Canopy Rivers was formed four years ago to serve as a strategic-investment firm for Canopy Growth.
The cash payment from Canopy Growth agreed in December also came with an issue of 3.7 million Canopy Growth shares to RIV Capital, then-named Canopy Rivers, which the company has now sold in preparation for its transition to the U.S. for net proceeds of approximately C$110 million.
RIV Capital to Delist From TSX to Focus on U.S. Cannabis Market
Thursday, June 3, 2021, 8:26 AM ET
By Adriano Marchese
RIV Capital Inc., formerly known as Canopy Rivers Corp., said Thursday that it expects to delist from the Toronto Stock Exchange to focus on investing in the U.S. cannabis market.
Due to its newfound focus on potential acquisitions of and investments in U.S. cannabis businesses, the Toronto-based cannabis investment and acquisition firm said that it expects to delist from the TSX due to limitations around those kinds of investments on that exchange.
RIV Capital said that the closing of the transaction in the quarter with Canopy Growth Corp. now positions company to focus on executing its strategic pivot to U.S. cannabis market, and said it will seek listing on a better-suited stock exchange.
In December, the company struck a 115 million Canadian dollar (US$95.6 million) deal with Canopy Growth which saw the severing of ties between the two companies.
Canopy Rivers was formed four years ago to serve as a strategic-investment firm for Canopy Growth.
The cash payment from Canopy Growth agreed in December also came with an issue of 3.7 million Canopy Growth shares to RIV Capital, then-named Canopy Rivers, which the company has now sold in preparation for its transition to the U.S. for net proceeds of approximately C$110 million.
The company said it will issue an update on the delisting in due course.
Meanwhile, for the three months ended March 31, RIV Capital said loss per share was 13 Canadian cents, compared with a loss of 16 Canadian cents in the comparable quarter a year ago.
Net loss was C$21.5 million, compared with a loss of C$30.5 million a year ago.
Total comprehensive income was C$64.8 million compared with a loss of C$36.8 million.
"With the Canopy Growth transaction complete and the PharmHouse Credit Facility fully settled, our rejuvenated balance sheet puts us in an advantageous position to capitalize on the growing momentum in the U.S. cannabis market," Chief Financial Officer Eddie Lucarelli said.
Write to Adriano Marchese at adriano.marchese@wsj.com
WEED
Net loss in Q4 2021 of $617 million, a $710 million narrower loss versus Q4 2020
Good God !....What a great Co. !
