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(CNW) 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, today announced that they have received New York Cannabis Control Board approval for their previously announced 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, CEO 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 CEO 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 in respect of the RIV Meeting and in the joint press release issued by RIV Capital and Cansortium on May 30, 2024, both of which can be found under RIV Capital’s SEDAR+ profile at www.sedarplus.ca.
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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.”
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