CNPOF - Revenue Growth And Cannabis Market Expansion: RIV Capital's Fiscal Highlights For 2023 | Benzinga
RIV Capital Inc. (OTC:CNPOF) has released its financial results for the last fiscal quarter of 23 and the nine-month transition period ended December 31, 2023. The company’s performance highlights significant revenue growth and strategic milestones amidst operational expansion efforts in the cannabis industry.
Revenue Surge and Market Expansion
RIV Capital reported a surge in revenue, reaching $2.1 million for the three months ended December 31, 2023 (“CQ4 2023”), compared to $1.9 million for the same period in 2022 (“CQ4 2022”). Notably, retail revenue of $1.9 million was generated from Etain’s medical dispensaries in Manhattan, Kingston, Syracuse, and Yonkers, supplemented by wholesale revenue of $0.3 million from sales of Etain-branded products to other medical dispensaries in New York.
Operational Efficiency and Cost Management
While revenue soared, the Company encountered increased cost of goods sold, totaling $1.5 million for CQ4 2023, compared to $1.1 million for CQ4 ...