RIV Capital Reports YoY Revenue Growth In Q2, Plans To Establish Dominant Role In New York Wholesale Market

Author: Jelena Martinovic | August 29, 2023 09:40am

Cannabis-focused acquisition and investment firm RIV Capital Inc. (CSE:RIV) (OTC:CNPOF) reported on Monday its second-quarter financial results for the three months ended on June 30, 2023.

"A core focus of the business continues to be the thoughtful deployment of capital in New York, where we expect to benefit from a first-mover advantage in the wholesale market and aim to establish our position as a leading operator in the state," Eddie Lucarelli, the company's CFO, said. "Our liquidity position remains strong, and we anticipate executing on additional opportunities to further expand our geographical footprint with the core goal of driving sustained shareholder value."

New York cannabis market will undoubtedly be one of the hot topics at the upcoming Benzinga’s event in Chicago.

Q2 2023 Financial Highlights

• Revenue totaled $1.9 million, up from $1.4 million in the prior year's period.
• Gross profit totaled $393 000, down from $522 000 in the same quarter of 2022.
• Operating loss was $4.9 million, down from $5 million in the corresponding period of last year.
• Net loss amounted to $9.7 million, up from $3.5 million in the prior year's second quarter.
• Selling, general, and administrative expenses of $5.3 million compared to $5.5 million for the prior year's period.
• Cash at the end of the fiscal period was $90.7 million.
• As of June 30, the company had $258.3 million in total assets and $159.3 million in total liabilities.

Price Action

RIV Capital's shares traded 4.6512% higher at $0.09 per share at the time of writing on Tuesday morning.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

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Photo: Courtesy of geralt and Kindel Media by Pixabay

Posted In: CNPOF CSE:RIV