EDMONTON, Alberta, Dec. 13, 2019 (GLOBE NEWSWIRE) -- Alcanna Inc. (the “Company” or “Alcanna”) (TSX: CLIQ), owner of the Nova Cannabis store brand, today congratulated Premier Ford, Minister Downey and the Government of Ontario for opening up retail cannabis licensing in the province.
“Ontario has just taken a tremendous step in getting cannabis out of the hands of black-market criminals and into safe, regulated legal hands,” said James Burns, Alcanna’s CEO and Vice Chair. “Nova Cannabis will open stores carefully and calculatedly in Ontario as we have done in Alberta. All stores are not equal. Great real estate is the best way to ensure long term viability and profitability in retail and we will only build on great sites in Ontario as we have done in Alberta.”
“Subject to getting the right real estate, Alcanna is targeting 10 Nova Cannabis stores in Ontario by August 31, 2020 and another 10-15 by year end. We anticipate getting to the limit of 30 before September 2021 and pursuing additional stores up to the 75 maximum as market conditions and site opportunities arise. Unlike poorly capitalised competitors, Alcanna has the financial capacity to build out the Ontario market without needing to access capital markets. And that same financial strength gives us the edge - as always - with quality landlords to secure the best sites because they can be assured of the rent being paid for the full duration of the lease,” Mr. Burns said. “Nova Cannabis Queen Street West has shown that allowing retailers with experience is the key to long term consumer acceptance of legal cannabis and the demise of the black market. Nova will continue to take the lead in making this happen in Ontario.”
ABOUT ALCANNA INC.: The Art of Responsible Retail
Alcanna is one of the largest private sector retailers of alcohol in North America and the largest in Canada by number of stores – operating 255 locations in Alberta, British Columbia and Alaska. The Company currently operates 16 cannabis retail stores under the “Nova Cannabis” brand, with 15 in the Province of Alberta and one in Toronto, Ontario and anticipates an additional 15 Nova Cannabis locations will be licensed in the Province of Alberta by the end of 2019. With revenues in excess of $700 million per year, Alcanna processes over 20 million individual retail transactions of beverage alcohol and cannabis.
Alcanna's common shares and convertible subordinated debentures trade on the Toronto Stock Exchange under the symbols "CLIQ" and "CLIQ.DB", respectively.
This news release contains forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “continue”, “anticipate”, "will", "should", “plan”, “intention”, and similar words suggesting future events or future performance. All statements and information other than statements of historical fact contained in this news release are forward-looking statements. In particular, this news release contains forward-looking statements pertaining to implementing the Company’s strategy and objectives related to the growth of its cannabis brands.
With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things: the ability of management to execute the Company’s strategic plan and growth strategy, including its capital allocation strategy and specifically its ability significantly grow its cannabis retail store locations.
Although the Company believes that the expectations reflected in the forward-looking statements, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations and assumptions will prove to be correct. Readers should not place undue reliance on forward-looking statements included in this news release. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that may cause actual performance and financial results to differ materially from any estimates, forecasts or projections. These risks and uncertainties include, among other things, the risk that we will be unable to execute our strategic plan and growth strategy, including the capital allocation and retail cannabis strategy, as planned without significant adverse impacts from various factors beyond our control; dependence on suppliers; potential delays or changes in plans with respect to capital expenditures and the availability of capital on acceptable terms; risks inherent in the liquor retail and cannabis industries; competition for, among other things, customers, supply, capital and skilled personnel; changes in labour costs and markets; incorrect assessments of the value of acquisitions; general economic and political conditions in Canada (including Alberta), Alaska and globally; industry conditions, including changes in government regulations; fluctuations in foreign exchange or interest rates; unanticipated operating events; failure to obtain regulatory and third‐party consents and approvals when required; changes in tax and other laws that affect us and our security holders; the potential failure of counterparties to honour their contractual obligations; stock market volatility; and the other factors described in the Company’s public filings (including the Annual Information Form) available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking statements contained in this news release are made as of the date hereof. Except as expressly required by applicable securities legislation, Alcanna does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
For Further Information
Vice Chair and Chief Executive Officer
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