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Riv Capital Receives ~$6.5 Million Upon Termination Of Pharmhouse'S Ccaa Proceedings

Sep 13, 2021•almost 4 years ago

Amount Raised

$6.5 Million

Toronto

Description

RIV Capital Inc. ("RIV Capital" or the "Company") (CSE: RIV) (OTC: CNPOF) today announced that it has received a cash distribution of approximately $6.5 million and that termination of PharmHouse Inc.'s ("PharmHouse") proceedings under the Companies' Creditors Arrangement Act (Canada) (the "CCAA Proceedings") and PharmHouse's assignment into bankruptcy under the Bankruptcy and Insolvency Act (Canada) is expected imminently. Pursuant to orders granted by the Ontario Superior Court of Justice (Commercial List) in the CCAA Proceedings, RIV Capital was entitled to the cash remaining in PharmHouse. The receipt of this cash distribution concludes the Company's relationship with PharmHouse in all material respects.

Company Information

Company

Riv Capital

Location

Toronto, Ontario, Canada

About

RIV Capital is an operating and brand platform that aims to acquire, invest in, and develop U.S. cannabis companies to build the cannabis industry of tomorrow, today. By bringing together people, capital, and ideas, we aim to provide shareholders with exposure to exceptional cannabis companies in strategically attractive states poised for significant growth. Backed by our in-house expertise and cannabis domain knowledge, we aim to develop operators and brands who can build market share while we expand the geographic and strategic scope of our multistate platform. RIV Capital also has a strategic relationship with The Hawthorne Collective, a subsidiary of The Scotts Miracle-Gro Company, pursuant to which RIV Capital is the Hawthorne Collective's preferred vehicle for cannabis-related investments not under the purview of other ScottsMiracle-Go subsidiaries.