Vancouver, British Columbia – TheNewswire – October 14, 2020 – Wildflower Brands Inc. (CSE:SUN) (CNSX:SUN.CN) (OTC:WLDFF) (the "Company") has been granted a Retail Operator License ("ROL") for its wholly-owned subsidiary City Cannabis Co retail store and has met Ontario’s eligibility criteria for operating cannabis outlets in the province. The ROL was granted by the Alcohol and Gaming Commission of Ontario as part of the regulator’s plan to increase the number of legal cannabis retail stores in the province. The ROL allows the Company to open up to 30 retail locations in Ontario.
The next step of the process is approval of individual store locations which includes community consultation, store design, build-out, and the necessary permits. Expecting the operator license to take some time, City Cannabis initiated the design and obtained the necessary permits earlier in the year and has now commenced construction.
"Our first store will be our flagship store in Eastern Canada, located on Yonge Street, one of the busiest streets in all of Canada. The location borders the high-end shopping district, the financial district, and has significant commuters all around as it sits on a subway stop and is blocks from the major sporting stadiums." says Wildflower’s CEO, William MacLean. "With the sheer volume of traffic around this location, we expect this to be one of the top-grossing stores in the country."
"The Ontario market only has a fraction of the number of storefronts it needs to service the entire market and our Yonge Street location is on the busiest street in Canada. It sees an average of 70,000-100,000 pedestrians walk past this location daily," Says Krystian Wetulani, CEO of City Cannabis Co. "We are excited to be able to move forward with our plan to open a number of our one of a kind, high traffic retail locations in the province of Ontario. People will be stunned by our unique aesthetics and design as well as the unmatched quality control that goes into our product selection."
Wildflower has granted 3.7 million incentive stock options to directors and officers and 4.3 million incentive stock options to employees and consultants. The incentive stock options are exercisable for a period of five years at a price of $0.25.
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.
ABOUT CITY CANNABIS CO.
City Cannabis is a premier cannabis retailer recently acquired by Wildflower Brands and holds three of the eight City of Vancouver licenses to sell cannabis and the only company with four licenses in the Province of B.C. City Cannabis has been profitably operating various dispensaries in Vancouver since Vancouver commenced licensing cannabis retailers.
For more information about City Cannabis, visit citycannabis.co.
Investor Relations Contact:
Krystian Wetulani, Director & CDO
Cautionary and Forward-Looking Statements
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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 several 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.
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