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RIV Capital Inc. (CSE:RIV) (OTC:CNPOF) reported on Wednesday financial results for the second quarter, a three-month period ended June 30, 2024.
Mike Totzke, the company's COO and interim CEO, praised "ongoing success of our adult-use operations rollout" in New York during the quarter.
“The customer response has been strong, reflecting the years of dedication and hard work from our team," Totzke said. "Additionally, since the appointment of David Vautrin as chief retail officer, we have enhanced our in-store retail shopping experience to best serve our growing cannabis community. We look forward to implementing these strategies further with the expected opening of two additional adult-use retail locations in New York later in 2024.”
The report comes on the heels of the company's shareholder's approval of RIV Capital's merger with Cansortium Inc. (CSE:TIUM) (OTCQB:CNTMF), a multi-state cannabis operator known for its FLUENT brand. The new combined company will operate in Florida, New York, Texas and Pennsylvania, covering 25% of the U.S. population with eight cultivation and processing facilities and 42 retail dispensaries.
“Since announcing our strategic business combination with Cansortium, we have begun the important work to align our two companies and ensure we are prepared to hit the ground running upon successful completion of the transaction," Totzke continued.
RIV Capital's shares traded 2.61% higher at $0.118 per share after the market close on Tuesday afternoon.
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