VANCOUVER, BC, Feb. 23, 2021 /CNW/ - Kiaro Holdings Corp.
(TSXV: KO) ("Kiaro" or the "Company"), an omnichannel cannabis
retailer and distributor, is pleased to announce that it has signed
an agreement to acquire certain assets (The "Asset Purchase
Agreement") of Grasshopper Cannabis (the "Vendor") required to open
a new licensed retail cannabis store in Kelowna, British Columbia.
Under the terms of the Asset Purchase Agreement and subject to
the satisfaction of the conditions therein, the Vendor will receive
$695,000 in cash upon closing. The
transaction is expected to close on or about March 15, 2021.
"Kiaro is pleased to be a part of the ongoing growth of
Downtown Kelowna. Through its
ongoing commitment to communities where we operate, Kiaro intends
to build long-term relationships to support the growth and vibrancy
of Kelowna," stated Daniel Petrov, CEO of Kiaro.
The new proposed retail location is located two blocks from
Kelowna City Park and Hot Sands Beach at 1650 Pandosy Street,
Kelowna, BC, V1Y 1P7 (the "Subject
Location"). Kiaro's retail development strategy is anchored in a
philosophy of community integration and this acquisition, located
in the Pandosy/Leon corridor, is a positive move for downtown
Kelowna.
The City of Kelowna has rezoned
the Subject Location to operate a cannabis retail store. Kiaro will
submit its application for a cannabis retail store license to the
Liquor & Cannabis Regulation Branch of the Province of
British Columbia at its earliest
opportunity and is targeting an opening date for the Subject
Location in Summer 2021.
Upon completion of the proposed transaction, Kiaro's retail
location count will increase to 8 across Canada: 6 in British
Columbia, 2 in Saskatchewan. Kiaro also holds a Retail
Operator License in Ontario. This
acquisition is the first step in Kiaro's plan for aggressive
expansion of retail across Canada
this fiscal year.
About Kiaro Holdings Corp.
Based 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, and the award of
new operating permits and licenses in various jurisdictions.
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.