Spyder Cannabis Announces Corporate Update and Expansion Plan
Vaughan, Ontario--(Newsfile Corp. - December 23, 2019) - Spyder Cannabis Inc. (TSXV: SPDR) ("Spyder Cannabis" or the "Company"), an established Canadian cannabis accessory and an alternative to smoking retailer, provides an update to the corporate business development. Founded in 2014 Spyder is an established chain of three high-end alternative to smoking stores and two cannabis accessory stores in Ontario, with locations in Woodbridge, Scarborough, Burlington, Niagara Falls and Pickering. The Spyder brand is defined by its high-quality proprietary line of e-juice, liquids and exclusive retail deals, dispensed in uniquely designed stores creating the optimal customer experience. Spyder is building off this leading retail, distribution and branding platform by pursuing expansion into the legal cannabis market.
Spyder has two current Development Permits in Calgary, Alberta to build cannabis retail stores and has received the building permit for one of the two locations. The second building permit has been submitted and awaiting approval.
Two weeks ago the government of Ontario announced it will abandon the current lottery system for cannabis retail and move towards an open licensing system beginning January 6, 2020. Store authorizations will be issued starting in April, at the rate of 20 per month. Spyder will be submitting applications on January 6, 2020 for some of the stores currently operating. These stores are already built out and Spyder does not expect major renovations will be required to conform to the Ontario specifications for licenced stores.
Spyder is currently pursuing other locations in Ontario for aggressive expansion of its scalable retail platform.
The Company's common shares will resume trading on the TSXV at market open on December 24, 2019
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
For more information, please contact:
Spyder Cannabis Inc.
President & Chief Executive Officer
Contact: Investor Relations
Phone: 1-888-504-SPDR (1-888-504-7737)
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the satisfaction of the closing conditions contemplated under the Agreement. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: the TSX Venture Exchange declining to accept the transaction, the landlord not consenting to the Lease Assignment, changes in tax laws, general economic and business conditions; and changes in the regulatory regulation. The Company cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51039