- NAC has achieved over $20
million in retail cannabis sales since federal legalization
on October 17, 2018.
- The Company has 23 operational retail cannabis locations in
Alberta and Manitoba, as well as an additional five
locations throughout Manitoba
planned for opening by the end of Q2 2019, and a planned expansion
to Saskatchewan.
- With 23 stores in Alberta
and Manitoba, the Company is the
largest private cannabis retailer in Canada, according to provincial licensing
statistics.
TORONTO, March 7, 2019 /CNW/ - National Access Cannabis
Corp. ("NAC" or the "Company") (TSXV: META), today provided
investors with a corporate and retail sales update. The Company
previously reported achieving $10.18
million in cumulative sales in just over 80 days of retail
operation with cumulative gross margin of 30%. Having now doubled
sales to over $20 million in 140 days
since legalization demonstrates that the Company is executing on
its growth strategy. NAC is the largest private cannabis retail
operator in the country with 23 retail locations and more than 390
employees, with continued plans for expansion across Canada.
"To have this revenue momentum, even as we operate in a
constrained market today, is a testament to the strength of our
team," said Mark Goliger, CEO of
NAC. "We are just in the beginning days of an industry with
explosive projected growth, and we continue to actively pursue
opportunities to deliver shareholder value. With the LGCA and
AGLC reporting improved inventory for spring 2019, more stores
expected to come on line in Manitoba in the next quarter, positive
movement with our applications in British
Columbia, and a streamlined store design to better manage
fixed costs and capex, we're confident that our revenue momentum
will continue for the foreseeable future."
The Company currently has 23 cannabis retail locations open in
total, split as follows:
- 14 NewLeaf Cannabis™ stores in Alberta
- 9 Meta Cannabis Supply Co.™ stores in Manitoba
The Company plans to open an additional five META store
locations throughout Manitoba by
the end of Q2 2019. The Company has also entered into a share
purchase agreement to expand to Saskatchewan.
Previous announcements regarding NAC's retail store expansion
may be found through the following links:
January 10, 2019, National Access
Cannabis Corp. Provides Sales Update for Retail Cannabis Operations
since Federal Legalization
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
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.