Two locations in Saskatoon expected to follow the Prairie Records cannabis store opening in Warman Saskatchewanon January 31,2019
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
SOURCE Westleaf Inc.
