VANCOUVER, BC, Nov. 20, 2020 /CNW/ - British Columbia, November 20, 2020 – Kiaro Holdings Corp.
("Kiaro" or the "Company") (TSXV: KO) is pleased to provide an
update on the Company's business and operational activities.
Highlights:
- The successful rollout of Reserve Online and Pick up in Store
("ROPIS") to all Kiaro locations in 4 days since the amendment of
provincial regulations allowing licensed cannabis retailers to
expand upon "Click and Collect" Online Sales in March 2020.
- Kiaro's wholesale operations, National Cannabis Distribution
("NCD"), increased its number of serviced retailers in Saskatchewan by 40% since February 2020. As a result, NCD currently
services over 60% of the licensed cannabis retail market in
Saskatchewan.
- Kiaro became a member of the BC Chamber of Commerce Cannabis
Working Group in 2020 and supports the mandate to develop, report,
and advocate on policy matters that will improve the growth and
competitiveness of the cannabis sector.
Daniel Petrov, Chief Executive
Officer of Kiaro, stated, "In March
2020, British Columbia
allowed licensed retailers to offer Click & Collect Online
Sales. Kiaro was well prepared. The team completed the rollout of
ROPIS to all Kiaro locations within four days. Since
implementation, the performance data collected demonstrates
compelling results, and the customer feedback is immensely
positive. A testament to Kiaro's strong devotion and execution
ability. As the provincial regulations continue to mature and
blossom for licensed retailers, Kiaro is well-positioned to reap
the potential benefits."
Operational Activities Summary
Retail
In collaboration with a Canadian cannabis accessories brand,
OHAI, Kiaro is pleased to launch an exclusive holiday gift set, the
Elevated Essentials Kit. The Elevated Essentials Kit will be
available at Kiaro locations and OHAI website on or about
November 20, 2020.
As the Company continues to evaluate numerous opportunities,
Kiaro remains on track with its plans to further expand its retail
operations in British Columbia and
enter the Ontario market.
Wholesale
National Cannabis Distribution, Kiaro's wholesale operations,
continues to focus on expanding its distribution reach and market
share in Saskatchewan by working
with Licensed Producers ("LPs") to create a curated list of
cannabis products specifically for the Saskatchewan market's serviced retailers and
their consumers. NCD's approach in its data-driven methodologies
guiding product selection and its high level of service resulting
in zero customer attrition rates since its acquisition in
March 2019. Additionally, this
resulted in an increase in the number of serviced retailers in
Saskatchewan by approximately 40%
since February 2020. Currently, NCD
services over 60% of the licensed retailers in Saskatchewan.
In an effort to meet consumer demand, as of the second quarter
of fiscal year 2021, NCD has increased its cannabis 2.0 offerings
by over 250% and continues to assess other LPs' cannabis product
offerings to introduce to the Saskatchewan market, and add value to its
serviced retailers.
eCommerce
On March 20, 2020,
British Columbia's Liquor and
Cannabis Regulation Branch ("LCRB") announced that licensed
cannabis retailers in British
Columbia would be allowed to offer non-medical cannabis
product reservations to customers online. Kiaro's management built,
tested, and rolled out ROPIS in four days. Eight months later,
sales through the ROPIS platform have contributed approximately
7.7% of overall sales and resulted in an increase in both
same-store sales and average individual purchases since its
inception.
In Saskatchewan, as permitted
by the Saskatchewan Gaming and Liquor Authority ("SLGA"), Kiaro's
two retail locations offer last mile delivery in addition to the
ROPIS option. Last mile delivery permits customers to
complete their purchase transaction online, and have the order
shipped to their home within two hours through its partner,
Pineapple Express Delivery.
Kiaro Holdings Corp.
Headquartered in Vancouver, British
Columbia, Kiaro is an independent, omni-channel cannabis
retailer and distributor. Through existing storefronts across
British Columbia and Saskatchewan, a wholesale distribution
division servicing Saskatchewan,
and plans for national expansion, Kiaro is driven to introduce new
and experienced consumers to a lifelong exploration of cannabis.
With more than 40 years of collective retail-focused experience,
Kiaro's leadership team has a proven track record of growing retail
brands across North America and
plans to open multiple retail locations nationwide over the coming
years.
Forward-Looking Information
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Kiaro, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. In this news release, forward-looking statements
relate, among other things, to: proposed retail expansion plans and
management's ability to execute on same, overall growth of the
Canadian cannabis market and retail opportunities, the award of new
operating permits and licenses in various jurisdictions, and the
timing and amount of any dispositions of the Company's common
shares. Forward-looking statements should not be read as guarantees
of future performance or results, and will not necessarily be
accurate indications of whether, or the times at or by which, such
future performance will be achieved. No assurance can be given that
any events anticipated by the forward-looking information will
transpire or occur. Forward-looking information is based on
information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond Kiaro's control. These risks,
uncertainties and assumptions include, but are not limited to,
those described in Kiaro Filing Statement dated September 29, 2020, a copy of which is available
on SEDAR at www.sedar.com, and could cause actual events or results
to differ materially from those projected in any forward-looking
statements. Furthermore, any forward looking information with
respect to future expansion plans is subject to the qualification
that management of Kiaro may decide, and the assumptions that any
construction or conversion would not be cost prohibitive, required
permits will be obtained and the labour, materials and equipment
necessary to complete such construction or conversion will be
available. Accordingly, readers should not place undue reliance on
the forward-looking statements and information contained in this
news release. Kiaro does not intend, nor undertake any obligation,
to update or revise any forward-looking information contained in
this news release to reflect subsequent information, events or
circumstances or otherwise, except if required by applicable
laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Kiaro Brands Inc.