MJ Biz
Toronto-based RIV, which operates the Etain Health marijuana brand in New York, is merging with Cansortium, a Florida-based vertically integrated cannabis multistate operator.
Under terms of the deal, Cansortium – which operates under the Fluent brand – will acquire all the issued and outstanding Class A common shares of RIV Capital in exchange for Cansortium shares, according to a news release.
Shareholders of RIV will receive 1.245 of a common share of Cansortium for each RIV share.
Upon closing, Cansortium shareholders will hold roughly 51.25% of the combined business.
RIV shareholders and The Hawthorne Collective – a ScottsMiracle-Gro subsidiary that invested in RIV in 2021 – will hold approximately 48.75% of the combined company.
Shareholders still must approve the proposed merger. Read the story
