05:32 PM EDT, 10/16/2024 (MT Newswires) -- RIV Capital ( CNPOF ) , an acquisition and investment firm in the cannabis industry, after trade Wednesday said it reached a distribution partnership agreement with Siban Holdings, which operates the Nabis cannabis wholesale marketplace.

Under the terms of the agreement, Nabis will facilitate distribution for the company's branded products to licensed retailers across New York state.

The partnership leverages Nabis's experience in servicing over 300 brands nationwide.

The New York State Cannabis Advisory Board recently reported that third-quarter total adult-use sales in the state reached $250 million, representing 54% sequential growth and an increase of 357% from a year earlier.

"This agreement will allow us to achieve efficiencies within our expense profile and remove unnecessary complexity from our organization while opening up new opportunities to sell our premium, high-quality branded products to both medical patients and adult-use consumers alike in New York," says Chief Retail Officer and Interim Chief Executive Officer of RIV Capital ( CNPOF ), Dave Vautrin.