Delta 9 Completes Transaction to Acquire Two Alberta Retail Stores
WINNIPEG, MB – June 1, 2020 – DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) (“Delta 9” or the “Company”), is pleased to announce that on May 29, 2020 it closed a transaction with Modern Leaf Group Inc. ("Modern Leaf") to acquire all or substantially all of Modern Leaf’s assets located in the Province of Alberta relating to two retail cannabis stores located in Calgary, Alberta and Grande Prairie, Alberta (the "Transaction"). The acquisition is being completed through the Company’s wholly-owned subsidiary, Delta 9 Cannabis Store Inc., and pursuant to the previously announced purchase agreement among Delta 9 Cannabis Store Inc., Modern Leaf and Mr. Preston Drummond dated November 21, 2019 (the “Agreement”). Kronos Capital Partners advised Modern Leaf in regards to the transaction.
We are pleased to have finalized our transaction with Modern Leaf and look forward to the first Delta 9 Cannabis Stores opening their doors in the province of Alberta in short order,
This is another milestone for us in our goal of creating one of Canada’s preeminent vertically integrated cannabis companies
The final closing of the Transaction remains subject to the approval of the Toronto Stock Exchange.
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol "VRNDF". For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking InformationCertain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to the Company's potential expansion plans; and (ii) all necessary regulatory approvals for the Transaction being obtained. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the risk that the necessary regulatory approvals are not obtained as well as all risk factors set forth in the annual information form of Delta 9 dated March 19, 2020 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.