RIV Capital tells investors sales have doubled with adult-use products | How to order Skittles Moonrock online

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RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) announced an operational update highlighting the company’s recent achievements ahead of its previously announced business combination with Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) also known as Fluent. Riv Capital, which operates dispensaries under the Etain name, also stated that it has received approval from the state for the deal which is expected to close in the fourth quarter of 2024.

Adult use pays off

The company said that year-to-date net revenue as of October 23, 2024 has doubled versus the results of last year for the same period. They also said that momentum is expected to continue through the fourth quarter. By comparison, Riv Capital reported revenue of $3.7 million for the six-month period ending September 20, 2023, on purely medical marijuana sales. The company changed its fiscal year-end in 2023 to December from March making exact comparisons difficult. However, for nine months of revenue ending in December 2023, the company reported revenue of $5.8 million.

The company began adding adult-use sales in February 2024 and has opened two co-located stores featuring both medical and adult-use sales. The company’s third location in Manhattan opened this month. Cansortium has stated that the Etain stores will be renamed Fluent once the deal is closed.

The company is limited to three licensed stores in the state. Riv Capital also told investors that it has expanded the company’s wholesale business to over 50 customers.

“Q3 2024 marked a turning point for RIV Capital and its shareholders as the team translated strategy and execution into a record setting year. We expect the acceleration of our revenue growth to continue in Q4 2024 as we further optimize and unlock the potential of our company owned retail stores while concurrently scaling our wholesale business in-step with the rapid expansion of dispensary licenses issued by the Office of Cannabis Management in New York,” said Dave Vautrin, Chief Retail Officer and Interim Chief Executive Officer of RIV Capital.

He continued saying, “As a testament to our step change in cultivation output, we have also experienced a material uptick in premium bulk flower sales to leading New York brands. Beyond the Company’s retail store progress, expanding our wholesale business and premium bulk demand, outperforming our anticipated timeline for pre-closing synergies positions us for both a record finish to the year on many levels and a substantially more efficient operational integration with Cansortium following the closing of the Business Combination.”

The two companies recently launched a product called Moods together and is also wholesaling the product in the state.