National Access Cannabis Corp. Provides Sales Update for Retail Cannabis Operations since Federal Legalization
- NAC has achieved over $10 million in cumulative sales, since October 17, 2018 and federal legalization, from retail cannabis operations, with average gross margin of over 32 percent with consumable cannabis making up 94.2 per cent of total sales.
- The Company has 20 operational retail cannabis locations in Alberta and Manitoba, as well as an additional eight locations throughout Manitoba planned for opening by the end of Q2 2019.
- With 20 stores in Alberta and Manitoba, the Company is the largest private cannabis retailer in Canada, according to provincial licensing statistics.
TORONTO, Jan. 10, 2019 /CNW/ – National Access Cannabis Corp. (“NAC” or the “Company”) (TSXV: META), today provided investors with a corporate and retail sales update. The Company achieved $10.18 million in cumulative sales in just over 80 days of retail operation and $3.95 million in its first 50 days. The average gross margin achieved was over 32 per cent, with consumable cannabis making up 94.2 per cent of total sales. NAC is currently the largest private cannabis retail operator in the country with 20 retail locations and more than 370 employees, and provided the applicable regulations permit, intends to apply for up to 75 retail cannabis locations in Ontario (subject to regulatory approval), along with continued growth plans in other areas of the country.
We expected to see this trend of solid financial results from robust continued sales. Our momentum is strong. With our growth plans over the next 18 months we expect to remain the largest private cannabis retailer in the country and to utilize both our scale and operational expertise to drive sustained returns from our established markets and increased growth from our additional new locations for our shareholders.
Mark Goliger, CEO of NAC
The Company currently has 20 cannabis retail locations open in total, split as follows:
- 14 NewLeaf Cannabis™ stores in Alberta
- 6 Meta Cannabis Supply Co.™ stores in Manitoba
The Company plans to open an additional eight META store locations throughout Manitoba by the end of Q2 2019. The Company has also submitted the maximum of five regional applications to the Ontario retail cannabis Expression of Interest lottery taking place on Friday, January 11th.
Previous announcements regarding NAC’s retail store expansion may be found through the following links:
About National Access Cannabis Corp.
NAC delivers secure, safe, and responsible access to legal cannabis in Canada. Through its Canada-wide network of medical cannabis clinics, partner pharmacies, NAC Bio’s clinical research division, Meta Cannabis Supply Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores, NAC enables patients and the public to gain knowledge and access to Canada’s network of authorized Licensed Producers of cannabis. NAC is listed on the TSX Venture Exchange under the symbol (TSXV: META).
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