Westleaf Selected for Manitoba Cannabis Store Licence
Opportunity to build retail store and online sales expands distribution footprint
CALGARY, May 21, 2019 /CNW/ - Westleaf Inc. (the "Company" or "Westleaf") (TSX-V:WL) (OTCQB:WSLFF) is proud to be one of only seven retail operators selected by the province of Manitoba for new retail cannabis licences. Westleaf has been chosen to open a store in the southern Manitoba border community of Altona. Westleaf has 10 days from the draw date to confirm its interest to the Government of Manitoba and the opening of the store is subject to the province's standard licensing process including completion of due diligence and obtaining all municipal permits and inspections.
Highlights:
- Option to Expand Retail Distribution Footprint to Fourth Province: A retail location in Manitoba would expand Westleaf's footprint to four Western Canadian provinces where the Company has or intends to open cannabis retail stores and helps grow the company's multi-province approach to retail distribution;
- Expanded Ecommerce Platform: Provides the option to launch province-wide online sales in Manitoba and replicate operations already built and operating in Saskatchewan;
"The opportunity to add a Manitoba cannabis retail store is a positive step in building our vertically integrated business model across the country," said Scott Hurd, President and CEO of Westleaf. "In addition to building a cannabis retail store we also have an opportunity to launch our ecommerce platform across the entire province to introduce our brand to a new and large customer base."
The Manitoba retail regulations allow for province-wide online sales, Westleaf's Prairie Records cannabis retail brand (www.prairierecords.ca) is already established online and is currently serving the province of Saskatchewan.
Westleaf continues to build out its vertically integrated business model as construction of the Company's cannabis extraction and manufacturing facility, The Plant, is nearing completion in Calgary and Westleaf's cultivation facility in Battleford, Saskatchewan continues on schedule with completion estimated for Q4 this year. The output from both facilities will help Westleaf gain a competitive advantage in terms of product offering and pricing at its wholly owned retail stores and online sales platform.
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. The Company 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.
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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 retail cannabis stores that Westleaf plans to open, the timing and anticipated completion of Westleaf's due diligence process relating to its Manitoba retail license and the applicable provincial regulations and the anticipated completion dates for Westleaf's production facilities. 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: risks relating to the ability to obtain or maintain licenses to retail cannabis products; future legislative and regulatory developments involving cannabis; 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; general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board or regulatory approvals, as applicable. 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 assumes 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.
Bruce Leslie, VP Corporate Communications, [email protected], 403-801-7612; Lauren Steeves, North Strategic, [email protected], 306-717-3253
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