RIV Capital, a cannabis 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, today announced that the expansion of its cannabis cultivation and production facility located in Chestertown, New York (the “Chestertown Facility”) is now operational.
The recently completed enhancements at the Chestertown Facility include:
Overall facility footprint expanded to more than 75,000 sq. ft, comprised of:
- High-tech greenhouse cultivation space;
- Lab and manufacturing space;
- Distribution and warehousing space; and
- Finished goods and dry flower storage space.
The implementation of advanced equipment and automation technologies which significantly improves the Company’s production rate of high-quality flowers and extracts.
“The completion of our Chestertown facility is a major milestone in our New York growth story as we near our anticipated and long-awaited entry into the adult-use cannabis market,” said Mike Totzke, Interim CEO of RIV Capital. “This expansion, paired with our expertise and advanced knowledge of the state market, will accelerate the development of a robust wholesale program and significantly increase product output in step with the expansion of New York’s consumer base.”
“With the Chestertown enhancements, we are now able to produce all of Etain’s broad SKU portfolio across 9 distinct form factors for the current medical market, with sufficient capacity to scale up for our anticipated entry into the adult-use market. Additionally, we have begun to ramp up our research and development activities and capabilities even further as we look to diversify our product portfolio. With Chestertown now operational and our flagship Buffalo facility on pace to come online in the second half of 2024, we believe we are in the strongest position we have ever been to grow our market share and cement our presence as a leading operator in one of the most anticipated markets in the U.S.”
Since the completion of the expansion project in Q3 2023, the Company has had three harvests in the expansion space, with yields and flower quality ahead of expectations. Production is well underway, with products from the expanded operations available at the Company’s four medical retail locations as well as third-party medical retail locations across the state.
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