RIV Capital has signed a new distribution agreement with Nabis, enabling it to expand its reach in New York’s flourishing legal cannabis market.
Nabis, a leading cannabis wholesale platform which serves over 300 brands across the US, will provide fulfillment, data analytics, financing, sales, and marketing support for RIV’s.
This will enable RIV, which recently introduced its ‘Moods’ range of products into the New York market, to significantly expand its foothold in the region and expand its product portfolio.
Thanks to growing efforts from regulators to clamp down on the state’s illicit cannabis sector, New York has seen substantial improvement, with adult-use sales reaching $250m in Q3 2024, a 357% year-over-year increase.
Dave Vautrin, Chief Retail Officer and Interim CEO of RIV, expressed enthusiasm for the partnership, stating: “As we introduce new brands like MOODS and the market expands, our collaboration with Nabis will broaden our reach in New York.
“This agreement allows us to streamline operations while opening up new opportunities for selling premium products to medical and adult-use consumers.”
It comes just a week after RIV and vertically integrated cannabis brand Fluent announced the approval from the New York Cannabis Control Board for their previously announced business combination.
This regulatory approval marks a significant milestone as the companies prepare to finalize their merger in the fourth quarter of 2024.
The business combination, expected to close later in 2024, will see the combined entity operating under the Cansortium name, with its shares continuing to trade on the Canadian Securities Exchange (CSE) under ‘TIUM.U’ and on the OTCQB under ‘CNTMF.’
The ongoing evolution of New York’s cannabis market and more will be discussed in detail at Business of Cannabis: New York on November 12 at the New York Academy of Medicine. Grab your tickets now.
Are you a fully-operational retailer, license holder or license applicant in New York? Apply for your FREE Retailer Ticket for Business of Cannabis: New York on November 12. Submit your application here.
