Historic First Day of Legalized Sales Met with Proficient Retail Response
TORONTO, Oct. 22, 2018 /CNW/ - Newstrike Brands Ltd. (TSX-V:HIP) ("Newstrike"), is pleased to provide a statement from Jay Wilgar, CEO of both Newstrike and its wholly-owned subsidiary Up Cannabis Inc. ("Up Cannabis"), in response to the commencement of adult-use cannabis sales in Ontario—the company's forecasted largest market—that began on October 17.
"Many of our shareholders, customers and the general public have asked us how sales have performed since Day 1 of legalization," said Jay Wilgar, CEO of Newstrike and Up Cannabis. "While it is extremely early in the reporting process, we are very pleased to say that all indications tell us Up Cannabis sales are tracking robustly in all markets where our products are currently sold. It is encouraging to see adult-use consumers choosing our products, and the response to our brand and product at the Ontario Cannabis Store (OCS), both officially and anecdotally has been overwhelming. We are pleased with how well the OCS has managed to handle such a high level of consumer demand immediately out of the gate."
According to the OCS, Ontario adult-use consumers placed approximately 100,000 orders in the first 24 hours of its operations, with 12,000 of those orders landing in the first hour after legalization became official. In addition to Ontario, Up Cannabis products are currently being sold in British Columbia, Alberta and Nova Scotia, all of whom are reporting equally robust sales.
Added Wilgar: "We continue to work in lockstep with the OCS and all our other distribution partners to replenish inventory for sold-out products as required. Ontarians are clearly reacting positively to the arrival of legal sales channels, quickly making the OCS a trusted source for adult-use cannabis sales."
Up Cannabis has built distribution networks with five provinces to-date. The company has been cleared as a supplier of cannabis to registered Saskatchewan Retail and Wholesale Permit Holders. Up Cannabis was also selected to supply cannabis to the Nova Scotia Liquor Corporation and has formalized supply agreements with the OCS, and the Alberta Gaming, Liquor & Cannabis Commission, in addition to having a signed Memorandum of Understanding with the British Columbia Liquor Distribution.
About Newstrike and Up Cannabis
Newstrike is the parent company of Up Cannabis Inc., a licenced producer of cannabis that is licenced to both cultivate and sell cannabis in all acceptable forms. Newstrike, through Up Cannabis and together with select strategic partners, including Canada's iconic musicians The Tragically Hip, is developing a diverse network of high quality cannabis brands. For more information, visit http://www.up.ca or http://www.newstrike.ca
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Newstrike to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including actual supply, distribution and sales. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Newstrike does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
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SOURCE Up Cannabis
For further information: please contact: Newstrike Investor Relations, 1-877-541-9151, email@example.com; Jason Redman, Chief Financial Officer, (905) 844-8866