Kiaro Holdings Corp., an omnichannel cannabis retailer and distributor, is pleased to announce that it has signed an agreement to acquire certain assets (The “Asset Purchase Agreement”) of Grasshopper Cannabis (the “Vendor”) required to open a new licensed retail cannabis store in Kelowna, British Columbia. Under the terms of the Asset Purchase Agreement and subject to the satisfaction of the conditions therein, the Vendor will receive $695,000 in cash upon closing. The transaction is expected to close on or about March 15, 2021.
“Kiaro is pleased to be a part of the ongoing growth of Downtown Kelowna. Through its ongoing commitment to communities where we operate, Kiaro intends to build long-term relationships to support the growth and vibrancy of Kelowna,” stated Daniel Petrov, CEO of Kiaro.
The new proposed retail location is located two blocks from Kelowna City Park and Hot Sands Beach at 1650 Pandosy Street, Kelowna, BC, V1Y 1P7 (the “Subject Location”). Kiaro’s retail development strategy is anchored in a philosophy of community integration and this acquisition, located in the Pandosy/Leon corridor, is a positive move for downtown Kelowna.
The City of Kelowna has rezoned the Subject Location to operate a cannabis retail store. Kiaro will submit its application for a cannabis retail store license to the Liquor & Cannabis Regulation Branch of the Province of British Columbia at its earliest opportunity and is targeting an opening date for the Subject Location in Summer 2021.
Upon completion of the proposed transaction, Kiaro’s retail location count will increase to 8 across Canada: 6 in British Columbia, 2 in Saskatchewan. Kiaro also holds a Retail Operator License in Ontario. This acquisition is the first step in Kiaro’s plan for aggressive expansion of retail across Canada this fiscal year.
Based in Vancouver, British Columbia, Kiaro is an independent, omni-channel cannabis retailer and distributor. Through existing storefronts across British Columbia and Saskatchewan, a wholesale distribution division servicing Saskatchewan and plans for national expansion, Kiaro is driven to introduce new and experienced consumers to a lifelong exploration of cannabis. With more than 40 years of collective retail-focused experience, Kiaro’s leadership team has a proven track record of growing retail brands across North America and plans to open multiple retail locations nationwide over the coming years.