National Access Cannabis Corp., Canada’s largest cannabis retailer according to provincial licensing statistics, today provided investors with a corporate and retail sales update. The Company is successfully executing on its growth strategy and has achieved over $40 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 continues to demonstrate revenue momentum in a supply constrained environment,” said Mark Goliger, CEO of NAC. “Investors want to know what’s next for NAC. We plan to open more stores in Alberta and Manitoba, expect positive movement with our licence applications in British Columbia, and plan to roll out an improved and streamlined store design to enhance customer experience and optimize capex. With the recent filing of our preliminary base shelf prospectus to provide us with flexible access to capital, we are confident in our ability to execute on our strategic growth initiatives, and that our revenue momentum will continue for the foreseeable future.”
The Company’s current portfolio of 28 licenced locations is split as follows:
- 18 NewLeaf Cannabis stores in Alberta
- 9 Meta Cannabis Supply Co. stores in Manitoba
- 1 Meta Cannabis Supply Co. store in Saskatchewan
With operating stores in 3 provinces, NAC is the national leader in retail cannabis. Its near-term growth initiatives include:
- Opening an additional 5 META store locations in Manitoba by the end of Q4 2019.
- Opening its 7 fully-built stores in Alberta as the Alberta Gaming, Liquor and Cannabis Commission grants additional retail licences as per its recently lifted moratorium.
- Continuing efforts to obtain licences in British Columbia, where the Company has already submitted applications for 7 licences.
- Submitting applications for licences in Ontario once licencing opens up to more private retailers.