Vibe Growth Corporation Provides Update on its Retail e-Commerce Division and Momentum
Sacramento, California--(Newsfile Corp. - December 17, 2020) - Vibe Growth Corporation (CSE: VIBE) (OTC Pink: VBSCF) (FSE: A061) (the "Company" or "Vibe"), a vertically integrated multi-state cannabis enterprise, is pleased to provide an update on its growing e-Commerce Division.
Pursuant to a significant revamp of Vibe's e-Commerce technology platform, revenues from e-Commerce have exceeded management's expectations and revenues from e-Commerce have significantly increased on an annualized basis after the company significantly focused resources in 3 areas Vibe expects further e-Commerce penetration as the program expands:
- A new e-Commerce platform with integrated point of sale, mobile, website, customer loyalty incentive program, and delivery;
- The hiring of both a new Head of Retail and a new Digital Content Manager;
- The expansion of the Digital Content team and increased engagement in social and digital media channels.
Vibe increased its investment in its e-Commerce Division beginning this summer, focusing on revenue growth and curated content creation for its industry-leading e-Commerce platform. Vibe's digital marketing team has focused on organizational quality, unified products, and promotions across all sales channels, enhanced digital content, improved analytics & insights, and monitored the success of its targeted advertising initiatives.
"In today's shifting cannabis retail environment Vibe has invested in its e-Commerce Division to meet the emerging digital demands of its clientele. Vibe is well poised to serve the online needs of its loyal and ardent customers and is well positioned to continue its growth in the competitive online cannabis marketplace that includes both regulated and unregulated rivals," said Mark Waldron, CEO of Vibe.
Waldron added, "The expansion of the e-Commerce Division has accelerated the implementation of Vibe's strategic digital initiatives and superior e-Commerce experience for express pickup and delivery, resulting in a vastly improved omni-channel customer experience."
Common Share and Stock Option Issuance
On December 11, 2020, Vibe made 3 grants of 50,000 stock options each to 2 independent board members and its CFO, to purchase an aggregate of up to 150,000 common shares in the capital of the company for a period ranging from two to four years with an exercise price per common share of CAD$0.60.
Vibe has issued 56,622 common shares in the capital of the company as payment for Director fees of CAD$33,973, representing a deemed price per common share of CAD$0.60. The common shares will be subject to restrictions on resale in accordance with applicable securities laws. The share issuance is subject to final acceptance by the Canadian Securities Exchange.
About Vibe Growth Corporation
Vibe is a trusted, vertically integrated, multi-state cannabis organization that proudly serves hundreds of thousands of clients annually through its retail dispensaries and operates cannabis greenhouse cultivation; premium indoor cultivation; commercial cannabis distribution, e-commerce, home delivery, and manufacturers Hype Cannabis Co. marijuana products. The Company operates retail and e-commerce under its iconic Vibe By California brand. To learn more about Vibe, please visit www.vibebycalifornia.com.
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 "anticipate", "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 parties' current belief or assumptions as to the outcome and timing of such future events, and may be impacted as a result of general economic conditions or the ongoing COVID-19 pandemic. Actual future results may differ materially.
The forward-looking information contained in this release is made as of the date hereof and the parties are 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. Risk factors related to the Company are described in the Company's Management Discussion and Analysis, a copy of which is available under the Company's profile on SEDAR.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any State securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable State securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
Unlike in Canada which has Federal legislation uniformly governing the cultivation, distribution, sale and possession of medical cannabis under the Cannabis Act (Federal), readers are cautioned that in the U.S., cannabis is largely regulated at the State level. To the knowledge of Vibe Growth Corporation, there are to date a total of 33 states, plus the District of Columbia, that have legalized cannabis in some form. Notwithstanding the permissive regulatory environment of medical cannabis at the State level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the U.S. and as such, cannabis-related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. Federal law. Strict compliance with State laws with respect to cannabis will neither absolve Vibe Growth Corporation of liability under the U.S. Federal law, nor will it provide a defense to any Federal proceeding, which may be brought against Vibe Growth Corporation. Any such proceedings brought against Vibe Growth Corporation may adversely affect its operations and financial performance.
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