CALGARY, Aug. 28, 2018 /CNW/ - Aldershot Resources Ltd. d.b.a. Solo Growth Corp.™ (the "Company" or "Solo Growth") (TSX-V: ALZ) is pleased to provide an operational and corporate update in respect of its strategy to become a leading retailer of regulated recreational cannabis. Solo Growth intends to leverage its operational expertise and extensive knowledge of the controlled substance retail market to build a premiere retail cannabis business in Canada, including over 60 retail cannabis locations across Alberta over the next three years and a calculated expansion into Ontario.
Operational & Corporate Highlights
- Secured more than 50 retail locations in over 30 communities across Alberta
- Received eight development permits in seven communities across Alberta
- Commenced construction of three retail stores
- Engaged Avison Young on an exclusive basis to assist Solo Growth in identifying and securing at least 100 retail locations in Ontario
- Approved a 2018 budget of approximately $3.0 million to open five retail cannabis stores by year-end 2018
"We are very pleased with the progress and milestones achieved to date. We are ahead of expectations with regards to securing retail locations in Alberta," said Pali Bedi, President and CEO of Solo Growth. "With the leadership team's successful track record of profitably expanding a retail footprint in a highly regulated market segment, Solo Growth is well positioned to establish itself as a trusted, credible and premiere cannabis retailer offering adult-recreational customers a unique in-store experience centered around product knowledge, customer service and product selection."
Solo Growth has secured more than 50 retail locations in over 30 communities across Alberta. The Company has applied for Alberta Gaming, Liquor and Cannabis Commission ("AGLC") licenses for all secured locations. To date, eight development permits have been granted in seven communities (Calgary, Fairview, Lloydminster, Spruce Grove, Stony Plain, Vegreville and Vermillion) and construction has commenced on three retail outlets (Lloydminster, Vegreville and Vermillion). The first three retail locations are targeted to open upon implementation of Bill C-45 on or about October 17, 2018, subject to final licensing approvals. The Company will work diligently with AGLC during the build out process to ensure full compliance with all policies and regulations. After the delivery of first inventory, the stores will open for business.
Solo Growth has well established relationships with contractors and trades in Alberta and is expected to be in a position to open two additional stores by year end with building plans underway on the remaining development permitted locations. Building on the 2018 and 2019 funded capital program and the progress made securing retail locations, the Company believes it is on track to meet its growth target of 25-30 locations by the end of 2019.
In Ontario, Solo Growth has entered into an exclusive agreement with Avison Young, a commercial real estate services firm, to identify premier, high-traffic storefront locations across the province. Ontario represents Canada's largest provincial market and Solo Growth is excited at the prospect of bringing its experience and expertise to communities in Ontario to provide a unique adult-recreational cannabis retail experience to both new and experienced consumers. The Company's initial objective is to secure more than 100 locations across the province and will work diligently to have store-fronts ready to open on or about April 1, 2019, concurrent with Ontario's timing to allow privately-run retail stores.
"We are excited by the prospect of capitalizing on the significant identified opportunities in both Alberta and Ontario," said Pali Bedi, President and CEO of Solo Growth. "Being in a position to break ground on our inaugural Alberta locations while establishing a presence in Ontario demonstrates our team's competitive advantage in commercial real estate and regulated industries."
Approval of 2018 Capital Budget
As part of Solo Growth's expansion plans in Western Canada, the Board of Directors has approved a 2018 budget of approximately $3.0 million with approximately 60% directed to the build-out of five new physical store-fronts by December 31, 2018 and 30% towards initial inventory purchases. In addition, the Company will finalize the generation of all branded marketing and investor materials, including both the retail and corporate websites.
Annual General & Special Meeting of Shareholders – September 5, 2018
The upcoming meeting of shareholders of the Company will be held on September 5, 2018 at 1:00 p.m. at the offices of McCarthy Tétrault LLP, the Company's legal counsel, located at Suite 4000, 421 - 7th Avenue S.W., Calgary, Alberta. At the meeting, shareholders will be asked to approve, among other things, the name change to "Solo Growth Corp.TM". A management information circular and related meeting materials are available on the Company's website at www.aldershotresources.com/ and on SEDAR at www.sedar.com.
About Solo Growth Corp.TM
The Company is executing on a new retail-focused cannabis business strategy as "Solo Growth Corp."™. With its proven operational expertise and unique knowledge of the controlled substance retail market, Solo Growth intends to grow a premiere retail cannabis business in Canada with a goal to open over 60 retail cannabis locations across Alberta over the next three years and expansion into Ontario in 2019.
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 Solo Growth's proposed business plan and retail cannabis operations in Canada, including: its ability to secure retail locations in Alberta and Ontario; its ability build, own and operate retail cannabis stores; the receipt of necessary permits and licenses to open stores; the engagement of Avison Young to identify opportunities in Ontario; the 2018 capital budget; the Change of Business; the shareholder meeting; and the change of name of the Company. 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 which include, but are not limited to, the timing of the receipt of the required regulatory and third-party approvals, including the receipt of retail cannabis licenses in Alberta, and the future operations 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, permits, licences and regulatory and third party approvals not being obtained in the manner or timing anticipated by the Company, construction delays, changes to cannabis laws, the timing of the legalization of recreational cannabis, the availability of cannabis-retail products from licensed producers, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in general market conditions and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
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.
SOURCE Aldershot Resources Ltd.
For further information: Investor or Media Contacts: Pali Bedi, President, Chief Executive Officer and Director, Phone: (403) 455-7656; Aldershot Resources Ltd., Suite 1100, 634 - 6th Avenue S.W., Calgary, AB T2P 0S4, [email protected]; OR Cindy Gray, 5 Quarters Investor Relations, Inc., (403) 231-4372 or [email protected]; Stephanie Bunch, Vice President, Finance and Chief Financial Officer, Phone: (403) 455-7656