CALGARY, Alberta, April 24, 2018 (GLOBE NEWSWIRE) -- 10330698 Canada Ltd. (dba Compass Cannabis Clinic, or “the Company”) is a medical cannabis consultation company with thirty nine clinics that are now open or signed and in development across Canada. Compass Cannabis Clinic announced today that they have now closed their second round of financing, with proceeds of $2,500,000 CDN at $0.31 cents per share.
The funds received in the raise are intended for further clinic and retail portfolio expansion across British Columbia, Alberta, Saskatchewan and Ontario. “We are pleased to have closed an oversubscribed private placement at a substantial increase in valuations for our existing investor base. The funds raised will allow Compass to continue to expand its real estate portfolio by adding premiere locations for both Compass Clinics and Starbuds retail locations across Canada,” said Dave Martyn, President of Compass Cannabis Clinic.
Post legalization of cannabis for recreational use within Canada, the majority of clinics will convert to dispensary operations where licensing allows. Compass Cannabis Clinic has initiated the process on applying for 37 retail locations in Alberta, under their joint venture company with Starbuds Colorado, one of the leading cannabis retailers in the United States. The joint venture company has also submitted 10 applications for the Saskatchewan RFP process for retail.
Leveraging the operational expertise of Starbuds, the joint venture intends on becoming a leading distribution business within Canada’s cannabis industry. This application will also be supported through strategic alliances with Cannabis Compliance Inc. and David Hyde & Associates for their regulatory and security expertise. The retail locations are designed by acclaimed architecture and design firm, McKinley Burkart. Created to provide an interactive knowledge sharing experience for patrons, the dispensaries are designed to welcome the new and curious who will come to begin their education on the properties of cannabis, and the seasoned customer will come for the approachable service.
The Vice President for Compass Cannabis Clinic, Graeme Hawkins, has also recently joined the Board of Directors for the Alberta Cannabis Collective, a leading industry association of cannabis retailers in Alberta. The group includes advisory board members from Alberta Health Services, National Access Cannabis, and Tokyo Smoke. The cannabis retail collective’s mission is to foster a flourishing cannabis industry in Alberta characterized by integrity, respect and prosperity, while setting the standard of excellence for retailers within Alberta.
Cautionary Statement Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Compass Cannabis' actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
The forward-looking information in this news release includes disclosure about the terms of the Joint Venture, the proposed structure of the Joint Venture, the conversion and opening of future Compass Cannabis locations and the business and operations of the Joint Venture entity after the completion of the proposed transaction.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include, but are not limited to: adverse market conditions; the inability of Compass Cannabis or Starbuds to complete the proposed Transaction; reliance on key and qualified personnel; the inability to convert current Compass Cannabis locations into retail cannabis retail locations; and regulatory and other risks associated with the cannabis industry in general. Compass Cannabis cautions that the foregoing list of material risk factors and assumptions is not exhaustive.
Compass Cannabis assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
10330698 Canada Ltd.
1650 Pandosy Street
Kelowna, British Columbia V1Y 1P7
Dave Martyn, President