Flavorful, experience-enhancing cannabis brand now available at Etain dispensaries in NY and the wholesale market
TORONTO, Oct. 3, 2024 /CNW/ - RIV Capital Inc. ("RIV Capital" or the "Company") (CSE: RIV) (OTC: CNPOF), an acquisition and investment firm with a focus on building a leading multistate platform with one of the strongest portfolios of brands in key strategic U.S. markets, and Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) ("Cansortium"), a vertically integrated, multi-state cannabis company operating under the FLUENT? brand, today announced that the MOODS cannabis brand ("MOODS") is now available in New York. The carefully formulated line of cannabis products is now available at the Company's Etain branded dispensaries, with additional third-party dispensary locations expected as wholesale sales have commenced.
MOODS Mini, all-in-one by Fluent, now available in New York. (CNW Group/RIV Capital Inc.)
A vibrant, effect-driven brand setting new standards in taste and style, MOODS products are formulated with floral terpenes delivering lasting flavor and maximizing effect-driven experiences, ranging from happy and uplifted to sleepy and mellow. Offering four core strains – Miami Vibes (Sativa), Kingdom Dreams (Indica), Golden Hour (Sativa) and Everglade Haze (Hybrid) – MOODS offers the following consumption formats:
MOODS Mini All-in-One: A compact USB-C rechargeable device capable of holding a full gram of cannabis and complete with advanced technology designed to provide rich, lasting flavors for a smooth vaping experience.
MOODS 0.5g Dash All-In-One: A convenient and efficient vaping experience featuring a sleek device operating at 3.5v with a rechargeable design for extended use and an enhanced heating system intended to deliver consistently smooth and optimized hits.
MOODS 1g Cartridges: A high-quality 1g capacity vape offering combining the familiar with the innovative to create a smooth cannabis experience full of rich flavor.
"We debuted the MOODS Brand at our retail stores in New York to gauge consumer interest and gain feedback, and the launch was met with great success. In fact, MOODS quickly became our number one selling vape brand in all New York retail stores in which the product was offered by both dollars and volume during the month of September," said Dave Vautrin, Interim CEO of RIV Capital. "The launch of MOODS was also accretive to our overall monthly vape category units sold, bringing the Company's overall monthly vape sales to a record level. To me, this is an indication of the potential future growth that MOODS can bring to our burgeoning wholesale division. Using genetics exclusively grown at our Upstate New York cultivation and manufacturing facility, each of our MOODS products is expertly formulated and carefully developed with the wants and needs of new and existing cannabis enthusiasts in mind. This is an important milestone in our integration journey as we have worked closely with our partners at Cansortium to introduce this beloved Florida brand to New York consumers."
In connection with the launch of MOODS, RIV Capital and Cansortium will participate in the upcoming Revelry Cannabis Festival happening October 4-5, 2024, in NYC, New York. The two-day event celebrates the intersection of cannabis and culture in the state with musical performances, keynote speakers, unique brand activations, and mouthwatering dishes from culinary savants. Members of the RIV Capital and Cansortium teams will be on hand to showcase the new line of MOODS products and celebrate its entry into the New York market.
About RIV Capital RIV Capital is an acquisition and investment firm with a focus on building a leading multistate platform with one of the strongest portfolios of cannabis brands in key strategic U.S. markets. Backed by in-house expertise and cannabis domain knowledge, RIV Capital aims to grow its own brands and partner with established U.S. cannabis operators and brands to bring them to new markets and build market share. RIV Capital established the foundational building blocks of its active U.S. strategy with its previously announced acquisition of Etain. Through its strategic relationship with The Hawthorne Collective, Inc. ("The Hawthorne Collective"), a subsidiary of The ScottsMiracle-Gro Company ("ScottsMiracle-Gro"), RIV Capital is The Hawthorne Collective's preferred vehicle for cannabis-related investments not under the purview of other ScottsMiracle-Gro subsidiaries.
Forward Looking Statements This news release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of RIV Capital, its portfolio companies, and Etain with respect to future business activities and operating performance. Often, but not always, forward-looking information can be identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cansortium, RIV Capital or their respective subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Examples of such statements include, but are not limited to, statements regarding: expectations with respect to the availability of MOODS products at additional third-party dispensary locations; expectations with respect to MOODS product sales, including the potential growth of the Company's wholesale division; RIV Capital and Cansortium's participation in and attendance at the upcoming Revelry Cannabis Festival in New York; and expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although RIV Capital believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of RIV Capital, its portfolio companies, and/or Etain.
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: RIV Capital's ability to execute its go-forward strategy; stock market volatility; changes in the business activities, focus and plans of RIV Capital, Etain and RIV Capital's investees and the timing associated therewith; the timing of any changes to federal laws in the U.S. to allow for the general cultivation, distribution, and possession of cannabis; regulatory and licensing risks; changes in cannabis industry growth and trends; changes in general economic, business and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation, including RIV Capital's interpretation of such regulation; public opinion and perception of the cannabis industry; divestiture risks; and the risk factors set out in RIV Capital's annual information form for the year ended March 31, 2023, annual management's discussion and analysis for the nine-month period ended December 31, 2023, and management information circular dated July 12, 2024 under the heading "Risk Factors", as filed with the Canadian securities regulators and available on RIV Capital's profile on SEDAR+ at www.sedarplus.ca and such other risks contained in the public filings of Cansortium filed with Canadian securities regulators and available under Cansortium's profile on SEDAR+ at www.sedarplus.ca.
Cansortium and RIV Capital, through several of their respective subsidiaries, are directly involved in the manufacture, possession, use, sale, and distribution of cannabis in the adult-use and medical cannabis marketplace in the U.S. Local state laws where Cansortium and RIV Capital operate permit such activities, however, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the U.S. Cannabis remains a Schedule I drug under the Controlled Substances Act, making it illegal under federal law in the U.S. to, among other things, cultivate, distribute, or possess cannabis in the U.S. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the U.S. may form the basis for prosecution under applicable U.S. federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the U.S. has trended toward non-enforcement against individuals and businesses that comply with adult-use and medical cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve Cansortium and RIV Capital of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against Cansortium or RIV Capital. The enforcement of federal laws in the U.S. is a significant risk to the business of Cansortium and RIV Capital and any proceedings brought against Cansortium or RIV Capital thereunder may adversely affect operations and financial performance.
Should one or more of the foregoing risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Cansortium and RIV Capital have attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The forward-looking information and statements included in this news release are made as of the date of this news release and Cansortium and RIV Capital do not undertake any obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
