#Cannabisnews - Westleaf (TSXV: $WL.V) (OTCQB: $WSLFF) Provides Updates
on Retail Store Opportunities
CALGARY, ALBERTA -
March 14, 2019 (Investorideas.com Newswire) Westleaf
Inc. (TSX-V: WL) (OTCQB:WSLFF) ("Westleaf"),
is pleased to announce the Town of Banff has approved its development permit
for a flagship retail location in the heart of Canada's most visited national
park. The location on Caribou Street just off famed Banff Avenue, will be
developed as a flagship in the Prairie Records brand of cannabis stores. The
town located one hour west of Calgary, attracts more than four million visitors
annually and is Canada's most visited national park and one of the top tourist
destinations in the country. Westleaf remains on track to open approximately 20
locations in Alberta and Saskatchewan by the end of Q3 2019, subject to receipt
of required regulatory approvals including receipt of cannabis retail licenses
from the Alberta Gaming, Liquor and Cannabis and the Saskatchewan Liquor and
Gaming Authority.
Read this in full
at
“Premium retail locations
are the cornerstone of our vertically integrated strategy and which we believe
uniquely differentiates Westleaf by providing access to wholly owned
distribution channels,” said Scott Hurd, Westleaf’s President and CEO. “We have
built our Prairie Records retail
brand to be a superior retail experience and have focused on locations with
high foot traffic in urban centres and resort destinations. There are very few
locations in Canada that tick off as many boxes as the Banff location does. If
you have ever been to the intersection of Banff Avenue and Caribou Street on a
summer weekend, you will know exactly what we are talking about.”
“The space is also
exceptionally unique,” added Adam Coates, Chief Commercial Officer at Westleaf.
“We have secured a former nightclub, which includes approximately 5,000 square
feet of development. This will give us plenty of room to present an
unprecedented retail experience, rooted in an immersive musically themed
approach, complete with listening booths, to create an absorbing way to learn
about the products.” The store will be in the basement of the historic King
Edward Hotel which was built in 1904 and is the second oldest hotel in Banff.
Prairie Records is an engaging retail concept, which marries
cannabis with music in a natural and instinctual way. Product information is
presented on album covers and categorized and aligned with different types of
music. “Through this concept the consumer is presented with choices they can
immediately identify with,” explains Coates. “For example you can steer towards
the ‘Just Dance’ section, which will give you an idea of the type of cannabis
product you would want for a night on the town, or you can turn towards the
‘Dreams’ section, if perhaps you are looking for a relaxing evening at home.
Using music and musical nomenclature to align the customer to what they are
looking for has created a brand proposition for Prairie Records that will stand out from all other retailers and
help us create a unique tie with the consumer.”
Banff Location Highlights:
·
High
Traffic Area: With annual visitors of more than four million, it is expected that the
cannabis retailers in Banff will have one of the highest ratios of customers to
stores in Canada;
·
Year-Round
Resort: Banff is a four-season resort community with a large number of visitors
in both summer and winter months coming for world-class outdoor activities;
·
Tourism
Potential: Cannabis tourism has been identified as a potential growth
industry across Canada, with many of the budding tour operators concentrated in
the west and in the mountain resort communities;
·
Number
of Stores: Prairie Records Banff, is one
of five development permits issued for the mountain community;
·
Part of a Truly
Vertically Integrated Company: Westleaf is one of the few truly vertically integrated
companies in the Canadian cannabis industry, with assets owned and under
development across each vertical of the business, including cultivation,
extraction, processing & manufacturing, distribution and wholly owned
retail. Westleaf believes that being vertically integrated provides significant
optionality and defensively positions the company to protect margins across the
life cycle of the industry.
Currently the Banff Prairie Records location is being
developed with an opening date in Q3 of this year, pending completion of
conditions and release of the development permit from the Municipal Planning
Commission in Banff as well as the lifting or loosening of the moratorium on
new cannabis retail licenses from the Alberta Gaming, Liquor and Cannabis
(AGLC) which has been imposed due to supply constraints.
The unique design, warm features and welcoming
spaces are designed by FRANK Architecture & Interiors of Calgary, one of
the top design firms in Canada and a leading design company in the hospitality
space.
Artist’s rendering of Prairie Records store,
Banff, Alberta, by FRANK Architecture & Interiors
Artist’s rendering of Prairie Records store,
Banff, Alberta, by FRANK Architecture & Interiors
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 upwards of 50 retail locations in markets across Canada. Westleaf continues
to be committed to becoming a leader in the cannabis retail market in Canada.
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. The
Company 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.
More Information:
Bruce Leslie, VP Corporate Communications
Bruce Leslie, VP Corporate Communications
Bruce.leslie@westleaf.com
403-801-7612
Or
Lauren Steeves, North
Strategic
306-717-3253
Neither TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release
Cautionary Statements
This news release
contains “forward-looking information” and “forward-looking statements”
(collectively, “forward-looking statements”) within the meaning of the
applicable Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news release.
Any statement that involves discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions, future
events or performance (often but not always using phrases such as “expects”, or
“does not expect”, “is expected”, “anticipates” or “does not anticipate”,
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actions, events or results “may” or “could”, “would”, “might” or “will” be
taken to occur or be achieved) are not statements of historical fact and may be
forward-looking statements. This news release, forward-looking statements
relate, among other things, to: (i) the development of the Prairie Records
facilities, the quality of the facilities and the expected opening date
thereof; (ii) the legalization of derivative products and the resulting market
therefor; (iii) construction of and timing to open Westleaf’s retail locations,
including but not limited to the the Banff Prairie Records location and
Westleaf’s retail operations roll-out across Canada; (iv) timing and completion
of Westleaf’s production facilities; (v) and the business and operations of
Westleaf. Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are subject to
known and unknown risks, uncertainties, and other factors which may cause the
actual results and future events to differ materially from those expressed or
implied by such forward-looking statements. Such factors include, but are not
limited to: lifting or loosening of the moratorium on new cannabis retail
licenses from the AGLC and receipt of a cannabis retail license from the AGLC
in respect of Westleaf’s retail locations; timing and completion of
construction of retail locations; review of facilities by Health Canada and
receipt of a licensee from health Canada in respect of Westleaf’s production
facilities; receipt of funding for completion of construction; general
business, economic, competitive, political and social uncertainties; and the
delay or failure to receive board or regulatory approvals. There can be no
assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on the
forward-looking statements and information contained in this news release.
Except as required by law, Westleaf assume no obligation to update the
forward-looking statements of beliefs, opinions, projections, or other factors,
should they change, except as required by law.
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