TORONTO, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Captor Capital Corp. (“Captor” or the “Company”) (CSE:CPTR; FRANKFURT:NMV; USOTC:NWURF) is pleased to announce that the Higher Level Castroville dispensary has been awarded both state and local licenses to sell recreational cannabis. The licenses were awarded December 10th and the Company expects the deal to be finalized shortly.
The Captor management team is now in the process of calculating current inventory levels and creating renovation plans designed to improve the dispensary’s design and layout. Higher Level will remain open during the renovations and it is expected the dispensary will officially re-launch under the Captor brand in early in 2019.
“Receiving the required licenses for Higher Level of Care in Castroville is another key step in our strategy to expand our dispensary footprint through the lucrative California market. Currently, Higher Level is on track to generate approximately US$5.5M in gross revenues with adjusted EBITDA of 25 per cent (non IFRS),” said Captor Capital CEO, John Zorbas. “Higher Level is located in an area with high residential and commercial traffic. It features easy highway and local road access, providing us with a very large customer base.”
Captor Capital had previously announced the purchase of Higher Level Castroville, conditional on the awarding of a license to sell recreational cannabis, on October 15, 2018. The Higher Level dispensary is located in the high traffic area of Castroville, which is approximately 30 minutes south of Santa Cruz, where Captor’s CHAI dispensary is located. With delivery licenses for both CHAI Santa Cruz and Higher Level Castroville, Captor now has the ability to deliver a wide variety of cannabis products throughout Monterey County, which is not only home to almost half a million people, but is also one of the most visited tourist destinations in the United States.
Castroville is a hub for the tourist destinations of Monterey County, which include world famous wineries, huge festivals, and the breath-taking Big Sur coastline. Highways 1, 156, and 183 intersect in Castroville, with Highway 156 connecting to the 101. Highway 1 provides access from Monterey and Santa Cruz, while Highway 183 connects Castroville to Salinas.
Captor Capital now owns a total of three California dispensaries licensed to sell both recreational and medicinal cannabis plus an additional dispensary located in Santa Barbara, which is awaiting final licensing. The Higher Level Castroville location joins the MedMen branded and managed location in West Hollywood and the CHAI dispensary in Santa Cruz.
About Captor Capital
Captor Capital Corp. is a Canadian firm focused on the cannabis sector listed on the Canadian Securities Exchange, the OTC, and the Frankfurt and Stuttgart stock exchanges. A vertically integrated cannabis company, Captor provides recreational and medical marijuana based products to consumers via its leading brands and dispensary locations. Listed on the Canadian Securities Exchange, the OTCUSA, and the Frankfurt Stock Exchange, Captor owns and operates advanced growing facilities which produce consistent high quality contaminant free marijuana for its customers, as well as other high demand cannabis based goods for consumption. The Company follows a strategy of acquiring cash flowing established companies and organizations with growth potential that require capital to scale. Captor currently has a number of revenue generating cannabis investments including the world famous West Hollywood MedMen branded dispensary, CHAI in Santa Cruz and Higher Level, Castroville. Captor Capital is currently looking at additional revenue generating investments in the cannabis space and will be updating the market in due course.
Contact
Gavin Davidson, Communications
Captor Capital Corp.
705.446.6630
gavin@captorcapital.com
Forward-Looking Statements
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to availability of investment opportunities, economic circumstances, market fluctuations and uncertainties, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the investment industry and junior capital markets. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.