Wildflower's Acquisition of City Cannabis to Include One of the First Licenses on Vancouver Island
Vancouver, British Columbia--(Newsfile Corp. - May 6, 2019) - Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) (the "Company") is excited to announce that a cannabis store application in Comox has been granted Approval In Principle (AIP) by the Provincial Liquor and Cannabis Regulation Branch. Wildflower recently announced a letter of intent to acquire City Cannabis Co. With the AIP from the Province and the City of Comox's Letter of Recommendation to the Provincial Liquor and Cannabis Regulation Branch, all City Cannabis needs to be fully licensed is a final inspection. City Cannabis is on track for the opening of its fourth BC location with a target opening in Summer 2019. This announcement solidifies City Cannabis as the largest legal cannabis retailer in the province.
Located in the heart of Downtown Comox, this location will be the first licensed store to support the whole Comox Valley area that holds a population of 68,000 residents with an average household income of $86,328. In the summer this population grows significantly with Vancouver Island being named a top North American vacation destination. This sector is supported by businesses providing accommodation, food services, transportation, retail, arts and culture as well as recreation. This significant local and transient population represents a substantial retail trade opportunity in BC.
William MacLean, CEO of Wildflower Brands, says, "City Cannabis is no doubt the fastest growing multiple location cannabis retailer in BC. The team has demonstrated their ability to find the best locations, but more importantly, the knowledge and ability to work with regulators at all levels has meant success in licensing that is unmatched. We look forward to completing the acquisition and bringing together two phenomenal companies."
ABOUT CITY CANNABIS CO.
City Cannabis is a cannabis retailer holding two of the three City of Vancouver licenses to sell cannabis and the only company with multiple licenses in the Province of B.C. City Cannabis has been profitably operating various dispensaries in Vancouver since Vancouver commenced licensing cannabis retailers.
ABOUT WILDFLOWER BRANDS INC.
Wildflower Brands is a Vancouver-based company developing and designing brands that focus on plant-based health and wellness products. All of our brands work in synergy, toward becoming a global wellness leader.
Investor Relations Contact:
Will Elston, Investor Relations
Cautionary and Forward-Looking Statements
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. Forward‐looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the marijuana industry in general such as operational risks in growing; competition; incorrect assessment of the value and potential benefits of various transactions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations. Accordingly, readers should not place undue reliance on the forward‐looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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