CALGARY, Alberta, Sept. 12, 2019 (GLOBE NEWSWIRE) -- YSS Corp.™ (the “Company” or “YSS”) (YSS.V) (WKN:A2PMAX) is pleased to announce that, with the opening of both the YSS NW Landing store in Edmonton last week and the YSS Lloydminster store today, the Company now has a total of 12 operating cannabis retail stores across Alberta.
With six stores operating for the entire month, and four stores contributing partial month sales, YSS achieved record monthly sales in August, generating an estimated $1.1 million of revenue and $365 thousand in gross margin.
Construction is nearing completion at the Company’s next two retail stores, Sweet Tree Okotoks and the flagship Sweet Tree 17th Avenue store located in downtown Calgary on the ‘Red Mile’. In addition, the Company has commenced planning and construction for an additional six retail stores, which will bring the Company’s total operating or ready-to-open store count to 20 by year-end 2019.
With a focus on balancing lease obligations during the cannabis retail licensing moratorium in Alberta against maintaining a location portfolio for future growth, YSS has established a strategic portfolio of 27 total locations, inclusive of open stores and locations under construction. The unbuilt portfolio locations will fuel growth for the remainder of 2019 and into 2020. The Company is selectively expanding this portfolio with the objective of growing to more than 30 operating stores in 2020.
“Following the lifting of the Alberta licensing moratorium and the acquisition of Sweet Tree, YSS has experienced incredible growth this summer, expanding from one store in June to 12 today,” said Theo Zunich, President and CEO of YSS. “With a clear pathway for additional licenses, a continuously improving supply dynamic, and new product formats coming to market as early as December, we are hitting our stride and look forward to delivering continued growth and value to our shareholders.”
For additional information regarding YSS and to access an updated corporate presentation, please see the Company’s website at www.ysscorp.ca/investors. Corporate and financial filings are available under the Company’s profile on SEDAR at www.sedar.com.
About YSS Corp.
With retail operations under the YSSTM and Sweet TreeTM brands, YSS is a premium cannabis retailer and the trusted destination to explore and discover cannabis in Canada. YSS operates 12 stores in Calgary, Edmonton, Red Deer, High River, Spruce Grove, Stony Plain, Vermilion, Lloydminster and Vegreville under the YSS and Sweet Tree brands. In addition, YSS maintains a strategic portfolio of under construction, secured and prospective locations that represent future organic growth potential for the Company. YSS management brings excellence across capital markets, retail operations, hospitality, cannabis, financial management and a strong commitment to deliver shareholder value by leveraging high-quality opportunities in this exciting new industry. The YSS retail experience is built on our five fundamental pillars: convenience, value, selection, team, and above all else, trust.
Investor or Media Contacts:
|Theo Zunich |
President, Chief Executive Officer
Phone: (403) 455-7656
Suite 1000, 350-7th Ave SW
Calgary, AB T2P 3N9
5 Quarters Investor Relations, Inc.
(403) 231-4372 or firstname.lastname@example.org
|Stephanie Bunch, CA |
Vice President, Finance and
Chief Financial Officer
Phone: (403) 455-7656
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, the Company’s assessment of future plans and operations, and, more particularly, statements concerning: YSS’ retail cannabis business strategy, including organic growth and strategic activities; constructing and opening additional retail stores and the timing thereof; the Company’s objective of operating more than 30 retail cannabis stores by year end 2020 ; the ability to build, own and operate additional retail cannabis stores; future product formats; the receipt of necessary permits and licenses to open stores and the ability to capitalize on potential opportunities that may arise and the ability to exercise thereon. When used in this document, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company. Forward-looking statements are subject to a wide range of risks and uncertainties and, although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: regulatory and third party approvals not being obtained in the manner or timing anticipated, including AGLC inspections and licenses; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the recreational cannabis market; changing customer habits; the availability of cannabis-retail products from licensed producers; government regulations, including future legislative and regulatory developments involving recreational cannabis; competition from other industry participants; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company’s most recent annual information form and management’s discussion and analysis for additional risk factors relating to the Company, which can be accessed under the Company’s profile on www.sedar.com.
Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about the Company’s profit, revenue, costs, gross margin and store level adjusted cash flow in respect of its operating locations, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about YSS’ future business operations. YSS disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein.
Store level adjusted cash flow is not prescribed by International Financial Reporting Standards (“IFRS”). The Company uses this measure to help evaluate the financial and operating performance of the Company’s stores. This non-IFRS financial measure does not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. “Store level adjusted cash flow on annualized basis” is calculated as annualized gross margin less expected continuing expenses of the business such as rent, wages, utilities, IT related charges, repairs & maintenance, bank charges, store supplies and general office expenses, but before interest, depreciation, amortization or taxes.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.