RIV Capital Inc.’s CNPOF RIV total comprehensive loss in 2022 was CA$52.23 million ($40.61 million) compared to income of CA$67.32 million in fiscal 2021.
Fiscal Year 2022 Financial Highlights
-
Net loss was CA$52.73 million compared to net loss of CA$133.88 million in 2021
-
Basic loss per share was CA$0.37 compared to basic loss per share of CA$0.72 in 2021
-
Cash flows used in operating activities were a loss of CA$28.39 million compared to a loss of 8.09 million in 2021
Q4 2022 Financial Highlights
-
Net loss was CA$17.3 million compared to net loss of CA$21.48 million in Q4 2021
-
Basic loss per share was CA$0.12 compared to basic loss per share of CA$0.13 in Q4 2021
-
Cash flows used in operating activities were a loss of CA$1.24 million compared to a loss of 5.28 million in Q4 2021
-
Total comprehensive income was a loss of CA$17.18 million compared to income of CA$64.85 million in Q4 2021.
“We spent the second half of the 2022 fiscal year preparing for our entry into the U.S. cannabis market, ending the year with a transformative agreement to acquire ownership and control of New York-based Etain,” stated Mark Sims, president and CEO of RIV Capital. “We are excited to launch our U.S. strategy in the Empire State, which represents one of the largest legal cannabis market opportunities in the U.S. as it approaches the implementation of adult-use sales. A cultural epicenter, New York is very attractive due to its attractive regulatory framework, strong tourism industry and extremely high population density. With the potential to become the second-largest cannabis market in the U.S., second only to California, we believe the state will be vital to the success of our U.S. platform in the long term.”
Etain Acquisition
In March 2022, RIV Capital announced a definitive agreement to acquire ownership and control of Etain, LLC and Etain IP LLC, owners and operators of legally licensed cannabis cultivation facilities and retail dispensaries in the state of New York. The acquisition includes one of only 10 vertically integrated licenses in New York, and four active dispensaries.
The company’s near-term plans include completing the expansion of Etain’s current cultivation capacity by tripling the existing canopy size at its Chestertown facility to support the adult-use market at its outset, and preparing its existing retail locations for the expected increase in sales. RIV Capital is also in advanced discussions to construct a new, state-of-the-art flagship indoor cultivation facility that will house premier cultivation and production infrastructure specifically tailored to support the premium New York market. Additionally, the company has plans to build out four new dispensaries as soon as the company is permitted to do so under the state’s regulations, bringing the total New York footprint to eight retail locations, three of which will be co-located for adult-use.
The acquisition is structured to close in two stages, the first of which was completed in April 2022, where RIV Capital acquired the non-regulated portion of the Etain companies. Subject to receipt of the relevant approvals by the New York state regulators, the second closing and license transfer is expected to occur in the second half of 2022.
As of June 10, 2022, RIV Capital had approximately $169 million of cash on hand based on the closing daily exchange rate as reported by the Bank of Canada. The company anticipates that the cash required for the final closing of the Etain acquisition will be approximately $42.4 million.
Appointment of Mike Totzke as Chief Operating Officer
Mike Totzke has been appointed COO of RIV Capital. Totzke brings extensive operational experience to RIV Capital’s management team, having held a variety of operations- and sales-focused roles across The Scotts Miracle-Gro Company since 2006.
Photo by CRYSTALWEED cannabis on Unsplash
Related News
Riv Capital Is Being Sued By JW Asset Management, Here Are The Details
Riv Capital Acquires Non-Reg Portion Of Etain, NY's Only Women-Owned & Operated Cannabis Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!