EDMONTON, Alberta, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Alcanna Inc. (the “Company” or “Alcanna”) (TSX: CLIQ) today issued a statement by James Burns, CEO of Alcanna.
“Alcanna welcomes today’s announcement by Ontario Finance Minister Vic Fedeli, announcing a comprehensive review of rules and regulations regarding the retail sale of beverage alcohol in Ontario. Alcanna is Canada’s largest private sector owner and operator of retail liquor stores and the second largest in North America. Alcanna has been a leader in the safe and responsible sale of beverage alcohol for 25 years. Our 227 liquor stores in Alberta, BC and Alaska, processing over 20 million transactions a year, are all testament to the fact that the private sector excels at safely and securely selling controlled substances. Our stores have a far wider variety of products at lower prices to customers than currently available to Ontarians under its old and out-dated government and Brewer’s Retail monopolies. We look forward to participating in the review, discussing with the Government, Ontario brewers, vinters and distillers as well as Ontarians what Alcanna can bring to the province.
Alcanna is also pleased to now have the final regulations on cannabis retail licensing for Ontario. Having a maximum of 75 stores per licensee is a number we believe can allow a retail business to be efficient and stable to get the black market out of cannabis in Ontario. We will ensure that the corporate structure for the entity that will apply for cannabis retail licenses in Ontario complies with both the letter and the spirit of the regulations the Ontario government has put in place. In that regard we have met with several Ontario-based companies interested in being partners in the cannabis retail industry in Ontario. Whether through a partnership or other mechanism, Alcanna looks forward to adding Ontario retail cannabis stores to our network.”
ABOUT ALCANNA INC.
Alcanna is one of the largest private sector retailers of alcohol in North America and the largest in Canada – owning and operating 227 locations in Alberta, B.C. and Alaska. With revenues in excess of $600 million per year, Alcanna processes over 20 million individual retail transactions of beverage alcohol. As of October 17, 2018 Alcanna, opened the first five of its new retail cannabis stores under the “Nova Cannabis” brand in the Province of Alberta.
Alcanna's common shares and convertible subordinated debentures trade on the Toronto Stock Exchange under the symbols "CLIQ" and "CLIQ.DB", respectively.
Additional information about Alcanna Inc. is available at www.sedar.com and the Company’s website at www.alcanna.com. Further information about Nova Cannabis can be found on our consumer website at www.novacannabisstore.com.
This news release contains forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “anticipate”, "will", "should", “plan” and similar words suggesting future events or future performance. All statements and information other than statements of historical fact contained in this news release are forward-looking statements.
Although the Company believes that the expectations reflected in the forward-looking statements, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations and assumptions will prove to be correct. Readers should not place undue reliance on forward-looking statements included in this news release. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that may cause actual performance and financial results to differ materially from any estimates, forecasts or projections. These risks and uncertainties include, among other things, the factors described in the Company’s public filings (including the Annual Information Form) available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking statements contained in this news release are made as of the date hereof. Except as expressly required by applicable securities legislation, Alcanna does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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Vice Chairman and Chief Executive Officer