Alcanna Welcomes Ontario Government Cannabis Retail Announcement
December 13 2019 - 6:25PM
Alcanna Inc. (the “Company” or “Alcanna”) (TSX: CLIQ), owner of the
Nova Cannabis store brand, today congratulated Premier Ford,
Minister Downey and the Government of Ontario for opening up retail
cannabis licensing in the province.
“Ontario has just taken a tremendous step in
getting cannabis out of the hands of black-market criminals and
into safe, regulated legal hands,” said James Burns, Alcanna’s CEO
and Vice Chair. “Nova Cannabis will open stores carefully and
calculatedly in Ontario as we have done in Alberta. All stores are
not equal. Great real estate is the best way to ensure long term
viability and profitability in retail and we will only build on
great sites in Ontario as we have done in Alberta.”
“Subject to getting the right real estate,
Alcanna is targeting 10 Nova Cannabis stores in Ontario by August
31, 2020 and another 10-15 by year end. We anticipate getting to
the limit of 30 before September 2021 and pursuing additional
stores up to the 75 maximum as market conditions and site
opportunities arise. Unlike poorly capitalised competitors, Alcanna
has the financial capacity to build out the Ontario market without
needing to access capital markets. And that same financial strength
gives us the edge - as always - with quality landlords to secure
the best sites because they can be assured of the rent being paid
for the full duration of the lease,” Mr. Burns said. “Nova
Cannabis Queen Street West has shown that allowing retailers with
experience is the key to long term consumer acceptance of legal
cannabis and the demise of the black market. Nova will continue to
take the lead in making this happen in Ontario.”
ABOUT ALCANNA INC.: The Art of Responsible
Retail
Alcanna is one of the largest private sector
retailers of alcohol in North America and the largest in Canada by
number of stores – operating 255 locations in Alberta, British
Columbia and Alaska. The Company currently operates 16 cannabis
retail stores under the “Nova Cannabis” brand, with 15 in the
Province of Alberta and one in Toronto, Ontario and anticipates an
additional 15 Nova Cannabis locations will be licensed in the
Province of Alberta by the end of 2019. With revenues in excess of
$700 million per year, Alcanna processes over 20 million individual
retail transactions of beverage alcohol and cannabis.
Alcanna's common shares and convertible
subordinated debentures trade on the Toronto Stock Exchange under
the symbols "CLIQ" and "CLIQ.DB", respectively.
Additional information about Alcanna Inc. is
available at www.sedar.com and the Company’s website at
www.alcanna.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking
statements or information (collectively "forward-looking
statements") within the meaning of applicable securities
legislation. Forward-looking statements are typically identified by
words such as “continue”, “anticipate”, "will", "should", “plan”,
“intention”, and similar words suggesting future events or future
performance. All statements and information other than statements
of historical fact contained in this news release are
forward-looking statements. In particular, this news release
contains forward-looking statements pertaining to implementing the
Company’s strategy and objectives related to the growth of its
cannabis brands.
With respect to forward-looking statements
contained in this news release, the Company has made assumptions
regarding, among other things: the ability of management to execute
the Company’s strategic plan and growth strategy, including its
capital allocation strategy and specifically its ability
significantly grow its cannabis retail store locations.
Although the Company believes that the
expectations reflected in the forward-looking statements, and the
assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations and
assumptions will prove to be correct. Readers should not place
undue reliance on forward-looking statements included in this news
release. Forward-looking statements are not guarantees of future
performance and involve a number of risks and uncertainties that
may cause actual performance and financial results to differ
materially from any estimates, forecasts or projections. These
risks and uncertainties include, among other things, the risk that
we will be unable to execute our strategic plan and growth
strategy, including the capital allocation and retail cannabis
strategy, as planned without significant adverse impacts from
various factors beyond our control; dependence on suppliers;
potential delays or changes in plans with respect to capital
expenditures and the availability of capital on acceptable terms;
risks inherent in the liquor retail and cannabis industries;
competition for, among other things, customers, supply, capital and
skilled personnel; changes in labour costs and markets; incorrect
assessments of the value of acquisitions; general economic and
political conditions in Canada (including Alberta), Alaska and
globally; industry conditions, including changes in government
regulations; fluctuations in foreign exchange or interest rates;
unanticipated operating events; failure to obtain regulatory and
third‐party consents and approvals when required; changes in tax
and other laws that affect us and our security holders; the
potential failure of counterparties to honour their contractual
obligations; stock market volatility; and the other factors
described in the Company’s public filings (including the Annual
Information Form) available at www.sedar.com. Readers are cautioned
that this list of risk factors should not be construed as
exhaustive.
The forward-looking statements contained in this
news release are made as of the date hereof. Except as expressly
required by applicable securities legislation, Alcanna does not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement.
For Further Information
James BurnsVice Chair and Chief Executive
OfficerAlcanna Inc. (587)460-1026
Alcanna (TSX:CLIQ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Alcanna (TSX:CLIQ)
Historical Stock Chart
From Jul 2023 to Jul 2024