RIV Capital announced that Mike Totzke, Interim Chief Executive Officer and Chief Operating Officer, has resigned from the company, effective October 1, 2024. The Board of Directors has appointed its current Chief Retail Officer, David E Vautrin, as Interim Chief Executive Officer.
Totzke has led RIV Capital for two and a half years, achieving expanded cultivation and manufacturing operations in its Chestertown facility, converting into the adult-use market and opening its first three adult use retail stores, while positioning the company for the pending merger with Cansortium. Beyond Totzke's numerous accomplishments, he directly led the recruitment and hiring of Vautrin.
"It has been an honor to lead RIV Capital," said Totzke. "I am incredibly proud of everything we have accomplished as a team, and I am confident that RIV Capital is in a strong position to continue its growth under David E Vautrin as the Interim CEO. Dave is one of the most effective executive operators I have worked with in the industry. With Dave's leadership and our merger with Cansortium, it's an ideal time for me to step into my next opportunity."
Vautrin is a highly experienced executive who has been in the cannabis industry for seven years and with RIV Capital since June 2024. Since joining the executive team Vautrin has led transformational growth. Under his leadership, the Company has experienced rapid revenue growth, and expanded its co-located adult-use retail locations while substantially expanding the breadth of the Company's wholesale business.
"I am excited to expand my responsibilities with the impressive team while leveraging prior experiences with both building The Travel Agency, multi-store cannabis group in NYC, and my successful tenure starting up Cannaroyalty (later renamed Origin House) in California and implementing its sale to Cresco. In my new role, I will remain laser-focused on optimizing the business, driving top line revenue and closely working with the executive team at Cansortium as we prepare for our combination," said Vautrin.
