Cannabis focused venture capital company RIV Capital Inc. (CSE:RIV) (OTC:CNPOF) released its unaudited condensed interim consolidated financial statements and management’s discussion and analysis for the three and nine months ended December 31, 2021.
“We have narrowed our pipeline of potential U.S. cannabis acquisition targets and are more excited than ever by the immense opportunity ahead of us in the U.S.,” stated Narbé Alexandrian, president and CEO of RIV Capital. “We are working toward announcing the next step of our U.S. acquisition and investment strategy prior to the end of this fiscal year and believe the plan we have in place will contribute to the long-term value for our shareholders.”
In early 2021, RIV Capital embarked upon a strategic shift to the U.S. cannabis market and in August entered a strategic partnership with The Scotts Miracle-Gro Company (NYSE:SMG), a global leader of branded consumer products for lawn and garden care, via their newly-formed cannabis subsidiary, The Hawthorne Collective.
Q3 Financial Highlights
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Operating income (before equity method investees and fair value changes) was CA$87,000 (68,700) compared to CA3.3 million;
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Net operating loss was CA$6.78 million compared to CA$9.56 million;
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Net loss was CA$3.51 million compared to CA$1.4 million
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Basic loss per share was CA$0.02 compared to CA$0.01;
Q3 2022 Portfolio Updates
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Dynaleo Inc. partnered with Niagara College to build on prior research for a therapeutic CBD-infused gummy to support muscle recovery for the sports and wellness markets. Additionally, Dynaleo’s executive chairman Michael Krestell was appointed to the Cannabis Council of Canada’s board of directors.
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Greenhouse Juice introduced zero sugar oat milk to market and began distributing its organic boosters nationally in Canada. Subsequent to the quarter, Greenhouse Juice was named to Canadian Business’ New Innovators List for 2022.
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Headset Inc. completed a US$8.6 million financing round led by private equity firm Althea. Headset also expanded its competitive intelligence tool, Headset Insights Premium, to Arizona, Illinois, and Maryland.
