Connect with us

BUSINESS

RIV Capital Inc (OTCMKTS: CNPOF) Announces Financial Results of 1Q the fiscal year 2022 and Declares Cash Balance of $212.5 million as on June 30

Published

on

RIV Capital Inc (OTCMKTS: CNPOF) recently announced its financial results for the first quarter of the fiscal year 2022. In addition, the company announced that as of June 30, it has a cash balance of $212.5 million. 

The focus of 1Q was on identifying opportunities 

After the results were declared, Narbé Alexandrian, President and CEO, RIV Capital, stated that the focus of the first quarter was on identifying and analyzing opportunities in the U.S. cannabis market. Alexandrian noted that the announcement that The Hawthorne Collective, which is a subsidiary of The ScottsMiracle-Gro Company, will invest US$150 million in RIV Capital is the debut step in implementing our growth strategy. The CEO added that the investment would strengthen the company’s balance sheet. 

In the forthcoming quarters, the CEO stated that the group plans to work on long-term projects in the pipeline. The goal of the corporate house is to offer quality and consistency besides developing as a leading multistate cannabis operator and brand platform. 

The primary objective of 1Q was to optimize the balance sheet of the company

Meanwhile, stating that the crucial objective in the first quarter was to optimize the balance sheet and set focus on the U.S. markets, Eddie Lucarelli, Chief Financial Officer, RIV Capital, threw light on numbers. 

The CFO added that with close to $112.3 million as a total obtained from monetization events, additional capital, and the new partnership that the company has inked, the group is working toward building a unique platform in the global cannabis market.

Financial highlights of RIV Capital Inc

Before the equity method investees and implementation of fair value changes, RIV Capital Inc reported an operating income of $0.4 million for the quarter. Meanwhile, the overall provision for expected credit losses of the group stood at $0.1 million. Before provisions for expected credit losses were recorded, the active income included royalty and interest income stood at $0.5 million. It is learned that the revenue came from the royalty and debenture agreements that the group inked with Agripharm Corp., Greenhouse Juice Company, and NOYA Cannabis Inc, formally known as Radicle Medical Marijuana Inc. In addition, another income of $0.1 million came from the lease agreement that the company signed with The Tweed Tree Lot Inc. While the operating expenses stood at $2.5 million for the quarter, $1.7 million were the group’s general and administrative expenses incurred during the same period. 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

BUSINESS

Planet 13 Holdings Inc (OTCMKTS: PLNHF) Set to Acquire Florida Cannabis License

Published

on

Planet 13 Holdings Inc (OTCMKTS: PLNHF) is a vertically integrated cannabis corporation that recently announced it was entering into a license purchase agreement with a Harvest Health subsidiary whereby they’ll be renaming the newly acquired subsidiary Planet 13 Florida Inc. This newly renamed subsidiary will buy a license from Florida’s Department of Health to operate a Medical-Grade Marijuana Treatment Center. Additionally, planet 13 Holdings is set to pay a consideration price of around $55 million in cash.

Licensed MMTCs (Medical Marijuana Treatment Centers) are vertically integrated businesses which are the only ones in Florida allowed to dispense medical-grade cannabis products to qualified caregivers and patients. Medical Marijuana Treatment Centers are permitted to dispense, transport, cultivate and process medical-grade marijuana. As of August this year, around twenty-two companies had been awarded with an MMTC license. Between those companies, 371 dispensing sites have been erected all across the state of Florida. License holders can come up with as many dispensaries as they want and aren’t restricted to a specific number. They’re also not restricted on the size or number of processing and cultivation facilities they can operate.

Senior Management

Planet 13’s Co-Chief Executive Officer, Larry Scheffler, said that Florida is a marketplace that’s been one of their most coveted for quite a long time now. Its incredible consumer demand, 130 million annual visitors, and more than 20 million residents are just a few reasons why the company highly covets it. The Co-CEO claimed that it was vital for them to penetrate the market before the adult-use transition is put in place so that they can better capitalize on this specific space both in the long and short term. Larry continued to say that they were excited at the opportunity of being able to introduce their catalog of popular cannabis-based products and leading retail experiences to the Florida scene. He confirmed that they’ll continue to expand their brands all across the country.

