CORRECTION: TREES SEES RECORD SALES IN JUNE AS IT CONTINUES TO GROW ITS STORE FOOTPRINT ACROSS CANADA
Ontario's Dundas Street West drive-through proves to be a big hit with consumers
TORONTO, July 20, 2022 /CNW/ - Trees Corporation (NEO:TREE) (the "Company" or "Trees"), a next-now cannabis company at the intersection of community, content, and commerce, is pleased to announce that it recorded system-wide sales in June totaling $1.2 million, reflecting an approximate 20% increase in monthly same-store sales since the beginning of the year.
Michael Klein, CEO of Trees said "robust sales growth has exceeded our expectations in the second quarter of 2022 and we are encouraged to see a continuing trend as we move through the early weeks of summer. Trees is committed to best-in-class customer service, coupled with educational content and an expansive product selection that meets the needs of our consumers across a very diverse range of need states."
Dundas St. West drive-through convenience drives rapid sales growth: The Company is very pleased with the rapid growth in sales of its premier location at 5485 Dundas Street West, Etobicoke, providing customers with one of the only rapid service drive-through locations in the province. "No other cannabis retail store in the province provides a more seamless and convenient shopping experience than our Dundas St W location near the Pearson Airport. Speed of transaction and the convenience of never needing to leave the comfort and safety of your vehicle makes this an ideal location for consumers on the go," said Jeff Holmgren, President & CFO of Trees.
Trees continues its strategy of growth: On June 14, 2022, Trees announced the opening of its newest BC location on Alpha Street near the high-traffic tourism district of inner Victoria, its fifth location in BC, and on July 13, 2022 announced the closing of its acquisition of Camp Cannabis in the heart of Burlington at the intersection of Guelph Line and New Street, its eighth location in Ontario. Combined, Trees now has 13 branded locations across the country and is planning for further growth through both acquisition and organic locations in the months ahead.
Trees is a cannabis company at the intersection of community, content, and commerce. Publicly traded, Trees offers a differentiated retail experience, combined with digital platforms that aim to educate and amplify, unlocking emerging consumer segments and need states that allows Trees to uniquely engage the 360 cannabis consumer. The company has 13 Trees branded storefronts in Canada, including eight (8) stores owned and operated in Ontario and five (5) stores operated in BC, subject to the closing of the acquisition of the assets of 101 pursuant to the terms of the third amended and restated asset purchase agreement between Trees and 101 (the "APA"). The closing of the transactions contemplated by the APA is subject to certain conditions precedent, including the receipt of certain licensing approvals and related regulatory consents.
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
Forward-looking statements in this document include, among others, statements relating to the closing of the transactions contemplated by the APA, expectations regarding the Company's ability to unlock and capture emerging consumer segments across its platforms, expectations regarding the Company's ability to engage its customers and new consumer segments and need states, the expectation that the Company will be successful in its growth strategy, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The NEO Exchange has neither approved nor disapproved the contents of this press release and accepts no responsibility for the adequacy or accuracy of this release.
SOURCE Trees Corporation
Trees Corporation: Jeffrey Holmgren, President and Chief Financial Officer, Email: [email protected]
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