- NAC has achieved $3.95 million
in cumulative sales in 50 days from retail cannabis
operations.
- The Company has 18 operational retail cannabis locations
with the latest opening on December 3,
2018, in Lethbridge,
Alberta.
- NAC will be compliant with Ontario licensing requirements. The
Company is currently working both independently and through
its partnership with Second Cup, with a goal of opening up to 75
Ontario locations starting on April 1,
2019, subject to applicable regulatory approvals.
- The Company is already the largest private cannabis retailer
in Canada by store count,
according to provincial licensing statistics, and by December 31, 2018, expects to be larger by store
count than any public or private operator.
TORONTO, Dec. 6, 2018 /CNW/ - National Access Cannabis
Corp. ("NAC" or the "Company") (TSXV: META), a best practices
leader in delivering secure, safe and responsible access to legal
cannabis in Canada, today provided investors with a corporate
and retail sales update.
The Company currently has 18 cannabis retail locations open in
total, split as follows:
- 14 NewLeaf Cannabis™ stores in Alberta
- 4 Meta Cannabis Supply Co.™ stores in Manitoba
The Company achieved $3 million in
cumulative sales in its first 43 days of retail operation and
$3.95 million in its first 50 days.
The average gross margin achieved over the first 50 days of
operation of retail locations was over 30 per cent, with consumable
cannabis making up 94 per cent of total sales. NAC is currently the
largest private cannabis retail operator in the country and has
plans to open up to 75 retail cannabis locations in Ontario over the next 18 months, subject to
regulatory approval, along with continued growth in other areas of
the country.
"I am very proud of our team for turning three years of retail
medical experience and detailed preparation for the Canadian
recreational market, into solid early financial results," said
Mark Goliger, CEO of NAC. "We
anticipate continued improvement in operations both as existing
stores mature and as we continue to roll-out additional locations.
In a marketing-constrained geography like Canada, we expect that cannabis retailers will
have the best access to the customer and be well positioned to
capitalize on the economic upside available in the value chain from
seed to retail sale. With our growth plans over the next 12 months
we expect to remain the largest private cannabis retailer in the
country and to utilize both our scale and operational expertise to
drive returns for our shareholders."
Previous announcements regarding NAC's retail store expansion
may be found through the following links:
November 21, 2018, National Access
Cannabis becomes Canada's largest
private recreational cannabis retailer by store count, leading the
country with 17 stores
May 15, 2018, NAC Launches Meta
Cannabis Supply Co., a Premium Retail Cannabis Store Brand, for the
Canadian Recreational Market
April 12, 2018, NAC and
Second Cup Establish Strategic Alliance to Operate Recreational
Cannabis Dispensaries and Lounges
Ontario Recreational Cannabis Retail Update
The Company is currently working both independently under NAC's
retail brand Meta Cannabis Supply Co. ("META") and through its
partnership with The Second Cup Ltd. ("Second Cup"), to select up
to 75 retail locations that it will move forward to develop as
retail cannabis stores, subject to regulatory approvals. NAC
expects to have applications submitted by the December 17, 2018 online application date and to
begin opening Ontario locations on
the April 1, 2019 privatization date,
subject to regulatory approvals.
"As Canada's largest and most
experienced operator of private retail cannabis locations, the
Ontario market is a core component
of our go-forward strategy and we plan to be a dominant force in
the province, just as we are in other regions," said Mark Goliger, CEO of NAC. "Our team has been
planning for the announcement of the province's licensing
requirements and as a result, we are well-advanced and prepared to
open the maximum number of cannabis stores across the province. For
shareholders, this is more than blanketing the province with retail
locations; we are focused on leveraging our footprint into solid
returns as we continue to grow."
"In a nascent market with many new entrants, NAC has a
competitive advantage as the most experienced operator in the
market today," added NAC COO, Christopher
Kane. "We know what it takes to get stores compliant, open
and performing financially, especially in shifting regulatory
environments. Our team is ahead of the game, having already
identified favourable municipalities and securing real estate
leases throughout the province, both independently and in
partnership with Second Cup. We are ready to build a leadership
position in cannabis retail in Ontario."
On November 14, 2018, the Alcohol
& Gaming Commission of Ontario
("AGCO") announced that retailers may apply to open a maximum of 75
locations in Ontario. National
Access Cannabis will continue its strategy to pursue the maximum
number of Ontario locations
ensuring that it is onside any applicable regulatory requirements
by December 17, 2018.
About National Access Cannabis Corp.
NAC
is a best practices leader in delivering secure, safe,
and responsible access to legal cannabis in Canada. Through its Canada-wide network
of medical cannabis clinics, partner pharmacies, NAC Bio's clinical
research division, Meta Cannabis Supply Co.™ and NewLeaf Cannabis™
recreational cannabis retail stores, NAC enables patients and the
public to gain knowledge and access to Canada's network
of authorized Licensed Producers of cannabis. NAC is listed on the
TSX Venture Exchange under the symbol (TSXV: META).
For more information, visit:
www.nationalaccesscannabis.com
www.metacannabis.com
www.newleafcannabis.ca
www.nacbio.com
www.nacmedical.com
Cautionary Statements
This news release contains forward looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward looking
statements or information. Forward-looking statements and
information in this news release includes, but is not limited
to, the application for licenses to dispense cannabis
products in Canada, the opening
dates for NAC cannabis retail stores and the number of NAC cannabis
retail stores expected to open and/or become licensed. Although the
Company believes that the expectations and assumptions on
which the forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward-looking statements and information because the Company
cannot give any assurance that they will prove to be
correct. Since forward looking statements and information
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results and
developments may differ materially from those that are currently
contemplated by these statements depending on, among other things,
risks relating to the ability to obtain or maintain licenses to
retail cannabis products; future legislative and regulatory
developments involving cannabis; the ability of the Company to
implement its business strategy; inability to access sufficient
capital from internal and external sources, and/or inability to
access sufficient capital on favourable terms; the labour market
generally and the ability to access, hire and retain employees; and
the cannabis industry in Canada
generally. The Company cautions that the foregoing list of risks
and uncertainties is not exhaustive.
The forward-looking statements and information contained in
this news release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statement or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE National Access Cannabis Corp.