VANCOUVER, BC, March 16, 2021 /CNW/ - Kiaro Holdings Corp.
(TSXV: KO) ("Kiaro" or the "Company"), an omnichannel cannabis
retailer and distributor, is pleased to announce that, further to
the press release dated February 23,
2021, it has closed its previously announced
acquisition of Grasshopper Cannabis' (the "Vendor")
Kelowna retail assets.
Pursuant to the terms of the Asset Purchase Agreement, the
Vendor received $695,000 in cash upon
closing.
Transaction Highlights
- The subject location is in a prime area of downtown
Kelowna, which expects significant
residential and commercial investment in the near term
- The subject location had been previously rezoned to operate a
cannabis store
- Completion of the transaction is expected to:
-
- Increase revenue in current fiscal year
- Bring the Kiaro retail location count to 8 across Canada
- Support the growth and vibrancy of Kelowna
- Kiaro's first retail location in a key consumer market in the
interior of British Columbia
"Kiaro is thrilled to join Downtown
Kelowna and we anticipate bringing a positive contribution
to their shared vision of a thriving business community where
people want to work, live and play," stated Daniel Petrov, CEO of Kiaro.
"As for defensibility, I continually speak to the unparalleled
moat around BC retail stores, and Kelowna
BC is no exception. To prove that point further, the
province has struck out on two of its three efforts to open its own
cannabis stores in Kelowna."
"This is a big win for the Kiaro team, shareholders and the
community," shared Mr. Petrov.
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.
The new proposed retail location at 1650 Pandosy Street,
Kelowna, BC, V1Y 1P7 (the "Subject
Location") is one block off Harvey
Ave/Highway 97. As part of the significant investment in the
area, the UBC Okanagan Downtown Campus is scheduled to begin
construction in 2022 and the City of
Kelowna recently approved Water Street by the Park, a
3-tower residential and commercial building immediately adjacent to
the Subject Location.
This acquisition is the first stop in Kiaro's plan for
aggressive expansion of retail across Canada this fiscal year. Kiaro continues its
mission to provide cannabis and CBD consumers with a seamless
retail experience; this proposed location will integrate into the
community and bring a wealth of vibrancy to the area.
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, impact on the
company's financial results and the award of new operating permits
and licenses in various jurisdictions (including the timing of LCRB
approval of the newly acquired retail assets). 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.
For more information, visit: investors.kiaro.com.
SOURCE Kiaro Holdings Corp.