RIV Capital announced that PharmHouse has closed the sale of its greenhouse facility following to its asset purchase agreement with a company related to Sensei Ag Holdings. PharmHouse will use the net proceeds received from the PharmHouse Sale to reduce the amount owing under its syndicated credit facility with a group of Canadian bank lenders.

Concurrent with the closing of the PharmHouse Sale, RIV Capital has made a cash payment of approximately $7.5 million to the Lenders. This payment is expected to fully satisfy PharmHouse's obligations under the Credit Facility, which RIV Capital had guaranteed. As the parties have now been discharged of their obligations in respect of the Credit Facility, any cash available for distribution upon the termination of PharmHouse's proceedings under the CCAA is expected to be distributed to RIV Capital.

"Over the past few quarters, we have worked tirelessly to mitigate our liability exposure on PharmHouse, ensure that our liability does not exceed our disclosed estimates, and secure a buyer for the facility," said Narbe Alexandrian, President & CEO, RIV Capital. "With this chapter behind us, our complete focus is on executing our investment strategy in the U.S. market."

For more information:
RIV Capital