RIV Capital (TSX: RIV) (OTC: CNPOF), an investment and acquisition company specializing in cannabis, announced that through its sale and investment solicitation process, PharmHouse Inc. completed the sale of its greenhouse facility. The transaction was based on its asset purchase agreement with a company related to Sensei Ag Holdings Inc. PharmHouse noted that it plans to use the proceeds from the sale to reduce its debt. Following the closing of the PharmHouse sale, RIV Capital made a cash payment of an estimated $7.5 million to lenders. The announcement noted that any remaining cash left after fulfillment of the debt obligation will distributed to RIV Capital. “Over the past few quarters, we have worked tirelessly to mitigate our liability exposure on PharmHouse, ensure that our liability does not exceed our disclosed estimates and secure a buyer for the facility,” said RIV Capital president and CEO Narbe Alexandrian in the press release. “With this chapter behind us, our complete focus is on executing on our investment strategy in the U.S. market.”
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About RIV Capital
RIV Capital is an investment and acquisition company specializing in cannabis with a portfolio of 13 companies across various segments of the cannabis value chain. The company believes that bringing together people, capital and ideas raises the potential of the entire cannabis industry. By leveraging its industry insights, in-house expertise and thesis-driven approach to investing, RIV Capital aims to provide shareholders with exposure to specialized and disruptive cannabis companies. For more information about the company, please visit www.RIVCapital.com.
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