Debra BorchardtAs Riv Capital Inc. (CSE: RIV) (OTC: CNPOF) prepares for its merger with Cansortium (OTC: CNTMF), the company’s current chief executive officer is leaving.
Mike Totzke, who held the posts of interim CEO and chief operating officer, resigned from the company, effective Oct. 1. The board of directors appointed its current Chief Retail Officer, David E Vautrin, to replace Totzke as interim chief executive officer.
“I am incredibly proud of everything we have accomplished as a team, and I am confident that RIV Capital is in a strong position to continue its growth under David E Vautrin as the Interim CEO,” Totzke said. “Dave is one of the most effective executive operators I have worked with in the industry. With Dave’s leadership and our merger with Cansortium, it’s an ideal time for me to step into my next opportunity.”
The company said in a statement that Totzke has led RIV Capital for two and a half years, achieving expanded cultivation and manufacturing operations in its Chestertown facility, converting into the adult-use market and opening its first three adult-use retail stores.
“I am excited to expand my responsibilities with the impressive team while leveraging prior experiences with both building The Travel Agency, multistore cannabis group in NYC, and my successful tenure starting up Cannaroyalty (later renamed Origin House) in California and implementing its sale to Cresco,” Vautrin said. “In my new role, I will remain laser-focused on optimizing the business, driving top line revenue and closely working with the executive team at Cansortium as we prepare for our combination.”
In addition, Riv’s New York operator, Etain, opened its second co-located dispensary in Manhattan last week. Vautrin said the new store was stocked with hundreds of high-quality cannabis products, including the fresh-from-Florida MOODS brand consisting of 12 branded SKUs direct from Riv’s upstate New York facility and featuring the innovative and popular MOODS Mini.
