Lift And Co. Corp (TSXV:LIFT)
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2 Months : From Jan 2019 to Mar 2019
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES/
TORONTO, Feb. 7, 2019 /CNW/ - As announced this morning, Lift & Co. Corp. ("Lift & Co." or the "Company") (TSXV: LIFT) is pleased to report that the Alcohol and Gaming Commission of Ontario ("AGCO") has approved the Company's retail training program, CannSell, as the sole mandatory training certification in Ontario ("Ontario Program") on a multi-year commitment. Pursuant to the Cannabis License Act and Ontario Regulation 468/18, all Ontario cannabis retail employees, holders of retail store authorizations and holders of cannabis retail manager licences must be CannSell certified prior to legally working in the Province's cannabis retail stores, which are slated to open for business on April 1, 2019. Lift & Co. will be hosting an investor call to discuss the significance of this milestone.
"Without a doubt, launching the AGCO-approved CannSell as the only approved mandatory retail certification program in the Province is a major milestone in our company's continued growth," said Matei Olaru, CEO of Lift & Co. "CannSell is a validation of Lift & Co. strategically identifying the retail opportunity years ago and successively executing against it better than any competitor. We are committed to continuing to build-out our first-mover advantage in this new consumer packaged goods industry by educating the biggest point of influence in this industry's value chain."
The approval of CannSell has the following benefits to Lift & Co. and its shareholders:
- Ownership of the only approved and mandatory retail training program in Canada's largest addressable retail market for several years;
- A crystalized leadership position as the leading cannabis retailer and retail employee education educator in Canada;
- Guaranteed 100 per cent market penetration for several years into cannabis retailers and retail employees, empirically supported¹ to be a key stakeholder driving consumer purchase decisions;
- Against a recent backdrop of poor governance across Canadian cannabis businesses, establishes a competitive differentiator of Canada-wide consumer, industry and regulator trust in the Lift & Co. brand and company
In a recent interview, the Ontario government stated that upwards of 1,000 retail stores are anticipated to sell cannabis in the years to come². Cannabis retail employees in Ontario are expected by the Company to service an estimated ~2.0 million³ current cannabis consumers who are over the age of 19, and an additional ~1.3 million⁴ cannabis "considerers" with their cannabis purchase decision. Ontario's cannabis market is estimated to grow from $930 million CAD in 2019, to $3.3 billion CAD in 2022⁵, which directly coincides with Ontario's retail market expansion that will help erode Ontario's illegal market.
Currently, it is estimated that Ontario cannabis consumer spends approximately $40/month⁶ on legal cannabis goods, which has the potential to double over the next three years as the consumers increasingly transition from the illegal market. As further outlined by Deloitte, "current cannabis consumers are expected to move nearly two-thirds (63 percent) of their purchases to legal channels, whether through bricks-and-mortar retailers or online channels"⁷. Lift & Co.'s CannSell is ideally positioned to facilitate this transfer and help eliminate the illegal market, one of the key objectives of legalization.
Lift & Co. will be hosting an investor conference call to discuss the implications of this monumental achievement, using the below dial-in instructions:
Conference Call Details:
Date: Thursday, February 7th, 2019
Time: 1:00 P.M. EST (10:00 A.M. PST)
Participant Dial-in Numbers:
Local: 1 (416) 764-8688
Toll Free: 1 (888) 390-0546
Conference I.D.: 77116021
Recording Playback Numbers:
Local: 1 (416) 764-8677
Toll Free: 1 (888) 390-0541
Passcode: 116021 #
Expiry Date: Thursday, February 14, 2019 11:59 PM
Please connect at least 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.
1: CannabisTech, 2018
2: CTV News, September 2018
3: Statistics Canada: National Cannabis Survey, 2nd Quarter 2018, Canada 2016 Census, Management Calculations
4: CBC, 2015, Canada 2016 Census, Management Calculations
5: Office of the Parliamentary Budget Officer, Legalized Cannabis: Fiscal Considerations, Policy options: What will the cannabis market look like in Ontario?, Management Calculations
6: Policy options: What will the cannabis market look like in Ontario?, Management Calculations
7: Deloitte, A society in transition, an industry ready to bloom, 2018 cannabis report
About Lift & Co.
Lift & Co. (TSXV: LIFT) is a publicly-traded technology company modernizing the cannabis industry.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.
There can be no assurance that such forward-looking statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
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SOURCE Lift & Co. Corp.