Westleaf Secures Option to Acquire Two Cannabis Retail Locations in Saskatoon
Two locations in Saskatoon expected to follow the Prairie Records cannabis store opening in Warman Saskatchewan on January 31,2019
CALGARY, Jan. 29, 2019 /CNW/ - Westleaf Inc. (TSX-V: WL) ("Westleaf"), is pleased to announce that it has secured two additional cannabis retail stores in Saskatchewan. The stores are secured under exclusive option to purchase agreements with the cannabis retail store permit applicants and both will be located in Saskatoon. The option to purchase agreements are exercisable by Westleaf once the permits are issued to the applicants and are subject to regulatory approval. Both stores will be in Saskatoon and will be under Westleaf's brand, Prairie Records, subject to provincial regulatory approval. Westleaf's first retail location in Saskatchewan will be opening in Warman on January 31, 2019.
"These additional premium cannabis retail locations will provide Westleaf with significant scale in Saskatchewan and will be opened under the Prairie Records brand which provide customers with a unique and engaging cannabis retail experience," said Scott Hurd, President and CEO of Westleaf. "We believe that Saskatchewan provides for one of the most attractive privatized cannabis markets given the limited number of licenses and the ability to sell online to the entire province. This is especially true in the province's largest city, Saskatoon.
Highlights
- Expanded Retail Footprint in Saskatchewan – Further expands the Prairie Records portfolio of premium cannabis retail across Western Canada;
- Accelerated Brand Recognition – The option agreement, if exercised, allows Prairie Records to accelerate brand recognition in Saskatchewan and drive traffic to its e-commerce platform;
- Option to Purchase Structure - Each of the transactions are structured as exclusive option to purchase agreements with the respective cannabis retail store permit applicants and the options are exercisable by Westleaf once the permits are issued in the name of the applicants.
About Prairie Records
Focusing exclusively on densely populated neighborhoods, high traffic areas, and tourist destinations, Prairie Records retail stores will be situated in some of the most premium retail locations across the country. The foundation of the retail concept is ingrained with a desire to create a unique cannabis purchasing experience through tactile in-store features and product offerings that celebrate the relationship between music and cannabis. Featuring a rollout of approximately 50 retail locations across Canada. Westleaf continues to be committed to becoming a leader in the Canadian cannabis retail market.
About Westleaf Inc.
Westleaf is a vertically integrated cannabis company focused on innovative retail experiences and engaging cannabis brands as well as cultivation, production and extraction of cannabis products. Westleaf is rolling out a national retail footprint for its retail concept Prairie Records, with stores planned for British Columbia, Alberta, Saskatchewan and potentially Ontario. The retail concept leverages the instinctual tie between recreational cannabis and music and redefines the cannabis purchasing experience. Westleaf also has two significant production facilities under construction and scheduled for completion in 2019. For more information, please visit www.westleaf.com or www.prairierecords.ca.
Cautionary Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to 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 statements. This news release, forward-looking statements relate, among other things, to, the exercising of the option to purchase, and the business and operations of Westleaf. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder, court or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Westleaf assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Westleaf Inc.
Investor Enquiries: Bruce Leslie, VP Corporate Communications, [email protected], 403-801-7612; Media Enquiries: Lauren Steeves, North Strategic, [email protected], 306-717-3253
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