Cannabis packaged goods company RIV Capital (OTCPK:CNPOF) and Etain has entered into a lease agreement with California-based developer Zephyr for the development and operation of a planned new flagship cannabis cultivation and manufacturing facility in Buffalo, New York.
CNPOF is set to sublease the new facility to Etain upon the receipt of necessary regulatory approvals.
Zephyr will develop and lease two buildings to RIV Capital of ~75K square feet. The development costs for the project are expected to be ~$30M.
RIV Capital had entered into definitive agreements to acquire ownership of Etain on Mar. 30.