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U.S. And Canadian Dispensaries Now Looking to Locate in Local Malls
PALM BEACH, Florida, March 21, 2019 /CNW/ -- An industry publication recently said that, in both Canada and the U.S.: "The future is very bright for property owners in North America as cannabis companies are on the hunt for cannabis retail locations." The article said that: "Cannabis retailers aren't very widespread in Canada as most provincial governments are slow to roll out the licenses needed to open the stores. In the US, things are somewhat different. Seeing how cannabis is still illegal on the federal level, making deals with cannabis companies comes with a bit more risk. However, that didn't stop some of the biggest mall operators in possibly making millions of dollars in the states where cannabis is already legal, such as California." It continued: "One mall developer said on Monday that they are partnering with an Ohio-based marijuana company… to open 108 locations for selling CBD products. The stores will be located at (the developer's) U.S. malls, most notably the Roosevelt Field Mall in New York and The Galleria in Houston. (The marijuana's CEO) said: "That the company is already in talks with five other real estate developers and plans to have 300 stores open by the end of this year." Active companies in the cannabis industry include: Weekend Unlimited Inc. (CSE: POT) (OTC: WKULF), OrganiGram Holdings Inc. (TSX-V: OGI) (OTC: OGRMF), Liberty Health Sciences Inc. (CSE: LHS) (OTC: LHSIF), Emerald Health Therapeutics, Inc. (TSX-V: EMH) (OTC: EMHTF), Namaste Technologies Inc. (TSX-V: N) (OTC: NXTTF).
In other developments in the industry, a recent headline projecting what will happen in the 2019 cannabis markets, used a tongue-in-cheek cliché: "High Times Ahead: Continued Dramatic Growth Expected For The Legal Cannabis Industry In 2019." High times are indeed projected. The article continued: "The legal cannabis industry is projected to continue its steady and consistent rise in 2019. Backed by growing medical sales and partnerships, the industry is poised to bring on more opportunities for investment and development."
Weekend Unlimited Inc. (CSE: POT) (OTCQB: WKULF) (FSE: 0OS1) BREAKING NEWS: Weekend Unlimited announces that it has secured a retail location in Long Beach, California to launch the company's first US concept store.
"It is essential to our growth plan that we establish multiple touch points for our offerings and one of those is at the retail level, where we can inform and learn from customers as they interact with our brands," said Mr. Paul Chu, Weekend Unlimited President and CEO.
- 5000 ft2 space will feature 2500 ft2 retail and 2500 ft2 of Weekend LIVE, lounge space
- Retail focus on CBD and wellness products, featuring Weekend brands among others
- Focus on the customer experience and customer feedback on products and brands
- Community outreach and education seminars to take place in Weekend LIVE space
- Weekend concept store to open 4/20, Weekend LIVE space to follow
"This space has been designed to provide customers with multiple product lines, featuring Weekend brands, and elevating the experience by having an upstairs Weekend LIVE space that will hold events, education seminars and serve as a lounge with a hemp smoothie bar, coffee and CBD edibles," added Mr. Chu. Read this full announcement and more news for Weekend Unlimited at: https://www.financialnewsmedia.com/news-pot/
Additional cannabis industry related developments from around the markets:
OrganiGram Holdings Inc. (TSX-V: OGI) (OTCQX: OGRMF) the parent company of Organigram Inc. (together, the "Company" or "Organigram"), a leading licensed producer of cannabis recently announced that subject to the approval of the TSX Venture Exchange (the "TSXV"), the Company will issue 41,000 Common Shares (the "Shares") in the capital of Organigram to 9250-5999 Québec Inc. (the "Consultant") pursuant to an Advisory Services Agreement whereby the Consultant provided consulting and advisory services in respect to the cultivation of cannabis and related matters. The Shares will be issued at a price of $9.04 per Share. Organigram Holdings Inc. is a TSX Venture Exchange listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada .
Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) a provider of high quality cannabis, recently announced that the Company is continuing its expansion in Florida and is on schedule to open its 12th dispensary in Gainesville, FL on March 20, 2019, subject to the receipt of Florida Department of Health approvals. The Gainesville area is also home to two Liberty facilities that house an aggregate of 228,880 square feet of cultivation space.
Located at 12 SW 2nd Street, Gainesville, FL, the new dispensary will be open Monday through Friday, 10 a.m. to 7 p.m., Saturday, 10 a.m. to 5 p.m., and Sunday 12 p.m. to 5 p.m. The 1,934 square-foot Gainesville store will provide experienced staff who continue to guide patients through the purchasing process, provide private consultations and host monthly educational events open to the community to discuss the benefits of medicinal cannabis products.
Emerald Health Therapeutics, Inc. (TSX-V: EMH) (OTCQX: EMHTF) recently applauded the Government of Canada for proposing to amend the excise tax calculation for cannabis announced in the recent federal budget.
The implementation of the proposed revision announced in the federal budget would result in the calculation of the excise duty of ingestible cannabis and hemp products being based on the quantity of THC in the products, as opposed to the current tax set in relation to the product volume. Certain low-THC products would also be subject to lower excise duties, which would provide additional tax relief for cannabis products typically used by individuals for medical purposes. If implemented, the proposed changes are expected to come into effect on May 1, 2019. Emerald believes that these revisions are likely to improve its profit margins on the products it intends to produce from its contracts to acquire harvested hemp. As previously announced, Emerald has entered into contracts to purchase 500 acres of harvested hemp (which contains very low levels of THC) in 2018 and up to 1000 acres of harvested hemp per annum from 2019 to 2022.
Namaste Technologies Inc. (TSX-V: N) (OTCQB: NXTTF) recently announced that it has completed the previously announced acquisition of 49% of the common shares of Toronto-based Pineapple Express Delivery Inc. ("Pineapple Express"). In June 2018, the Company announced that it had entered into a subscription agreement to acquire 15% of the common shares of Pineapple for $1,000,000 which comprised of $850,000 in cash and $150,000 in Namaste common shares (the "Subscription Agreement"). In December 2018, the Company announced that it had entered into a binding agreement (the "Purchase Agreement") with shareholders of Pineapple Express to acquire an additional 34% of the outstanding common shares of Pineapple Express. Pursuant to the terms of the Purchase Agreement, the Company issued the selling shareholders of Pineapple Express such number of Namaste common shares having an aggregate value of approximately $3.06 Million, based on the closing price of Namaste's common shares on the TSX Venture Exchange on December 14, 2018 (the "Transaction"). Following closing of the Transaction, Namaste now owns 49% of the issued and outstanding common shares of Pineapple Express.
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