WLDFF - Wildflower's Subsidiary City Cannabis Receives Retail Operator's License in Ontario
(TheNewswire)
V ancouver ,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 operatingcannabis outlets in the province. The ROL was granted by the Alcoholand Gaming Commission of Ontario as part of the regulator's plan toincrease the number of legal cannabis retail stores in the province. The ROL allows the Company to open up to 30 retail locations inOntario.
The next step of the process is approval of individualstore locations which includes community consultation, store design,build-out, and the necessary permits. Expecting the operator licenseto take some time, City Cannabis initiated the design and obtained thenecessary permits earlier in the year and has now commencedconstruction.
"Our first store will be our flagship store inEastern Canada, located on Yonge Street, one of the busiest streets inall of Canada. The location borders the high-end shopping district,the financial district, and has significant commuters all around as itsits on a subway stop and is blocks from the major sportingstadiums." says Wildflower's CEO, William MacLean. "With thesheer volume of traffic around this location, we expect this to be oneof the top-grossing stores in the country."
"The Ontario marketonly has a fraction of the number of storefronts it needs to servicethe entire market and our Yonge Street location is on the busieststreet in Canada. It sees an average of 70,000-100,000 pedestrianswalk past this location daily," Says Krystian Wetulani, CEO ofCity Cannabis Co. "We are excited to be able to move forward withour plan to open a number of our one of a kind, high traffic retaillocations in the province of Ontario. People will be stunned by ourunique aesthetics and design as well as the unmatched quality controlthat goes into our product selection."
Wildflower has granted 3.7 million incentive stockoptions to directors and officers and 4.3 million incentive stockoptions to employees and consultants. The incentive stock options areexercisable for a period of five years at a price of $0.25.
ABOUT WILDFLOWER BRANDS INC.
Wildflower Brands is a Vancouver-based companydeveloping and designing brands that focus on plant-based health andwellness products. All of our brands work in synergy, toward becominga global wellness leader.
For more information about Wildflower Brands, visit wildflowerbrands.co . To learn,engage and shop our wellness products visit buywildflower.com .
ABOUT CITY CANNABIS CO.
City Cannabis is apremier cannabis retailer recently acquired by Wildflower Brands andholds three of the eight City of Vancouver licenses to sell cannabisand the only company with four licenses in the Province of B.C. CityCannabis has been profitably operating various dispensaries inVancouver since Vancouver commenced licensing cannabisretailers.
For more information about City Cannabis,visit citycannabis.co .
Investor Relations Contact:
Krystian Wetulani, Director & CDO
ir@wildflowerbrands.co
1-604-559-0420
Doug Kerr
1-604-315-4400
Cautionary and Forward-LookingStatements
This news release containsforward - looking statements and forward - looking information within the meaning of applicable securitieslaws. These statements relate to future events or future performance.All statements other than statements of historical fact may beforward - looking statements or information.Forward - looking statements and information areoften, 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 andinformation are provided for the purpose of providing informationabout the current expectations and plans of management of the Companyrelating to the future. Readers are cautioned that reliance on suchstatements and information may not be appropriate for other purposes,such as making investment decisions. Since forward - looking statements and information address future events andconditions, by their very nature, they involve inherent risks anduncertainties. Actual results could differ materially from thosecurrently anticipated due to several factors and risks. These include,but are not limited to, therisks associated with the marijuana industry in general such asoperational risks in growing; competition; incorrect assessment of thevalue and potential benefits of various transactions; ability toaccess sufficient capital from internal and external sources; failureto obtain required regulatory and other approvals and changes inlegislation, including but not limited to tax laws and governmentregulations. Accordingly, readers should not place undue reliance onthe forward - looking statements, timelines, andinformation contained in this news release. Readers are cautioned thatthe foregoing list of factors is not exhaustive.
The forward - looking statements and information contained in this news releaseare made as of the date hereof and no undertaking is given to updatepublicly or revise any forward - looking statements orinformation, whether as a result of new information, future events, orotherwise, unless so required by applicable securities laws or theCanadian Securities Exchange. The forward-looking statements orinformation contained in this news release are expressly qualified bythis cautionary statement The Canadian Securities Exchange Inc. has inno way passed upon the merits of the proposed transaction and hasneither approved nor disapproved of the contents of this pressrelease.
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