- NAC has achieved over $10
million in cumulative sales, since October 17, 2018 and federal legalization, from
retail cannabis operations, with average gross margin of over 32
percent with consumable cannabis making up 94.2 per cent of total
sales.
- The Company has 20 operational retail cannabis locations in
Alberta and Manitoba, as well as an additional eight
locations throughout Manitoba
planned for opening by the end of Q2 2019.
- With 20 stores in Alberta
and Manitoba, the Company is the
largest private cannabis retailer in Canada, according to provincial licensing
statistics.
TORONTO, Jan. 10, 2019
/CNW/ - National Access Cannabis Corp. ("NAC" or the "Company")
(TSXV: META), today provided investors with a corporate and retail
sales update. The Company achieved $10.18
million in cumulative sales in just over 80 days of retail
operation and $3.95 million in its
first 50 days. The average gross margin achieved was over 32 per
cent, with consumable cannabis making up 94.2 per cent of total
sales. NAC is currently the largest private cannabis retail
operator in the country with 20 retail locations and more than 370
employees, and provided the applicable regulations permit, intends
to apply for up to 75 retail cannabis locations in Ontario (subject to regulatory approval),
along with continued growth plans in other areas of the
country.
"We expected to see this trend of solid financial results from
robust continued sales," said Mark
Goliger, CEO of NAC. "Our momentum is strong. With our
growth plans over the next 18 months we expect to remain the
largest private cannabis retailer in the country and to utilize
both our scale and operational expertise to drive sustained returns
from our established markets and increased growth from our
additional new locations for our shareholders."
The Company currently has 20 cannabis retail locations open in
total, split as follows:
- 14 NewLeaf Cannabis™ stores in Alberta
- 6 Meta Cannabis Supply Co.™ stores in Manitoba
The Company plans to open an additional eight META store
locations throughout Manitoba by
the end of Q2 2019. The Company has also submitted the maximum of
five regional applications to the Ontario retail cannabis Expression of Interest
lottery taking place on Friday, January
11th.
Previous announcements regarding NAC's retail store expansion
may be found through the following links:
December 6, 2018, National Access
Cannabis Corp. Provides Retail Sales and Corporate Update
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
About National Access Cannabis Corp.
NAC delivers 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, the number of NAC cannabis
retail stores expected to open and/or become licensed, and the
Company's growth plans in Manitoba
over the next quarter and generally over the next 18 months.
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.