- NAC has achieved over $50
million in retail sales since federal legalization on
October 17, 2018.
- NAC has 35 licensed stores in Canada, 30 of which are open, with the
remaining 5 anticipated to open to the public in September. This
portfolio results in NAC having the largest footprint of any
private or public cannabis retailer in Canada1.
- 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, Aug. 20, 2019 /CNW/ - National Access Cannabis
Corp. ("NAC" or "the Company") (TSXV: META), Canada's largest cannabis
retailer1, today provided investors with a corporate and
retail sales update. The Company is successfully executing on its
growth strategy and has achieved over $50
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 is rapidly growing its store count and revenue," said
Mark Goliger, CEO of NAC. "We have
been granted 10 licenses in Alberta since the ending of the moratorium on
May 31st, and we expect
positive movement with our licence applications in British Columbia. We now have 30 stores open,
with another 5 stores licensed and in development. We expect
continued revenue momentum as we roll out improved and streamlined
store designs to enhance customer experience. With the recent
filing of our final base shelf prospectus to provide us with
flexible access to capital, we are confident in our ability to
execute on our strategic growth initiatives to continue our
leadership position in Canadian cannabis retail."
The Company's current portfolio of 35 licensed locations is
split as follows:
- 25 NewLeaf Cannabis™ stores in Alberta
- 9 Meta Cannabis Supply Co.™ stores in Manitoba
- 1 Meta Cannabis Supply Co.™ store in Saskatchewan
The newest retail location opened August
20, 2019:
NewLeaf Cannabis - Falconridge
55 Castleridge Blvd NE,
Calgary
Previous announcements regarding NAC's retail store expansion
may be found through the following links:
August 8, 2019, National Access
Cannabis Corp. Continues Growth by Announcing Licence to Open a New
Retail Cannabis Store in Alberta
for a Total of 35 Licensed Retail Stores Across Canada and New
Store Opening Update
July 30, 2019, National Access
Cannabis Corp. Continues Growth by Announcing Licences to Open Two
New Retail Cannabis Stores in Alberta for a Total of 34 Licensed Retail
Stores Across Canada
July 25, 2019, National Access
Cannabis Corp. Continues Growth by Announcing Licences to Open Two
New Retail Cannabis Stores in Alberta for a Total of 32 Licensed Retail
Stores Across Canada
July 3, 2019, National Access
Cannabis Corp. Continues Growth by Announcing Licences to Open Two
New Retail Cannabis Stores in Alberta for a Total of 30 Licensed Retail
Stores Across Canada
May 31, 2019, National Access
Cannabis Corp. Responds to the AGLC Lifting the Moratorium on
Cannabis Retail Stores in Alberta
About National Access Cannabis Corp.
NAC is
Canada's largest recreational
cannabis retailer1. With a portfolio of 35 licensed
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).
1Canaccord Genuity, Canadian Cannabis Report,
July 17, 2019
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, access to capital in the future,
future revenue momentum and NAC remaining a leader in cannabis
retail in Canada. 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.