The man building a new cannabis company with cash from Scotts Miracle-Gro lays out his plan to dominate the US with a $320 million war chest
RIV Capital CEO Narbe Alexandrian said he's using the money to shop for US cannabis deals.
RIV Capital CEO Narbe Alexandrian says he's using the money — which will bring his firm's funds to $320 million — to go shopping for US cannabis deals. On that, he's not alone: Irwin Simon, the CEO of Canadian cannabis company Tilray,he's looking to leverage a $500 million balance sheet to buy up US cannabis companies. And Canopy Growth CEO David Klein said in a July call with investors that he's actively looking for US deals.
Still, Alexandrian said he's not opposed to buying up distressed assets — as long as those firms own licenses in potentially lucrative states.in states with limited license frameworks like New YorkHe's focused on populous states in the Northeast, like Connecticut, New York, or New Jersey, as well as big markets like Illinois and Florida.
Since Scotts is an NYSE-listed company, the deal has a complex structure. A Scotts subsidiary, Hawthorne, is lending the money to RIV Capital in the form of an unsecured convertible note, rather than buying shares directly. That debt will convert to equity over six years with a 0.7% annual interest rate .
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