CALGARY, Aug. 7, 2019 /PRNewswire/ - Westleaf Inc. (the "Company" or "Westleaf") (WL.V) (WSLFF), is pleased to announce that its subsidiary, Westleaf Retail Inc. has been granted a license by Alberta Gaming, Liquor and Cannabis (AGLC) for its first Prairie Records branded retail cannabis store in Alberta. The store located at 4420 17th Avenue SE, also known as International Avenue, is in the middle of one of the busiest commercial strips in Calgary.
"This is a small but significant step in our development as a full spectrum cannabis company, with seed-to-sale operations," noted Adam Coates, Chief Commercial Officer at Westleaf. "We believe our celebrated Prairie Records concept with its unique experiential music tie-in will be a winner with customers in Alberta as it has been in Saskatchewan."
Westleaf currently has three Prairie Records stores operating in Saskatchewan, two in Saskatoon and one in Warman. The Prairie Records International Avenue store in Calgary is the first of several planned for Alberta over the coming months and year. Prairie Records is a unique retail concept marrying the instinctual tie between cannabis and music to make a more memorable shopping and educational experience for the consumer whether they are brand new to the market or an experienced cannabis user. The customer is immersed in a welcoming and warm environment which encourages exploration and education into the range of products by using people's personal knowledge of music genres and styles.
"Alberta is an important market for Westleaf and the Prairie Records brand, as it is not only home for the Company's head office and it's proposed major processing and extraction facility, but the province is leading the way in cannabis retail across Canada, providing cannabis consumers far more choice," said Scott Hurd, President and CEO of Westleaf. "We anticipate that the Prairie Records brand will stand out amongst the current crop of retailers."
The retail license comes on the heels of the completion of construction of Phase I of The Plant by Westleaf Labs, the Company's large-scale cannabis extraction, processing and manufacturing facility in Calgary. The Plant is in final stages of preparing for operations awaiting an operating license from Health Canada to begin formulating cannabis derivative products and consumables which have been legalized, such as tinctures, oils and gel caps and those which are expected to be legalized later in the fall of 2019, such as edibles, vapes and topicals. Construction on the Company's cultivation facility Thunderchild, near Battleford Saskatchewan, continues on-schedule for completion by the end of 2019.
About Westleaf Inc.
Westleaf is a Canadian cannabis company focused on cannabis brands, extraction and production of derivatives, wholly owned retail, as well as cannabis cultivation. The Company's extraction and processing facility, The Plant, is expected to produce high quality and consistent cannabis derivatives and consumables, both for Westleaf's in-house brands as well as white label products. Westleaf's retail concept, Prairie Records, leverages the instinctual tie between recreational cannabis and music with stores operating or in development across Western Canada. The Company's Thunderchild cultivation facility is scheduled for completion at the end of this year.
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This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, (i) retail cannabis stores that Westleaf plans to open; (ii) the construction of Westleaf's production facilities and the timing for completion of same; (iii) commencement of production at Westleaf's production facilities; (iv) the Plant providing a competitive advantage by being adaptive to consumer needs; (v) products and brands to be produced from Westleaf's production facilities and the products and services that Westleaf plans to offer; (iv) timing of provincial and federal regulatory approvals; (vii) timing of legalization of certain derivative products; (viii) changes in cannabis consumption habits among Canadians; and (ix) the processing and production capabilities of Westleaf's extracting and cultivation facilities. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: risks relating to the ability to obtain or maintain licenses to retail cannabis products; review of Westleaf's production facilities by Health Canada and receipt of licenses from Health Canada in respect thereof; future legislative and regulatory developments involving cannabis, including the passing of regulations regarding derivative cannabis products; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the labour market generally and the ability to access, hire and retain employees; the ability of Westleaf's production facilities to operate and perform at peak production; general business, economic, competitive, political and social uncertainties; the satisfaction of conditions precedent under Westleaf's credit facilities; timing and completion of construction of Westleaf's production facilities and retail locations; and the delay or failure to receive board, ATB Financial or regulatory approvals, including any approvals of the TSX Venture Exchange, as applicable. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Westleaf assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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