RIV Capita and Cansortium, 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, Chief Executive Officer 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 Chief Executive Officer 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 potentially expand the reach to more New Yorkers."
The transaction 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.
