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  Marijuana  Cansortium Finalizes Merger With RIV Capital, Expanding Fluent Brand Footprint
MarijuanaNews

Cansortium Finalizes Merger With RIV Capital, Expanding Fluent Brand Footprint

Lars BeckersLars Beckers—December 20, 20240
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The merger between Cansortium, a Florida-based marijuana multistate operator (MSO) known for its Fluent brand, and Toronto-based RIV Capital has officially closed. This strategic move reshapes the cannabis landscape, creating a combined entity poised for significant growth in both established and emerging markets.

Fluent Acquires RIV Capital in All-Stock Deal

The transaction, initially reported in May, involves Fluent acquiring all issued and outstanding Class A common shares of RIV Capital. Shareholders of RIV Capital received 1.245 Fluent common shares for each RIV Capital share held. The deal shifts Fluent into a commanding position, with its shareholders now owning 51.25% of the combined company, while RIV Capital shareholders, alongside The Hawthorne Collective, hold 48.75%.

The merger reflects Fluent’s focus on expanding its retail footprint and diversifying its market presence.

New Leadership for the Combined Entity

Robert Beasley, who has been CEO of Cansortium since 2020, will lead the newly merged company under the Fluent name. His tenure has been marked by strategic growth and operational improvements, aligning well with the vision for the combined business.

Beasley’s leadership will be critical as Fluent navigates the integration of RIV Capital’s assets and enters new markets, including the highly competitive New York adult-use cannabis market.

Strategic Expansion: Fluent’s Growing Retail and Market Presence

The deal enhances Fluent’s retail presence, growing its total store count to 42 locations. More importantly, it grants Fluent access to the burgeoning adult-use cannabis market in New York.

RIV Capital brings a key asset to the table: Etain Health. Acquired for $247 million in 2022, Etain is a prominent marijuana brand in New York, a state with immense potential for recreational cannabis sales.

  • Retail Stores: Fluent now operates 42 stores across multiple states.
  • New York Market Entry: The merger positions Fluent in the adult-use cannabis market, thanks to Etain.
  • Broader Market Reach: Combines Fluent’s established operations with RIV Capital’s strategic assets.

ScottsMiracle-Gro’s Stake Through Hawthorne Collective

The Hawthorne Collective, a subsidiary of ScottsMiracle-Gro, maintains a significant stake in the combined company. Hawthorne invested in RIV Capital in 2021, and its involvement in this merger underscores its interest in the cannabis sector’s growth potential.

Fluent’s partnership with a ScottsMiracle-Gro affiliate provides additional resources and credibility as the combined entity scales operations and explores new opportunities.

A Timeline of Growth

RIV Capital’s evolution into a major player in the cannabis sector has been nothing short of transformative. Originally established as Canopy Rivers, a spin-off from Canadian cannabis giant Canopy Growth in 2020, RIV Capital has steadily expanded its portfolio and capabilities.

In contrast, Fluent has focused on strengthening its vertically integrated operations in the U.S., particularly in Florida.

This merger blends Fluent’s operational efficiency with RIV Capital’s strategic assets, creating a robust platform for future growth.

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Lars Beckers

Lars Beckers is a distinguished senior content writer at MMJ Gazette, bringing a wealth of experience and expertise to the realm of medical marijuana and cannabis-related content. With a deep understanding of the industry and a passion for sharing knowledge, Lars's articles offer readers comprehensive insights and engaging narratives in the dynamic world of cannabis. Known for his meticulous research, clarity of expression, and commitment to delivering high-quality content, Lars brings a seasoned perspective to his work, educating and informing audiences on the latest trends and developments in the field.

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  • Cannabis Businesses Face Tightrope Act as Rules Shift State to State
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