ShinyBud Corp. announced its corporate name change from ShinyBud Corp. to Shiny Health & Wellness Corp. to reflect the Company’s expanded retail focus and enhanced mission to be a trusted source for health and wellness solutions and services. The Company first established itself as a retail cannabis company centered on becoming a premier adult-use cannabis retailer in Ontario, and has since broadened its retail growth strategy to focus on a more robust customer-driven health and wellness model through targeting pharmacy acquisitions.
“Changing our corporate name from ShinyBud to Shiny Health & Wellness demonstrates our commitment to widening our retail focus beyond cannabis towards developing a pharmacy line of business aimed at building a network of community pharmacies across Ontario,” stated Kevin Reed, Chairman and Chief Executive Officer. “It’s one of the next steps in our repositioning in both adult-use cannabis and health and wellness solutions, while enhancing our value proposition for shareholders with an additional pillar of growth in a stable sector.”
Mr. Reed added, “We more than quadrupled the size of our cannabis store network through a combination of new store openings, mergers, and acquisitions over the last 18 months, which have reported higher sales and a very healthy gross margin. We look forward to building another solid store network from our target-rich pipeline of pharmacy acquisition prospects.”
Shiny Health & Wellness is the parent company of Shiny Bud Inc. o/a ShinyBud Cannabis Co., which will continue to operate the cannabis portfolio, and mīhī Health & Wellness Inc., the newly established retail division for the Company’s planned pharmacy portfolio.
Continuance Under Canada Business Corporations Act
The Company also announces that it is proceeding with a change in its corporate jurisdiction by way of a continuance under the Canada Business Corporations Act (CBCA). The continuance, which was approved by shareholders at the annual general and special meeting of shareholders held on July 15, 2022 and is expected to be completed in the coming days, will effectively re-incorporate the Company under the CBCA. ShinyBud was originally incorporated under the laws of British Columbia. As a federally incorporated corporation under the CBCA, the Company’s charter documents will consist of its articles of continuance and bylaws, copies of which will be available under the Company’s issuer profile on SEDAR at www.sedar.com.
About ShinyBud
ShinyBud Corp. is on a mission to help people Never Settle, Live Fully. The Company recently broadened its retail growth strategy beyond adult-use cannabis by establishing mīhī Health & Wellness, a new line of business focused on building a network of community pharmacies across Ontario. Striving to provide a more diverse and accessible cannabis experience for adult consumers, ShinyBud Cannabis Co. is a well-established brand in Ontario strategically located in markets less saturated with cannabis retailers. The Company’s board and management team hold extensive retail operating experience, a key competitive differentiator in leading its growth strategy. ShinyBud trades on the TSX Venture Exchange (TSXV) under the ticker symbol SNYB. For more information, please visit investors.shinybud.com.
