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RIV Capital Sees Year-over-Year Revenue Increase in Q2, Aims to Lead New York Wholesale Market

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RIV Capital Inc., an acquisition and investment firm focused on cannabis, disclosed its financial results for the second quarter ending June 30, 2023.

According to Eddie Lucarelli, CFO of RIV Capital, the company continues to prioritize strategic capital deployment in New York, where they anticipate becoming a prominent player in the wholesale market and establishing themselves as a leading operator in the state. Lucarelli stated, β€œWe have a strong liquidity position and plan to pursue additional opportunities to expand our presence in different locations, with the ultimate goal of generating long-term value for our shareholders.”

The upcoming Benzinga’s event in Chicago will feature discussions on the New York cannabis market.

Highlights of Q2 2023 Financial Performance

  • Revenue increased to $1.9 million, compared to $1.4 million in the same period last year.
  • Gross profit was $393,000, down from $522,000 in Q2 of 2022.
  • Operating loss decreased to $4.9 million from $5 million in the corresponding period of the previous year.
  • Net loss rose to $9.7 million, up from $3.5 million in the same quarter of last year.
  • Selling, general, and administrative expenses amounted to $5.3 million, compared to $5.5 million in the prior year’s period.
  • Cash reserves at the end of the fiscal period were $90.7 million.
  • Total assets and total liabilities equaled $258.3 million and $159.3 million, respectively, as of June 30.

RIV Capital Stock Price

As of the time of writing, RIV Capital’s shares were trading at $0.09 per share, representing a 4.6512% increase.

Benzinga Cannabis Capital Conference, known for fostering cannabis investment and branding opportunities, will be held in Chicago from September 27-28. Secure your tickets today!

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Photo: Courtesy of geralt and Kindel Media by Pixabay

Source: Benzinga.com

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