WINNIPEG, Manitoba, Nov. 02, 2020 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) (“Delta 9” or the “Company”) is pleased to announce it has now surpassed one million transactions through its retail cannabis stores since legalization of recreational use cannabis. The Company opened its first “Delta 9 Cannabis Store” on October 17, 2018 and has since grown its retail store footprint to seven operating stores in the Manitoba and Alberta markets.
In addition to achieving the milestone number of transactions, the Company is pleased to provide the following statistics in connection with its retail cannabis business;
Over 1,000,000 in-store and online transactions
Over $50 Million in-store and online retail revenues
Average transaction size of $50.20 per transaction
Over 1.5 Million unique website visitors to delta9.ca
Over 17,000 square feet of retail store space averaging $2,021 in revenue per square foot per year.
Average Gross Profit margin of approximately 26%
"We are very pleased with the revenue growth generated from our retail stores since legalization in 2018," said John Arbuthnot, CEO of Delta 9. “Delta 9 has stayed focused on its strategy to vertically integrate into the retail segment and leveraging its retail business as a means to facilitate distribution of Delta 9 branded products directly to Canadian consumers.”
Management believes that there are a number of benefits to pursuing a vertical integration strategy into retail sales including:
Control over a direct to consumer sales force and product distribution;
Control over direct to consumer branding and marketing initiatives;
Capturing additional revenues and gross margin from retail sales; and
Direct feedback from consumers regarding product trends, marketing strategies, etc.
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The Company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol “VRNDF”. For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to Delta 9’s anticipated retail expansion plans. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the Company’s actual financial results being different from its estimates as well as all risk factors set forth in the annual information form of Delta 9 dated March 19, 2020 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.