New York’s Etain Acquired For $257 Million By RIV Capital, Backed By Scott’s Miracle-Gro
April 5, 2022RIV Capital, a Toronto-based cannabis investment and acquisition firm backed by Scott’s Miracle-Gro, has agreed to acquire New York cannabis company Etain for $257 million. Etain is one of New York State’s original five medical license recipients and one of only 10 approved vertically integrated operators. Based in Chestertown, New York, where it’s expanding its growing and manufacturing space, it operates four dispensaries in Manhattan, Kingston, Syracuse, and Westchester.
Under the terms of the deal, RIV will pay approximately $212 in cash and $35 million in RIV shares. Etain’s owners will also be entitled to nominate a member to RIV’s board, which is expected to be Etain CEO Amy Peckham. RIV also named Mark Sims as its president and CEO to lead the company’s formal entry into the U.S. market and expansion into New York operations. Sims was previously senior vice president of strategy and M&A for Scotts Miracle-Gro.—Danny Sullivan
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