Aldershot Resources Ltd. (d.b.a. Solo Growth Corp™) Provides Retail Strategy Update for YSS by Solo™ Stores
CALGARY, Alberta, Nov. 22, 2018 (GLOBE NEWSWIRE) — Aldershot Resources Ltd. d.b.a. Solo Growth Corp.™ (the “Company” or “Solo Growth”) (TSX-V: ALZ) is pleased to provide an update on our retail strategy for the YSS by Solo™ stores.
In Ontario, the Company has secured 15 premiere locations in Waterloo, Hamilton (3), Brampton (2), London, Guelph, Cambridge, Woodstock, Barrie and Burlington. In addition, the Company is evaluating 53 opportunities across other communities including, among others, Toronto, Ottawa, Windsor, Kingston and Kitchener.
Based on the November 14, 2018 announcement by the Alcohol & Gaming Commission of Ontario, all applicants have the opportunity to open a maximum of 75 locations in Ontario. The Ontario regulations limit equity ownership in cannabis retailers by licensed producers and their affiliates (“LPs”) to a maximum of 9.9%. Solo Growth will continue to aggressively pursue Ontario locations based on our strategically maintained independence from LPs and our real estate expertise. The Company is working diligently towards the December 17, 2018 on-line application date and the April 1, 2019 privatization date.
In light of the November 21, 2018 announcement by the Alberta Gaming Liquor & Cannabis Commission (“AGLC”) that “due to the national shortage [of cannabis], AGLC is temporarily suspending accepting new applications and issuing any additional cannabis retail licenses”, Solo Growth will continue to allocate capital to its Ontario retail strategy.
In Alberta, Solo Growth has 25 license applications pending with AGLC, including the Vermilion YSS by Solo location which is complete and awaiting final inspection. We will focus on the highest profile locations of the 20 development permitted stores in Alberta, including locations in Edmonton (2), Calgary, Stony Plain (2), Grande Prairie (2), Spruce Grove and Lethbridge as well as finalizing construction on Vegreville and Lloydminster locations for AGLC inspections. Given the market opportunity in Ontario, Solo Growth will continue to high grade its portfolio of opportunities to those representing the best returns.
Given the current regulatory and market environment, Solo Growth is confirming guidance for year end 2019 of 25 stores but with a focus on our Ontario retail strategy. As previously guided, we will have 3-5 stores constructed by year end 2018 in Alberta, however, opening dates will be subject to the re-opening of the AGLC licensing process.
About Solo Growth Corp.TM
The Company is executing on a retail cannabis business strategy as “Solo Growth Corp.”™ with the retail store fronts operating as “YSS by Solo”. With its proven operational expertise and unique experience in controlled substance retail, Solo Growth intends to become a premiere retailer and the trusted destination for recreational-use cannabis in Canada and deliver returns through proven operating strategies.
Investor or Media Contacts:
President, Chief Executive Officer and Director
Phone: (403) 455-7656
Aldershot Resources Ltd.
Vice President, Finance and
Chief Financial Officer
Phone: (403) 455-7656
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 retail cannabis business strategy and the ability to exercise thereon, including the prioritization of resources towards Ontario; the Company’s applications for and granting of retail licenses in Alberta and Ontario and the timing thereof; and expectations regarding licensing relating to the sale of cannabis products for recreational use. 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, TSX Venture Exchange and third party approvals. 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: regulatory and third party approvals not being obtained in the manner or timing anticipated; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the recreational cannabis market; government regulations, including future legislative and regulatory developments involving recreational cannabis; competition from other industry participants; the ability of LPs to supply cannabis products to the AGLC and the Ontario Cannabis Store; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company’s annual information form for the year ended January 31, 2018 and management’s discussion and analysis as at and for the three and six months ended July 31, 2018 for additional risk factors relating to the Company, which can be accessed under the Company’s profile on www.sedar.com.
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 release.