Cannabis Stock News: Spyder Cannabis (TSXV: SPDR) Provides Dispensary Update
Vaughan, Ontario – September 28, 2021 (Newsfile Corp.) (Investorideas.com Newswire) Spyder Cannabis Inc. (TSXV: SPDR) (“Spyder” or the “Company”), an established Canadian cannabis and vape retailer, has announced today that its wholly owned subsidiary, Spyder Cannabis Subco Inc. (“Spyder Subco”), has received Retail Store Authorization (“RSA”) from the Alcohol and Gaming Commission of Ontario (“AGCO”) ) For its proposed cannabis dispensary located at 767 Taunton Route in Oshawa, Ontario.
Additionally, Spyder Subco has successfully passed a pre-authorization inspection with AGCO and has now been queued to receive RSA at its proposed second cannabis dispensary in Niagara Falls, Ontario, located at 5719 Victoria Avenue. Both retail stores will continue to operate as vaping stores under the 180 Smoke banner name until the company finalizes its new cannabis dispensary brand and banner name, which are expected to be finalized and announced in the coming weeks. The company is exploring additional opportunities to convert additional 180 Smoke retail stores – leveraging the brand’s current customer base of over 230,000 registered accounts – continuing to develop and expand the footprint and Spyder presence in Ontario.
“We plan to apply for three additional RSAs in Hamilton, Ottawa and The Blue Mountains for space within our existing lease portfolio, which would increase our dispensary footprint to a total of seven locations in Ontario,” said Dan Pelchovitz, CEO by Spyder Subco. He continued, “We are aiming for all of these conversions and builds to start before the end of 2021.”
Spyder acquired 180 Smoke in March 2021, outlining plans to leverage 180 Smoke’s platform to advance the company’s cannabis operations. “Our cannabis and vape retail business has performed very well and we are very excited about the progress we have made to date,” said Cameron Wickham, Executive Vice President and CEO of Spyder Cannabis. “We are close to finalizing our new dispensary banner name and new customer experience, which we will be announcing in the coming weeks.”
About Spyder Cannabis Inc.
Spyder is an established cannabis and vaping retailer that owns and operates two licensed dispensaries under the SPDR Cannabis brand in Ontario and 28 vaping retail outlets across Ontario under the 180 Smoke and Spyder Vapes retail brands. 180 Smoke is a leading Canadian omnichannel vape retailer with a strong e-commerce presence and over 230,000 registered customers on its B2C channel.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance of the Company. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “could”, “may”, “planned”, “estimated” ‘And similar expressions, as well as elements negative thereto, and statements relating to matters which are not historical facts are intended to identify forward-looking information and are based on the current belief or assumption of the Company as to after and on the calendar of these future events. Actual future results may differ materially. Various assumptions or factors are generally applied in drawing conclusions or making the forecasts or projections set forth in forward-looking information. These assumptions and factors are based on information currently available to the parties. Forward-looking information necessarily involves known and unknown risks and uncertainties which could cause actual results to differ materially from those expressed or implied in such forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof and the parties are under no obligation to update or revise the forward-looking information, whether as a result of new information, future events or otherwise, except if required by securities laws. Due to the risks, uncertainties and assumptions contained in this document, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Neither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Spyder Cannabis Inc.
Executive Vice President and Chief Executive Officer
T: (905) 330-1602
E: [email protected]
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