National Access Cannabis Corp. Provides Sales Update for Retail Cannabis Operations since Federal Legalization
- 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:
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).
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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.