National Access Cannabis Corp. Provides Sales Update for Retail Cannabis Operations Since Federal Legalization
Press Release
- NAC has achieved over $50 million in retail sales since federal legalization on October 17, 2018.
- NAC has 35 licensed stores in Canada, 30 of which are open, with the remaining 5 anticipated to open to the public in September. This portfolio results in NAC having the largest footprint of any private or public cannabis retailer in Canada1.
- NAC continues to execute on its business plan to have 40 stores operating by the end of calendar 2019, and 110 by the end of calendar 2020.
TORONTO, Aug. 20, 2019 – National Access Cannabis Corp. (“NAC” or “the Company”) (TSXV: META), Canada’s largest cannabis retailer1, today provided investors with a corporate and retail sales update. The Company is successfully executing on its growth strategy and has achieved over $50 million in retail sales since legalization, with cumulative gross margin in excess of 31%. The Company is targeting to have 40 operating stores by the end of calendar 2019.
“NAC is rapidly growing its store count and revenue,” said Mark Goliger, CEO of NAC. “We have been granted 10 licenses in Alberta since the ending of the moratorium on May 31st, and we expect positive movement with our licence applications in British Columbia. We now have 30 stores open, with another 5 stores licensed and in development. We expect continued revenue momentum as we roll out improved and streamlined store designs to enhance customer experience. With the recent filing of our final base shelf prospectus to provide us with flexible access to capital, we are confident in our ability to execute on our strategic growth initiatives to continue our leadership position in Canadian cannabis retail.”
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 location opened August 20, 2019:
NewLeaf Cannabis – Falconridge
55 Castleridge Blvd NE, Calgary
Previous announcements regarding NAC’s retail store expansion may be found through the following links:
August 8, 2019, National Access Cannabis Corp. Continues Growth by Announcing Licence to Open a New Retail Cannabis Store in Alberta for a Total of 35 Licensed Retail Stores Across Canada and New Store Opening Update
July 30, 2019, National Access Cannabis Corp. Continues Growth by Announcing Licences to Open Two New Retail Cannabis Stores in Alberta for a Total of 34 Licensed Retail Stores Across Canada
July 25, 2019, National Access Cannabis Corp. Continues Growth by Announcing Licences to Open Two New Retail Cannabis Stores in Alberta for a Total of 32 Licensed Retail Stores Across Canada
July 3, 2019, National Access Cannabis Corp. Continues Growth by Announcing Licences to Open Two New Retail Cannabis Stores in Alberta for a Total of 30 Licensed Retail Stores Across Canada
May 31, 2019, National Access Cannabis Corp. Responds to the AGLC Lifting the Moratorium on Cannabis Retail Stores in Alberta
About National Access Cannabis Corp.
NAC is Canada’s largest recreational cannabis retailer1. With a portfolio of 35 licensed retail locations nationwide, NAC is the leader in secure, safe and responsible access to legal recreational cannabis in Canada. Through its Canada-wide network of Meta Cannabis Supply Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores and NAC Medical’s cannabis clinics and pharmacy partnerships, NAC enables the public and registered patients to gain knowledgeable access to Canada’s network of authorized Licensed Producers of cannabis. NAC is listed on the TSX Venture Exchange under the symbol (TSXV: META).
1Canaccord Genuity, Canadian Cannabis Report, July 17, 2019
For further information: National Access Cannabis: Mark Goliger, Chief Executive Officer, National Access Cannabis, Tel: 647-689-6382, corporate@nationalaccesscannabis.com; Investor Relations: Emily Gibbs, LodeRock Advisors Inc., Tel: 416-546-8775, emily.gibbs@loderockadvisors.com; Media Inquiries: Jessica Patriquin, Tel: 416-640-5525 x 230, Cell: 416-995-8496, jessicap@wearemaverick.com
IBF4