Bob Groesbeck, the other Co-Chief Executive Officer, said that there was a lot of planning that went into this move and he feels like now was the best time for them to take action.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Continue Reading

BUSINESS

Valens Company Inc (OTCMKTS: VLNCF) Announces the Acquisition of Verse Cannabis and creates a Top tier Canadian Licensed Producer

Published

on

A leading manufacturer of medical cannabis products, Valens Company Inc (OTCMKTS: VLNCF), announced that it acquired Verse Cannabis by completing all transactions. Moreover, by this transaction, Valens Company acquires all of the Verse intellectual property. Along with that, Valens’ recent agreement with Citizen Stash to acquire all of the outstanding shares positions Valens as top row cannabis licensed manufacturer in the Canadian industry.

The Verse has appeared as a leading cannabis brand since its launch in August 2020, with a broadening portfolio that extends all major categories. By starting with its tropic lemon 510 vape cartridges and with the recent launch of BC god bud 28g, Verse proves itself as a settler in the value segment. In addition, Verse boasts various enhancing products in its portfolios, such as baked apple soft chews, sour medley, chocolate brownie, rapid tropical beverage, and THC. Moreover, Verse provides high-quality products to consumers with a range of cannabis consumptions without the high price point.

Tyler Robson’s Statement

Chief Executive Officer of Valens Company, and Chair of the Board, Tyler Robson, commented that Valens anticipates becoming an ally to both consumer and customer. By this acquisition of both Citizen Stash and Verse, Valens fulfilled their desire. He also adds that they believe in making the best products for consumers they deserve on the right path without cutting corners. Valens is continuing purity in extraction, formulation, development to offer the benefits of cannabis to all sets of consumers in the world, whether it is recreational or medical or local or global, or Valens owned brands. Moreover, the expanded platform at Valens will better serve current and future consumers and customers through innovative product offerings at reasonable pricing points while increasing shareholder value through their branded products.

Furthermore, with the acquisition of Citizen stash and Verse, Valens is currently well-positioned to drive share gains, close the valuation gap and maximize the shareholders’ value. Valens’s strategic highlights include enhancing brand portfolio with a leading value brand, accretive transaction, existing Valens’ products portfolio with a pipeline ripe for expansion, and becoming an ally to consumers and customers.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Continue Reading

BUSINESS

VIVO Cannabis Inc Provides Strategic Update Regarding Company’s Future and for Medical

Published

on

A leading provider of premium medical cannabis and services, VIVO Cannabis Inc, (OTCMKTS: VVCIF) announced the strategic updates regarding its future for its shareholders on August 25. In addition, the wholly-owned license holder of Canna Farms and ABcann Medicals subsidiaries provides additional information regarding the company’s focus after July 5, 2021. In the previous reports, VIVO Cannabis elected a new slate of Board Directors. Also, it announced the new Chief

Executive Officer, Ray Laflamme, and since that, the company’s Board and Management reviving its business strategy actively.

VIVO Cannabis’ board of directors met to review the company’s proposed strategy. In addition, it also assessed alternative options and announced that it would enhance its focus on assisting its medical business retail, health, and wellness. Moreover, currently, the company is positioned as strong in medical cannabis by having many assets. By enhancing these assets, the company anticipates establishing itself as an international medical leader focused on improving the patients’ lives.

VIVO Path to Profitability

VIVO Cannabis targets feedback from its medical stakeholders and patients, reduces operations expenses, and integrates its business and operating systems to attain profitability. VIVO

Cannabis’s Strong assets are Canna Farms and ABcann Medicinals, EU-GMP Certification, Harvest Medicine, Patient care expertise, Germany, Australia, and other international markets.

Ray Laflamme’s Statement

Chief Executive Officer, Ray Laflamme, said they recognized their strengths and are committed to providing value to their patients and shareholders by improving those strengths. He also adds that they will continue to work as a team and listen to the patient’s needs, health professionals, advocacy, and payors groups in domestic and global medical markets. With an enhanced and renewed focus on their medical channels’ core values, VIVO Cannabis re-commit to assisting people as their top priority.

Canna Farms began as a first patient company from the beginning. This is a progression to re-commit their efforts given their success in the last six years. The company expects to maintain recreational sales on core products to support consumers who purchase across these channels in health and wellness products.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Continue Reading

Trending Stories