RIV Capital Inc. ( CNPOF ) (OTC:CNPOF) reported on Wednesday financial results for the second quarter, a three-month period ended June 30, 2024.

Mike Totzke, the company's COO and interim CEO, praised "ongoing success of our adult-use operations rollout" in New York during the quarter.

“The customer response has been strong, reflecting the years of dedication and hard work from our team," Totzke said. "Additionally, since the appointment of David Vautrin as chief retail officer, we have enhanced our in-store retail shopping experience to best serve our growing cannabis community. We look forward to implementing these strategies further with the expected opening of two additional adult-use retail locations in New York later in 2024.”

Read Also: RIV Capital Reports YoY Increase In Q1 Revenue, Gross Profit Ahead Of Merger With Cansortium To Create Four-State Cannabis Company

The report comes on the heels of the company's shareholder's approval of RIV Capital's ( CNPOF ) merger with Cansortium Inc. ( CNTMF ) , a multi-state cannabis operator known for its FLUENT brand. The new combined company will operate in Florida, New York, Texas and Pennsylvania, covering 25% of the U.S. population with eight cultivation and processing facilities and 42 retail dispensaries.

Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.

“Since announcing our strategic business combination with Cansortium ( CNTMF ), we have begun the important work to align our two companies and ensure we are prepared to hit the ground running upon successful completion of the transaction," Totzke continued.

Q2 2024 Financial Highlights

Net revenue was $3.8 million, compared to $1.8 million for the three months ended June 30, 2023, representing a 111% year-over-year increase.

Cost of goods sold was $4.9 million, compared with $1.6 million in the second quarter of 2023.

An unrealized loss on changes in the fair value of biological assets of $0.4 million, compared to an unrealized gain of $0.2 million in the prior year's period.

Gross loss was $1.6 million, compared to a gross profit of $0.4 million in the same quarter of last year.

Selling, general, and administrative expenses totaled $5.8 million, compared with $5.3 million in the prior year's period.

Net loss was $8.3 million, and a basic and diluted net loss per share of $0.06, for the period, compared with a net loss of $9.1 million, and a basic and diluted net loss per share of $0.07, for the prior year's quarter.

CNPOF Price Action

RIV Capital's ( CNPOF ) shares traded 2.61% higher at $0.118 per share after the market close on Tuesday afternoon.

Read Next:

Revenue Growth And Cannabis Market Expansion: RIV Capital's ( CNPOF ) Fiscal Highlights For 2023