Etain receives regulatory approval for flagship facility in Buffalo, New York
by CM staff
Completion of the construction and commissioning of the Buffalo Facility is expected to occur by CQ3 2024.
TORONTO — RIV Capital Inc., an acquisition and investment firm, through its wholly owned indirect subsidiary RIV Capital US Real Estate LLC, and Etain announced that the New York State Office of Cannabis Management (OCM) has reviewed and approved Etain’s request for an additional cultivation and manufacturing facility and a second facility for office space, located in Buffalo, New York.
Upon completion, Etain will operate the Buffalo Facility, which will expand its manufacturing and cultivation capabilities. The facility is expected to focus on the production of premium flower.
“This is a landmark moment for the team and an important step in positioning Etain as a leading operator with an emphasis on producing premium flower,” said Mike Totzke, COO and interim CEO of RIV Capital. “As the cannabis ecosystem evolves, this facility has been strategically designed to address the anticipated surge in demand for premium products with the progressive expansion of the adult-use market throughout the state. We are thrilled to establish ourselves more strongly for the future with this new facility, which will nearly double Etain’s New York canopy footprint when commercial operations commence.”
As previously announced, RIV Capital’s development partner has committed approximately $25.5 million to the development of the facility, and the company has committed $4.5 million.
