Palm Beach, FL – (February 13, 2019) — There are things one can buy online… and things some just don’t! Most people can understand buying electronic devices, furniture, even cars online… but some things consumers just have to hold in their hands, look at, try on and, of course… smell! Its official… cannabis is in the latter category. A recent article in the Marijuana Business Daily took a look at the legal cannabis spending in Canada by Province. The report covered October-November 2018. “Provinces with more physical cannabis stores saw significantly higher per-person sales in the six weeks after Canada’s legalization of recreational marijuana, according to new data from Statistics Canada – an indication that consumers have a strong preference to buy their cannabis offline. British Columbia – the province with the biggest underground cannabis economy – reported the lowest per-person legal cannabis purchases, at just 68 Canadian cents per person from sales of 3.3 million Canadian dollars ($2.47 million). British Columbia managed to open only one government-run retail store for the first day of legalization while first-day sales from the province’s online channel were described as “horrifying.” Active companies in the industry making moves to ready that include: Choom™ Holdings Inc. (CSE:CHOO) (OTC:CHOOF), Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB), MedMen Enterprises Inc. (CSE:MMEN) (OTC:MMNFF), National Access Clinic Corp. (TSX-V:META) (OTCPK: NACNF), Tilray, Inc. (NASDAQ: TLRY).
From Oct. 17, 2018 – the first day of legalization – to the end of that month, Canadians spent CA$43.07 million on legal cannabis. That total rose to CA$54.36 million the following month. Ontario, despite its troubled rollout, edged out Quebec to lead Canada in total sales, at CA$21.86 million and CA$21.27 million, respectively.
Choom™ Holdings Inc. (CSE:CHOO) (OTCQB:CHOOF) BREAKING NEWS: Choom™ is pleased to announce that it has entered into a letter of intent agreement (“LOI”) with one of the 25 Cannabis Retail lottery winners to open a location in Ontario. Choom, an emerging adult use cannabis retailer, is building out one of the largest retail cannabis networks in Canada. The LOI is with a winner of one of the 25 retail opportunities to apply for a license to operate a cannabis retail store granted as a result of the Alcohol and Gaming Commission of Ontario’s (“AGCO”) Expression of Interest Application Lottery conducted on January 11, 2019.
“Being able to get an early start to establish Choom’s presence in the private retail market in Ontario through an agreement with a lottery winner is a remarkable milestone for Choom. We are thrilled that the lottery winner chose Choom to help them successfully open and operate a retail cannabis store in Ontario.” stated Chris Bogart, President and CEO of Choom. “With our branding and execution, consumers can expect a unique experience accompanied with knowledgeable staff, style, and sophistication reflected throughout the store design. Our goal is to ensure customers leave the store knowing more about what they’re purchasing and creating a high retention customer base.”
CHOOM’S NATIONAL RETAIL NETWORK – Choom is currently developing a network of retail stores which will feature a curated selection of products from various licensed producers with a strong focus on elevated customer experiences for the adult use market. Choom has secured the rights to 54 retail opportunities across Western Canada, rapidly expanding their commercial footprint in highly strategic locations. This includes a total of 46 applications submitted in Western Canada with 10 stores under construction and an additional 17 stores having completed their build out. In all cases, the retail opportunities are subject to all the necessary provincial and municipal governmental approvals. Read this and more news for Choom™ at: https://financialnewsmedia.com/news-choo/
Additional industry related developments from around the markets:
Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) this week announced that the Company’s construction of a 300,000 square foot expansion at the Edmonton International Airport is progressing well. The new facility, named Aurora Polaris, is intended to serve as Aurora’s centre of excellence for the industrial-scale production of higher margin, value added products, such as edibles which Health Canada regulations propose to permit from October 2019 onwards. Aurora Polaris will allow for enhanced capabilities for the Company’s logistics and warehousing needs required to serve ever increasing global requirements. The facility is designed to include additional research and development space. Construction of the facility is anticipated to be completed in late 2019. Polaris is immediately adjacent to Aurora’s Sky facility.
“The derivative product capabilities to be established at Polaris, which we are designing to be EU GMP compliant, further strengthen our position as the leading innovator in the cannabis industry, and are squarely aimed at driving growth and margin expansion,” said Terry Booth , CEO.
Tilray, Inc. (NASDAQ: TLRY) recently announced the expansion of its global senior leadership team with the appointment of Sascha Mielcarek as Managing Director, Europe.
Sascha Mielcarek comes to Tilray with over 18 years of experience in the pharmaceutical industry bringing extensive global commercial sales and marketing expertise in international markets such as the U.S., Europe and Latin America. Sascha most recently was at Grünenthal as Global Head of Gout Business Unit & Alliance Implementation Lead.
“The expansion of our European senior leadership team strengthens Tilray’s ability to enter into new addressable markets and solidify our presence in existing European markets,” says Brendan Kennedy, Tilray CEO. “Sascha brings an unmatched level of expertise from his years of experience in the European and global pharmaceutical industry and we’re very pleased to welcome him to our team.”
MedMen Enterprises Inc. (CSE: MMEN.CN) (OTCQX: MMNFF) recently announced that it has closed its previously announced acquisition (the “Acquisition”) of Seven Point, a licensed medical cannabis dispensary located in the historic Chicago suburb of Oak Park, Illinois. Pursuant to the Acquisition, the Company paid a combination of cash at closing, deferred cash and subordinate voting shares of MedMen, for an undisclosed total amount.
With the closing of the Acquisition and following the completion of the pending acquisition of PharmaCann, LLC, MedMen will be licensed for five medical-use cannabis dispensaries in Illinois.
National Access Cannabis Corp. (TSX-V: META.V) (OTCPK: NACNF) recently announced its results, for the first quarter ended November 30, 2018 . All amounts are expressed in Canadian dollars unless otherwise indicated.
“2019 will be a foundational year for National Access Cannabis as the Company continues to scale its retail cannabis footprint across the country, locking-in a long-term competitive advantage for shareholders,” said Mark Goliger , CEO of NAC. “The financial power of the platform we are building is only just beginning to show as we continue to build on our current platform of 22 stores. We are very proud of our team for the strong sales results generated in the early days of Canadian recreational legalization, and are well-positioned to generate additional growth and value for shareholders as we continue to open new stores in the coming year and as existing stores mature.”
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