VANCOUVER, BC, March 16, 2021 / CNW / – Kiaro Holdings Corp. (TSXV: KO) (“Kiaro” or the “Company”), an omnichannel cannabis retailer and distributor, is pleased to announce that following the news release dated February 23, 2021, it has completed its previously announced acquisition of Grasshopper Cannabis’ (the “Seller”). Kelowna Retail assets.
Under the terms of the property purchase agreement, the seller has $ 695,000 upon closing in cash.
Transaction highlights
- The themed location is in the best inner city location Kelowna, which expects significant residential and commercial investments in the near future
- The site in question had previously been rezoned to run a cannabis store
- The transaction is expected to close:
- Increase sales in the current financial year
- Increase the number of Kiaro retail locations to 8 Canada
- Support the growth and liveliness of Kelowna
- Kiaro’s first retail location in a major inland consumer market British Columbia
“Kiaro is thrilled to be part of it Downtown Kelowna and we expect to make a positive contribution to their shared vision of a thriving business world where people want to work, live and play, “said Daniel Petrov, CEO of Kiaro.
“As for defense, I keep talking to the unprecedented dig around BC’s retail stores, and Kelowna BC is no exception. To further prove this, the province has two of its three efforts to open its own cannabis stores in Kelowna. “
“This is a huge win for the Kiaro team, shareholders and community,” said Mr Petrov.
Kiaro will submit his application for a retail cannabis license to the Provincial Spirits and Cannabis Regulation Department. Submit British Columbia at the earliest possible point in time and is aiming for an opening date for the specialist location in summer 2021.
The planned new retail location at 1650 Pandosy Street, Kelowna, BC, V1Y 1P7 (the “Topic Location”) is one block away Harvey Avenue/ Highway 97. As part of a significant investment in the area, construction of the UBC Okanagan Downtown Campus is slated to begin in 2022 and the City of Kelowna recently approved Water Street by the Park, a 3-tower residential and commercial building that is adjacent to the property site.
This acquisition marks the first stop in Kiaro’s plan for aggressive retail expansion across the board Canada this fiscal year. Kiaro Continues Its Mission to Deliver a Seamless Shopping Experience for Cannabis and CBD Consumers; This proposed location will blend in with the community and add an abundance of vibrancy to the area.
About Kiaro Holdings Corp.
Based in Vancouver, British Columbia, Kiaro is an independent omni-channel retailer and distributor of cannabis. Across existing shop windows British Columbia and Saskatchewan, a wholesale sales division that Saskatchewan and plans for national expansion, Kiaro is committed to introducing life-long research into cannabis to new and seasoned consumers. With over 40 years of collective retail experience, the Kiaro executive team has a proven track record of growing retail brands across all North America and plans to open multiple retail locations across the country in the coming years.
Forward-looking information
This press release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information may include, among other things, statements about Kiaro’s future plans, costs, goals or performance or the assumptions underlying the foregoing. In this press release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “foresee”, “intend”, “plan”, “estimate” ” and similar words and their negative form are used to identify forward-looking statements. In this press release, forward-looking statements refer to, among other things, planned retail expansion plans and management’s ability to implement them, overall Canadian cannabis market growth and retail opportunities, impact on the Company’s financial results and the issuance of new operating permits and licenses in various jurisdictions (including the timing of LCRB approval of the newly acquired retail property). Forward-looking statements should not be read as guarantees of future performance or results and are not necessarily accurate indicators of whether or at what times or when lt times such future performance will be achieved. There can be no assurance that events anticipated from the forward-looking information will occur or will occur. Forward-looking information is based on information available at the time and / or management’s good faith belief with respect to future events and is subject to known and unknown risks, uncertainties, assumptions and other unforeseeable factors, many of which are beyond Kiaro’s control. These risks, uncertainties, and assumptions include, but are not limited to, those set out in the Kiaro filing statement dated 29th September 2020, a copy of which is available on SEDAR at www.sedar.com and could cause actual events or results to differ materially from those projected in any forward-looking statements. In addition, all forward-looking information regarding future expansion plans is subject to the qualifications that Kiaro’s management may decide and an assumption that any construction or remodeling would not be too expensive, the necessary permits are obtained, and the labor, materials and equipment required for the completion of such construction or remodeling are required. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements and information in this press release. Kiaro does not intend or undertake any obligation to update or revise any forward-looking information contained in this press release to reflect later information, events or circumstances or otherwise, unless required by applicable law.
Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Further information is available at: investoren.kiaro.com.
SOURCE Kiaro Holdings Corp.
For more information: Daniel Petrov, Chief Executive Officer, [email protected], 1-888-623-2420; Investor Inquiries: Jerry Lai, Investor Relations, [email protected], 1-888-623-2420
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