The following is a summary of the RIV Capital Inc. (CNPOF) Q4 2024 Earnings Call Transcript:
Financial Performance:
RIV Capital reported a Q4 net revenue of $2.1 million, with a slight increase from $1.9 million in the same quarter the previous year.
RIV's net loss of $47.3 million for Q4 was primarily due to an impairment charge of $48.7 million tied to the acquisition of cannabis licenses from Etain in 2022.
The company reported approximately $82 million in cash at the end of 2023.
Business Progress:
RIV successfully submitted its adult-use cannabis application and received approval from the New York Cannabis Control Board for Etain to become an adult-use licensee.
The expansion of their Chestertown facility commenced in 2023, with 15 harvests already completed, exceeding their expectations.
A new indoor flagship under construction in Buffalo is set to double the company's cultivation capacity by 2025.
RIV opened its first combined retail and medical dispensary in 2024 at White Plains and plans to open two additional dispensaries by mid-year. The company also recognizes new opportunities to diversify their product range.
New York's wholesale THC potency tax has been replaced with a 9% wholesale excise tax and the medical cannabis excise tax has been lowered to 3.15%.
More details: RIV CAPITAL INC IR
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