- NAC has achieved over $40
million in retail sales since federal legalization on
October 17, 2018.
- With 28 licenced stores in Alberta, Manitoba and Saskatchewan, NAC has the largest footprint of
any private or public cannabis retailer in Canada, according to provincial licensing
statistics.
- NAC continues to execute on its business plan to have 40
stores operating by the end of calendar 2019, and 110 by the end of
calendar 2020.
TORONTO, June 24, 2019 /CNW/ - National Access Cannabis
Corp. ("NAC" or "the Company") (TSXV: META), Canada's largest cannabis retailer according
to provincial licensing statistics, today provided investors with a
corporate and retail sales update. The Company is successfully
executing on its growth strategy and has achieved over $40 million in retail sales since legalization,
with cumulative gross margin in excess of 31%. The
Company is targeting to have 40 operating stores by the end of
calendar 2019.
"NAC continues to demonstrate revenue momentum in a supply
constrained environment," said Mark
Goliger, CEO of NAC. "Investors want to know what's next for
NAC. We plan to open more stores in Alberta and Manitoba, expect positive movement with our
licence applications in British
Columbia, and plan to roll out an improved and streamlined
store design to enhance customer experience and optimize capex.
With the recent filing of our preliminary base shelf prospectus to
provide us with flexible access to capital, we are confident in our
ability to execute on our strategic growth initiatives, and that
our revenue momentum will continue for the foreseeable future."
The Company's current portfolio of 28 licenced locations is
split as follows:
- 18 NewLeaf Cannabis™ stores in Alberta
- 9 Meta Cannabis Supply Co.™ stores in Manitoba
- 1 Meta Cannabis Supply Co.™ store in Saskatchewan
With operating stores in 3 provinces, NAC is the national leader
in retail cannabis. Its near-term growth initiatives include:
- Opening an additional 5 META store locations in Manitoba by the end of Q4 2019.
- Opening its 7 fully-built stores in Alberta as the Alberta Gaming, Liquor and
Cannabis Commission grants additional retail licences as per its
recently lifted moratorium.
- Continuing efforts to obtain licences in British Columbia, where the Company has
already submitted applications for 7 licences.
- Submitting applications for licences in Ontario once licencing opens up to more
private retailers.
Previous announcements regarding NAC's retail sales and store
expansion may be found through the following links:
March 7, 2019, National Access
Cannabis Corp. Provides Retail Sales and Corporate Update
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
About National Access Cannabis Corp.
NAC is
Canada's largest recreational
cannabis retailer by provincial store count. With a portfolio of 28
retail locations nationwide, NAC is the leader in secure, safe and
responsible access to legal recreational cannabis in Canada. Through its Canada-wide network of Meta Cannabis Supply
Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores and
NAC Medical's cannabis clinics and pharmacy partnerships, NAC
enables the public and registered patients to gain knowledgeable
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
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.
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 number of NAC cannabis retail stores expected to open and/or
become licensed, the opening dates for NAC cannabis retail stores,
changes in NAC's cannabis retail store designs; the location of
NAC's cannabis retail stores and plans to make applications for
licences in Ontario once licensing
opens up to more private retailers, access to capital in the future
and future revenue momentum. 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, including the number of NAC cannabis
retail stores expected to open, may differ materially from those
that are currently contemplated by these statements depending on,
among other things, risks relating to the AGLC reinstating its
moratorium, the ability to obtain or maintain licences to retail
cannabis products; future legislative and regulatory developments
involving cannabis including Ontario opening up licensing to more private
retailers; inability to access sufficient capital from internal and
external sources, and/or inability to access sufficient capital on
favourable terms; general business, economic, competitive,
political and social uncertainties; timing and completion of
construction of the Company's retail locations; the delay or
failure to receive regulatory approvals; the competitive conditions
of the cannabis industry; the competitive and business strategies
of the Company; the labour market generally and the ability to
access, hire and retain employees; and the recreational and medical
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.
SOURCE National Access Cannabis Corp.