RIV Capital

01 / WHAT IT BUILT

What the company did

RIV Capital was a Toronto-based acquisition and investment company focused on building a leading multistate cannabis platform in the United States. Founded in 2017 and formerly known as Canopy Rivers, it invested in, acquired and developed cannabis operators and brands, building a portfolio across the cannabis value chain. In August 2021 it raised $150 million in an unsecured convertible note from The Hawthorne Collective, a subsidiary of The Scotts Miracle-Gro Company, becoming that group's preferred vehicle for cannabis investments. Its key operating asset was Etain, a vertically integrated medical cannabis operator in New York. On December 19, 2024, Cansortium, operating under the FLUENT brand, completed the acquisition of RIV Capital in a court-approved plan of arrangement; RIV shares were delisted from the Canadian Securities Exchange and the combined company continued under the FLUENT name.

03 / EVENT HISTORY

Events in the structured record

1. 2017
   Company founded

   RIV Capital was founded in Toronto as a cannabis acquisition and investment company (originally Canopy Rivers).

2. 2021
   Funding round

   In August 2021 RIV Capital entered into agreements for a $150 million unsecured convertible note investment from The Hawthorne Collective, a subsidiary of The Scotts Miracle-Gro Company.

3. 2024
   Acquisition

   On December 19, 2024, Cansortium (FLUENT) completed the court-approved acquisition of RIV Capital; RIV shares were delisted from the CSE and the combined company continued under the FLUENT brand.