CALGARY, Aug. 7, 2019 /CNW/ - Westleaf Inc. (the
"Company" or "Westleaf") (TSX-V:WL) (OTCQB:WSLFF), is
pleased to announce that its subsidiary, Westleaf Retail Inc. has
been granted a license by Alberta Gaming, Liquor and Cannabis
(AGLC) for its first Prairie Records branded retail cannabis
store in Alberta. The store
located at 4420 17th Avenue SE, also known as
International Avenue, is in the middle of one of the busiest
commercial strips in Calgary.
"This is a small but significant step in our development as a
full spectrum cannabis company, with seed-to-sale operations,"
noted Adam Coates, Chief Commercial
Officer at Westleaf. "We believe our celebrated Prairie
Records concept with its unique experiential music tie-in will
be a winner with customers in Alberta as it has been in Saskatchewan."
Westleaf currently has three Prairie Records stores
operating in Saskatchewan, two in
Saskatoon and one in Warman. The Prairie Records
International Avenue store in Calgary is the first of several planned for
Alberta over the coming months and
year. Prairie Records is a unique retail concept marrying
the instinctual tie between cannabis and music to make a more
memorable shopping and educational experience for the consumer
whether they are brand new to the market or an experienced cannabis
user. The customer is immersed in a welcoming and warm environment
which encourages exploration and education into the range of
products by using people's personal knowledge of music genres and
styles.
"Alberta is an important market
for Westleaf and the Prairie Records brand, as it is not
only home for the Company's head office and it's proposed major
processing and extraction facility, but the province is leading the
way in cannabis retail across Canada, providing cannabis consumers far more
choice," said Scott Hurd, President
and CEO of Westleaf. "We anticipate that the Prairie Records
brand will stand out amongst the current crop of retailers."
The retail license comes on the heels of the completion of
construction of Phase I of The Plant by Westleaf Labs, the
Company's large-scale cannabis extraction, processing and
manufacturing facility in Calgary.
The Plant is in final stages of preparing for operations
awaiting an operating license from Health Canada to begin
formulating cannabis derivative products and consumables which have
been legalized, such as tinctures, oils and gel caps and those
which are expected to be legalized later in the fall of 2019, such
as edibles, vapes and topicals. Construction on the Company's
cultivation facility Thunderchild, near Battleford Saskatchewan, continues on-schedule
for completion by the end of 2019.
About Westleaf Inc.
Westleaf is a Canadian cannabis company focused on cannabis
brands, extraction and production of derivatives, wholly owned
retail, as well as cannabis cultivation. The Company's extraction
and processing facility, The Plant, is expected to produce
high quality and consistent cannabis derivatives and consumables,
both for Westleaf's in-house brands as well as white label
products. Westleaf's retail concept, Prairie Records,
leverages the instinctual tie between recreational cannabis and
music with stores operating or in development across Western
Canada. The Company's Thunderchild cultivation facility is
scheduled for completion at the end of this year.
Neither TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release
Cautionary Statements
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements relate
to, among other things, (i) retail cannabis stores that Westleaf
plans to open; (ii) the construction of Westleaf's production
facilities and the timing for completion of same; (iii)
commencement of production at Westleaf's production facilities;
(iv) the Plant providing a competitive advantage by being adaptive
to consumer needs; (v) products and brands to be produced from
Westleaf's production facilities and the products and services that
Westleaf plans to offer; (iv) timing of provincial and federal
regulatory approvals; (vii) timing of legalization of certain
derivative products; (viii) changes in cannabis consumption habits
among Canadians; and (ix) the processing and production
capabilities of Westleaf's extracting and cultivation facilities.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are
not limited to: risks relating to the ability to obtain or maintain
licenses to retail cannabis products; review of Westleaf's
production facilities by Health Canada and receipt of licenses from
Health Canada in respect thereof; future legislative and regulatory
developments involving cannabis, including the passing of
regulations regarding derivative cannabis products; inability to
access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms;
the labour market generally and the ability to access, hire and
retain employees; the ability of Westleaf's production facilities
to operate and perform at peak production; general business,
economic, competitive, political and social uncertainties; the
satisfaction of conditions precedent under Westleaf's credit
facilities; timing and completion of construction of Westleaf's
production facilities and retail locations; and the delay or
failure to receive board, ATB Financial or regulatory approvals,
including any approvals of the TSX Venture Exchange, as applicable.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on the forward-looking
statements and information contained in this news release. Except
as required by law, Westleaf assume no obligation to update the
forward-looking statements of beliefs, opinions, projections, or
other factors, should they change, except as required by
law.
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SOURCE Westleaf Inc.