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US (NY): Grower receives approval to transition to adult-use operations

RIV Capital has received approval from the New York Cannabis Control Board for Etainto to transition to an adult-use operator with cultivation, processing, distribution, and retail operations.

Since submitting its adult-use application to the CCB, the Company has proactively engaged with policymakers, community stakeholders, and industry members, including dispensary owners, to ensure a smooth transition as the state opens New York's adult-use market to new operators. The Company will now be able to provide its assortment of products, including high-quality flower, pre-rolls, vapes, and edibles, to the adult-use market as well as maintain its medical operations. In addition to expanding into adult-use wholesale operations, the Company anticipates opening its first co-located medical and adult-use retail dispensary in early 2024, followed by two additional co-located adult-use retail dispensaries on or around July 1, 2024.

"This is a transformational moment not only for RIV and Etain but for the New York market at large," said Mike Totzke, COO and interim CEO of RIV Capital. "The excitement surrounding this expansion of the New York adult-use cannabis market is palpable. We are ready to begin this new chapter, and it is a true testament to our team, their expertise, their passion, and the hard work we have done to prepare for this moment. Etain is already a well-established medical operator in New York, with its products available in approximately 90% of medical dispensaries across the state, and we look forward to bringing this same focus and attention to our adult-use operations, including our first co-located retail store, which we expect to announce shortly. We are ready to continue our work collaboratively, to build on Etain's founding principles, and help create a responsible, inclusive, and sustainable industry."

Mr. Totzke added, "Our recently expanded cultivation and manufacturing capacity means that we are ready to proudly serve both medical patients and adult-use consumers, as well as offer a diversified product selection to reach new consumers. We are thrilled with this latest advancement in our transition to adult-use operations and are now eagerly anticipating the launch of our retail adult-use storefronts in 2024."

Matt Mundy, Chief Strategy Officer and General Counsel of RIV Capital, added, "I'd like to thank the Cannabis Control Board and the Office of Cannabis Management for their strong vote of confidence in both our application and our operations. We are committed to supporting both existing medical patients and adult-use consumers across the state, as well as the principles and ideals that the New York market is being built on."

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