Following completion of the transactions described in the press release dated July 23, 2018, the combined company will be uniquely positioned as a CSE and TSXV-listed, Calgary-based, vertically integrated cannabis company primarily focused on processing and extraction, retail operations and the execution of an aggressive cannabis-brand acquisition, licensing and development strategy.
51st Parallel has taken significant steps to advance its business strategy in anticipation of cannabis legalization in Canada on October 17. The following achievements and numerous key milestones will directly contribute to our strong competitive position and securing market share in our key Canadian consumer markets: The retail footprint within Alberta was expanded to 15 secured locations, with an additional 10 elite locations identified that will support plans to aggressively expand the portfolio and footprint of retail stores in Alberta. Development permits have been applied for in respect of all 15 Alberta locations.
Development permits have been received for 5 of our retail locations across 4 municipalities in Alberta, setting the stage to establish a strong presence across the province. We expect to receive development permits in respect of the other 10 locations.
Over 100 elite retail locations have been identified in Toronto, the Greater Toronto Area (" GTA ") and 15 additional markets across Ontario. To-date, an aggregate of 60 offers to lease have been submitted. In addition, evaluations are continuing in respect of an additional 40+ locations throughout the province.
Increased Retail Footprint in Alberta
The retail strategy for Alberta includes targeting retail locations that offer optimal exposure, traffic and supportive demographics. Successful execution of this strategy is evidenced by 51 st Parallel’s rapidly growing retail presence throughout Alberta, which has been meaningfully expanded. Five development permits have been granted for locations in Calgary, Edmonton, Airdrie and Lethbridge, with development permits expected in the other municipalities throughout the province. To-date, key operational activities in Alberta include: Receipt of a development permit for a strategic 3,000 square foot location in Calgary’s centrally-located Mission area, where numerous trendy shops, popular restaurants and active nightlife provide access to a wide demographic of potential customers.
In Edmonton, acquisition of a development permit for a strategic storefront location situated along the vibrant and high-traffic Whyte Avenue, which is regarded as one of the city’s most popular dining, shopping and gathering areas.
A development permit for a 2,400 square foot location in Stoney Plain was acquired, which will provide a storefront situated within an area near to the world-famous West Edmonton Mall, and located along a primary traffic artery for Edmonton which has an estimated 30,000 vehicles passing daily.
A purchase agreement in respect of an 1,800 square foot location with exposure to Edmonton’s downtown "Ice District" was executed. This affords access to a $2.5 billion redevelopment project on 10 hectares of land that is expected to become Canada’s largest mixed-use sports and entertainment district, once completed. Closing is expected to occur on or about October 15, 2018.
In Jasper, a purchase agreement was entered into to acquire a development permit for a 4,000 square foot location on Jasper Avenue. The location is situated within Jasper National Park, a popular tourist destination in the heart of the Canadian Rockies that welcomes over 2.4 million tourists annually. Closing will occur upon receipt of the development permit, which is expected to occur on or about October, 30, 2018.
Purchase agreements were executed on locations in rural centres that have supportive population and demographics, and typically situated near areas with active oil and gas operations such as Grand Prairie, Hinton and Wainwright.
Throughout the province, additional attractive retail opportunities continue to be evaluated […]
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