National Access Cannabis Corp. Generates Over $60 Million in Retail Sales in the First Year Since Federal Legalization at a Cumulative Gross Margin of 32%(i)
Press Release
- NAC is Canada’s largest publicly traded recreational cannabis retailer by revenue, and one of the largest revenue generators in the Canadian cannabis industryii
- NAC currently has 35 licensed stores in Canada, 33 of which are currently open and operated by NAC.
- The Company continues to drive towards having 40 stores operating by the end of calendar 2019.
- In NAC’s last quarter – its third quarter ended May 31, 2019 – NAC retail cannabis stores generated $16.8 million in revenueiii at a gross profit margin of 32% and adjusted EBITDAiv of $2.3 million (margin of 14%), up significantly from the prior quarterv.
TORONTO, Oct. 15, 2019 – National Access Cannabis Corp. (“NAC” or “the Company”) (TSXV: META), Canada’s largest publicly traded cannabis retailerii, today provided investors with a corporate and retail sales update. The Company is successfully executing on its growth strategy and has achieved over $60 million in retail sales since legalization, with cumulative gross margin of 32%. The Company is targeting to have 40 operating stores by the end of calendar 2019.
“NAC is already one of the highest revenue generators in the Canadian cannabis space and by revenue, is the largest publicly traded recreational cannabis retailer in the countryii. In a highly regulated market like Canada, we view owning retail shelf space and the data gleaned from millions of customer interactions as a pipeline to accessing customers and developing long-term brands and loyalty,” said Mark Goliger, CEO of NAC. “With one of the largest and most visible networks of retail storefronts across Canada and a proven track record of repeat customers, NAC is well-positioned to continue playing a pivotal role in the growing industry. I am proud of our team for bringing us to over $60 million since federal legalization and for generating positive and growing Adjusted EBITDA on a retail basis, all while significantly expanding our store network.”
Mr. Goliger added, “As the cannabis industry continues to evolve, and the introduction of new products is on the horizon, NAC has a well-defined growth roadmap focused on building shareholder value. We are focused on building value for shareholders as our team continues to drive performance from existing stores, introduces enhanced store concepts and executes on a robust pipeline of new store locations. We believe that retail is the most strategic segment of the cannabis value chain, as it is the retailers who are able to interact directly with clients and influence their purchasing decisions, it is the retailers who have access to data associated with millions of customer transactions, and it is the retailers who make the decision as to what products to sell.”
The Company’s current portfolio of 35 licensed locations is split as follows:
- 25 NewLeaf Cannabis™ stores in Alberta
- 9 Meta Cannabis Supply Co.™ stores in Manitoba
- 1 Meta Cannabis Supply Co.™ store in Saskatchewan
The newest retail locations:
Opened September 11, 2019
Leduc Plaza
Unit 103, 6207 – 50 Street
Leduc, Alberta
Opened September 11, 2019
North Hill
1535 – 19 Street NW
Calgary, Alberta
Opened October 2, 2019
Bridgeland
Unit C, 824 Edmonton Tr NE
Calgary, Alberta
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