TORONTO, Oct. 16, 2024 – PRESS RELEASE – RIV Capital Inc., an acquisition and investment firm with a focus on building a leading multistate platform, announced a distribution partnership agreement with Siban Holdings Inc. (Nabis), a leading wholesale platform in the cannabis industry. Under the terms of the agreement, Nabis' technology and expertise will facilitate distribution for the company's branded products to licensed retailers across New York.
The partnership leverages Nabis' extensive experience in servicing more than 300 brands nationwide with anticipated best-in-class fulfillment, data analytics, financing, sales and marketing services, which is expected to position RIV Capital to substantially expand its wholesale network and offer an enhanced product portfolio to a rapidly growing number of dispensaries and delivery businesses across New York.
The legal New York cannabis market has improved significantly as action by state authorities has helped to mitigate illicit market activities and expand the legal market. The New York State Cannabis Advisory Board recently reported that Q3 2024 total adult-use sales reached $250 million, representing 54% sequential growth and an increase of 357% from a year earlier.
"As we bring in exciting new brands like MOODS and the market here expands, we are thrilled to begin our partnership with Nabis to help broaden our reach in New York," RIV Capital CEO and Chief Retail Officer Dave Vautrin said. "This agreement will allow us to achieve efficiencies within our expense profile and remove unnecessary complexity from our organization while opening up new opportunities to sell our premium, high-quality branded products to both medical patients and adult-use consumers alike in New York."
"We are excited to be supporting RIV Capital and to be working alongside Dave Vautrin again," Nabis co-founder and CEO Vince C. Ning said. "I witnessed first-hand Dave's strong leadership as friendly former competitors in California when he ran California's largest distribution business, Continuum by Origin House, before it was sold to Cresco and returned to his native state of New York.
“The RIV Capital team's desire to focus on their core expertise in cultivation and retail, and entrusting Nabis' technology platform for wholesaling, is a testament to their deep experience and foresight in understanding the requirements to scale their burgeoning wholesale business."
The agreement coincides with the recent introduction of MOODS Cannabis in New York by the company. Formulated with floral terpenes, MOODS Mini All-in-One, MOODS 0.5-gram Dash All-In-One, and MOODS 1-gram cartridges deliver long-lasting flavor and offer a wide range of effects, ranging from happy and uplifted to sleepy and mellow.
