City View Green Holdings Inc., an innovative Canadian-based cannabis-infused edibles manufacturing company, announces that it has exited the retail cannabis space through its ownership in Budd Hutt Inc. Budd Hutt recently relinquished its last two licenses and no longer operates in the Province of Alberta.
Budd Hutt was under intense pressure from competition and sustained losses which no longer made it viable to operate stores in Alberta. Retailers are often surrounded by competition in small towns making it difficult to turn a profit.
Rob Fia, CEO, commented: “It is unfortunate that once stores were purchased by Budd Hutt soon after the company experienced extensive delays due to the moratorium on licenses for retail cannabis stores. Once the moratorium was lifted there were further delays related to due diligence before Budd Hutt received its licenses in Alberta. When Budd Hutt finally received its licenses the small markets Budd Hutt operated in were oversaturated with competitors and combined with poor capital markets, specifically for cannabis retail, this led to an unprofitable situation. City View will focus its efforts on manufacturing edibles and continues the strategic review process as announced in November 2023.”
City View announces the resignation of Gunter Bell as a director of the Company due to personal reasons. The Company would like to thank Gunter for his efforts and for serving on City View’s Board.
About City View Green Holdings Inc.
City View is a leading consumer packaged goods company focused on the development of cannabis infused edibles with the receipt of its Cannabis Act processing license on April 30, 2021. For more information visit: www.cityviewgreen.ca.
