal guidelines by the federal authorities in the US has trended towards non-enforcement towards people and companies that adjust to leisure and medicinal hashish applications in states the place such applications are authorized, strict compliance with state legal guidelines with respect to hashish will neither absolve the Firm of legal responsibility underneath U.S. federal legislation, nor will it present a protection to any federal continuing which can be introduced towards the Firm. The enforcement of federal legal guidelines in the US is a major danger to the enterprise of the Firm and any proceedings introduced towards the Firm thereunder might adversely have an effect on the Firm’s operations and monetary efficiency.
Ought to a number of of those dangers or uncertainties materialize, or ought to assumptions underlying the forward-looking info show incorrect, precise outcomes might range materially from these described herein as supposed, deliberate, anticipated, believed, estimated or anticipated. Though RIV Capital has tried to establish essential dangers, uncertainties and elements that might trigger precise outcomes to vary materially, there could also be others that trigger outcomes to not be as anticipated, estimated or supposed. RIV Capital doesn’t intend, and doesn’t assume any obligation, to replace this forward-looking info besides as in any other case required by relevant legislation.
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SOURCE RIV Capital Inc.