SMG - This Cannabis Merger Will Cover 25% Of U.S. Population: Cansortium & RIV Capital Powered By ScottsMiracle-Gro | Benzinga
Cansortium Inc. (OTC: CNTMF), a multi-state cannabis operator under the FLUENT brand and RIV Capital Inc. (OTC: CNPOF) announced a merger that will operate in Florida, New York, Texas, and Pennsylvania, covering 25% of the U.S. population with eight cultivation and processing facilities and 42 retail dispensaries.
Supported by ScottsMiracle-Gro’s $175 million debt elimination, the merger combines Cansortium’s operational expertise with RIV Capital’s $66 million cash reserve. But how will this consolidation impact stakeholders and the cannabis market in these key states?
Financial Position And Growth Opportunities
The combined company is expected to have a pro forma cash balance of $74 million as of March 31, 2024. This will enable the company to fund growth opportunities, including the New York market. The merger is projected to generate $5-10 million in annual cost ...