Compass Cannabis Clinics and Starbuds Announce Canadian Joint Venture
CALGARY, Alberta, Jan. 08, 2018 (GLOBE NEWSWIRE) — 10330698 Canada Ltd. (dba Compass Cannabis Clinics (“Compass Cannabis” or the “Company”)) is pleased to announce that it has signed a binding letter agreement with SB CDA LLC (“Starbuds”) which sets forth the terms and conditions of a Canadian joint venture (the “Joint Venture”) whereby Compass Cannabis and Starbuds will form a jointly held corporation that will be in the business of operating a cannabis retail business within certain Canadian provinces.
Compass Cannabis is a medical cannabis consultation company with eight existing locations across British Columbia and Alberta and another ten expected to open in early 2018. The Company plans to have a number of its clinics converted into retail cannabis dispensaries upon legalization of cannabis for recreational use within Canada. Compass Cannabis and Starbuds plan to leverage the expertise of Starbuds, which has been operating in a mature recreational cannabis market for over four years, to become a leading distribution business within Canada’s cannabis industry.
Compass Cannabis anticipates more than doubling its medical patient base in the first quarter of 2018 while continuing an aggressive real estate acquisition strategy in western Canada. Compass Cannabis has also entered into an agreement with the acclaimed architecture and design firm, McKinley Burkart, to provide design services for their retail locations.
Starbuds is one of the leading cannabis retailers in the U.S. with eleven locations across the state of Colorado. Starbuds continues to expand across the U.S., opening its doors in both Maryland and Massachusetts in 2018. As the Starbuds brand goes International, it aims to become a household name for cannabis consumers in legal markets worldwide.
“This merger is representative of the future of the industry. As cannabis continues to become more widely accepted and legalized across the globe, Starbuds rises above the rest, expanding and evolving to meet the demands of the market. Starbuds’ expansion into Canada is just the beginning and we couldn’t ask for a better partner in the Canadian market.” – Brian Ruden, Starbuds Founder & CEO.
Compass is excited to begin this venture with the Starbuds team. For our operations to become the best of breed in the budding Canadian market, it was a natural fit to team up the original ‘Pot Barons of Colorado’. Brian, TJ and the Starbuds team bring a wealth of experience and knowledge that will quickly help us to become the leaders in the Canadian retail market, both through corporately owned and franchised locations. The design excellence of McKinley Burkart will continue to set us apart from the rest of the pack.
Dave Martyn, President of Compass Cannabis
About Compass Cannabis
Compass Cannabis is a medical cannabis consultation company whose core business is focused on providing educational and consultation services to Canadians who are able to obtain cannabis from a licensed producer under Canada’s Access to Cannabis for Medical Purposes Regulations. With existing locations in British Columbia and Alberta, Compass Cannabis intends to become one of Canada’s leading cannabis retail companies.