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RIV Capital to Acquire New York-Based Etain in Expansion of Cannabis Market

March 30, 2022

New York – Paul Hastings LLP, a leading global law firm, represented RIV Capital, in its definitive agreement to acquire ownership and control of Etain LLC and Etain IP LLC, owners and operators of legally licensed cannabis cultivation and retail dispensaries in the state of New York. The transformative transaction marks a shift in the execution of RIV Capital’s strategy from an investor in the cannabis value chain to a full-fledged operator of licensed cannabis cultivation and dispensary facilities in the United States.

RIV Capital will acquire ownership and control of the Etain companies for approximately $247 million, payable through a combination of cash and newly issued Class A common shares of RIV Capital, subject to, among other things, receipt of all required regulatory approvals, including from the New York Cannabis Control Board and the New York State Office of Cannabis Management.

The acquisition is structured to close in two stages -- the initial closing is expected to occur in the second calendar quarter of 2022 and, subject to receipt of the relevant approvals by the New York state regulators, the final closing is expected to occur in the second half of 2022.

The Paul Hastings team was led by M&A partner Samuel Waxman, and also included associates Vinnie Buehler, Adam Winer, and Anna Hardcastle.

Dedicated to helping the world’s leading Wall Street and global investment banks, asset managers and corporations achieve their business and legal goals, Paul Hastings is a premier global finance law firm with elite teams in finance, mergers and acquisitions, private equity and litigation. We are one of only a handful of law firms ranked across multiple core finance areas including: structured credit, leveraged finance, private credit, capital markets and real estate finance.

Our unmatched client service has helped us become one of the legal profession’s most admired firms, known for a diverse and highly collaborative culture that delivers innovative solutions.

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