RIV Capital Inc. (CSE:RIV) (OTC:CNPOF) and Cansortium Inc. (CSE:TIUM) (OTCQB:CNTMF) have secured approval from the New York Cannabis Control Board for their upcoming merger, marking a major consolidation in the state's fast-growing cannabis industry.
The merger, expected to close by the end of 2024, positions the combined company to take full advantage of covering 25% of the U.S. population with eight cultivation and processing facilities and 42 retail dispensaries.
“We are thrilled to have received regulatory approval in New York to move forward with our business combination transaction, bringing us closer to completing this important step for both of our companies in the fourth quarter of 2024,” said Robert Beasley, CEO of Cansortium, in a press ...