TORONTO, July 04, 2019 (GLOBE NEWSWIRE) -- On July 3, the Ontario Government announced that they have given regulatory authority to the Alcohol and Gaming Commission of Ontario (“AGCO”) to issue an additional 50 cannabis retail store licences. Lift & Co. Corp. ("Lift & Co." or the "Company") (TSXV: LIFT) (OTCQB: LFCOF) will ensure the safe and responsible sale of cannabis with CannSell (CannSell.ca), the sole approved and mandatory training and certification for Ontario’s cannabis retailers.
In total, more than 1,500 Ontarians have completed the CannSell certification, permitting them to work in the province’s cannabis retail stores. Over 2,500 Ontarians have created a CannSell profile since the program launched for the initial round of cannabis retail openings in Ontario this past April. As Ontario continues to scale cannabis stores, CannSell has a potential addressable opportunity of $60 million in the province1.
“There has already been significant demand for CannSell training in Ontario for the initial 25 stores,” said Matei Olaru, CEO of Lift & Co. “We’re excited about the future growth of CannSell with the number of retail locations in Canada’s most populous province tripling after this summer, and the upcoming legalization of additional product formats later this year. This includes upcoming CannSell lessons on edibles, and our ability to provide a direct touchpoint between the industry and Ontario’s budtenders—who are vital to educating consumers on available products— through brand education modules.”
In a recent joint study presented at the Lift & Co. Cannabis Expo Toronto 2019, the Company found, according to budtenders, that about 70% of consumers who have visited retail stores didn’t know what they were going to purchase before entering the store. Retail staff are the first point of contact for many consumers and are an essential resource for Canadians. Through this study, Lift & Co. estimates an additional 1.5 million new consumers will be entering the market later this year when additional product formats become available, ushering in a new phase of education requirements for retailers and consumers.
Lift & Co. leverages its exclusive access to Ontario's cannabis sellers—“budtenders”—by developing supplementary training modules and data products, including a budtender survey panel which is a first-of-its-kind data product in Canada. CannSell also provides a compliant trade marketing solution, through brand education modules, for cannabis brands that are otherwise severely restricted in their capacity to market their products.
CannSell launched on February 25, 2019, as the only training program approved by the AGCO. Developed through an exclusive partnership with Mothers Against Drunk Driving (“MADD”) Canada, CannSell educates cannabis retail employees on the responsible sale of cannabis, as well as their legal and regulatory obligations. CannSell also provides basic knowledge about cannabis to ensure those who are selling it understand its various forms, uses and potential risks.
Lift & Co. also launched CannSell Expert on March 18, 2019, an advanced certification program available to cannabis retailers across Canada. CannSell Expert provides retail staff with the deeper cannabis knowledge necessary for superlative customer service in areas of product knowledge, plant genetics and consumption methods.
In addition to CannSell Ontario, Lift & Co. retail training is being utilized in eight provinces and territories, including by Crown corporations such as the Nova Scotia Liquor Corporation, Prince Edward Island Cannabis Management Corporation, and numerous private retailers across the country.
About Lift & Co.
Lift & Co. (TSXV: LIFT) (OTCQB: LFCOF) is a publicly traded technology company modernizing the cannabis industry.
Forward-looking statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.
There can be no assurance that such forward-looking statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Lift & Co. Corp.
For further information:
Lift & Co.
Sara McMillen, Director Communications and Government Relations, Lift & Co.
smcmillen@lift.co
1-416-220-9536
Investor Relations:
Thesis Capital
Prit Singh, 905-510-7636, psingh@thesiscapital.ca
1 Mackie Research Capital Corporation, Initiating Coverage – Lift & Co. Corp., Getting Ready To Grow Like A Weed!, July 2, 2019
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