National Access Cannabis Ring Up Over $20 Million in Retail Cannabis Sales
National Access Cannabis Provides Sales Update for Retail Cannabis Operations since Federal Legalization
- NAC has achieved over $20 million in retail cannabis sales since federal legalization on October 17, 2018.
- The Company has 23 operational retail cannabis locations in Alberta and Manitoba, as well as an additional five locations throughout Manitoba planned for opening by the end of Q2 2019, and a planned expansion to Saskatchewan.
- With 23 stores in Alberta and Manitoba, the Company is the largest private cannabis retailer in Canada, according to provincial licensing statistics.
National Access Cannabis (NAC) (TSXV:META) provided investors with a corporate and retail sales update. The Company previously reported achieving $10.18 million in cumulative sales in just over 80 days of retail operation. The Company is successfully executing on its growth strategy and has doubled sales to over $20 million in 140 days of operation since legalization, with cumulative gross margin of over 30%. NAC is the largest private cannabis retail operator in the country with 23 retail locations and more than 390 employees, with continued plans for expansion across Canada.
“To have this revenue momentum, even as we operate in a constrained market today, is a testament to the strength of our team,” said Mark Goliger, CEO of NAC. “We are just in the beginning days of an industry with explosive projected growth, and we continue to actively pursue opportunities to deliver shareholder value. With the LGCA and AGLC reporting improved inventory for spring 2019, more stores expected to come on line in Manitoba in the next quarter, positive movement with our applications in British Columbia, and a streamlined store design to better manage fixed costs and capex, we’re confident that our revenue momentum will continue for the foreseeable future.”
The Company currently has 23 cannabis retail locations open in total, split as follows:
- 14 NewLeaf Cannabis™ stores in Alberta
- 9 Meta Cannabis Supply Co.™ stores in Manitoba
The Company plans to open an additional five META store locations throughout Manitoba by the end of Q2 2019. The Company has also entered into a share purchase agreement to expand to Saskatchewan.