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CannaRoyalty closes acquisiton of marijuana distributor RVR Distribution

Canadian cannabis company CannaRoyalty Corp. completed the merger of its unit Alta Supply Inc. with RVR Distribution, a marijuana distributor.

CannaRoyalty will assume the merged California operations of RVR and Alta Supply. All consideration will be in CannaRoyalty Shares and issued in installments.

In an Oct. 18 news release, the company said the deal positions it as a major third-party distribution platform in the California cannabis marketplace.

The company will issue exchangeable shares that will enable the recipients to acquire 70,000 class A CannaRoyalty shares — 21,000 shares at close and 49,000 shares over the next 24 months — for no additional consideration. Each class A compressed share will be convertible into 100 common shares.

After acquiring control over RVR on Aug. 31, CannaRoyalty initiated consolidation of the marijuana distributor's financial statements, effective Sept. 1.

Marc Lustig, CEO of CannaRoyalty, said the company expects the acquisition's closing and the resulting acceleration of growth plans to generate a sustained, multi-quarter step change in the company's revenue run rate.

In addition, Ted Simpkins, the co-founder and CEO of RVR, joined CannaRoyalty as a director, effective Oct. 18.

Simpkins has over four decades of experience as an executive vice president of Southern Wine and Spirits, California's largest wine and spirit distributor.