Delta 9 Partner Oceanic Releaf Receives Five New Retail Cannabis Store Licences
BURIN, Newfoundland, June 01, 2021 (GLOBE NEWSWIRE) — DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: DLTNF) (“Delta 9” or the “Company”) is pleased to announce that its strategic partner Oceanic Releaf Inc. (“Oceanic”) has been granted five new cannabis retail store licences in the province of Newfoundland and Labrador from The Newfoundland and Labrador Liquor Corporation (NLC). Delta 9 owns a 5% equity stake in Oceanics’ production facility operations, existing retail store, and retail store expansion plans and has a 20-year supply agreement with Oceanic and the Government of Newfoundland and Labrador.
“We look forward to continuing our work with Oceanic on expanding their retail network in Newfoundland.” said John Arbuthnot, CEO of Delta 9. “The opening of five more Oceanic cannabis stores in Newfoundland will enable us to further understand the cannabis purchasing preferences from our customers and in turn will allow us to better tailor our product portfolio to the local market.”
Oceanic has a Strategic Cooperation Agreement (“SCA”) with Delta 9 that provides a variety of services relating to the cannabis production, development of standard operating procedures and sanitation programs, marketing services to develop the Oceanic brand and other services supporting the acquisition of Oceanic’s Health Canada license.
“This is an exciting day, and a major milestone for Oceanic as we continue to expand our retail footprint across Newfoundland – from one end of the Trans Canada Highway to the other,” said Taylor Giovannini, President of Oceanic. “We are very excited to be able to supply and service so many local communities with premium cannabis cultivated from our own 65,000 sq. ft. production facility as well as from the top cannabis producers in Canada. These new stores will be modelled after our 2,300 sq. ft. retail location in Burin – which also has Canada’s first cannabis drive-thru. We can’t wait to bring this and other innovative approaches to increasing accessibility across the province”
On May 28, 2021 the NLC announced eight names and locations of qualified applicants from the recent Licensed Cannabis Retailer (LCR) RFP and Oceanic was awarded five licences in: Avalon Business Park, Whitbourne, 6 Sweetland’s Hill, Bonavista, 20 High St., Channel-Oort aux Basques, 350 Torbay Road, St. John’s, and 134 Trans Canada Highway, Clarenville. The provincial agency announced earlier this year their plans for adding up to 16 new retail cannabis locations to its current count of 30. The RFP opened earlier this year and closed on May 11, with an expected open date for new stores on Sept 1, 2021.
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About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses. Delta 9’s wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9’s shares trade on the Toronto Stock Exchange under the symbol “DN” and on the OTCQX under the symbol “DLTNF”. For more information, please visit www.delta9.ca.
Based in the scenic rural setting of Newfoundland and Labrador’s Burin Peninsula, Oceanic is a vertically integrated cannabis company operating out of a 65,000 sq. ft. cultivation facility. Utilizing state-of-the-art equipment and techniques, Oceanic will produce fresh, clean premium cannabis from one of the last unspoiled areas in the world. Oceanics’ vision is to deliver products and retail experiences that will reflect the best of what Newfoundland and Labrador has to offer: creativity, personality, and bravery – an uncommon experience for any cannabis consumer. With seven retail locations in development, Oceanic is closer than ever to delivering on this promise.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to the Company’s expansion plans. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including all risk factors set forth in the annual information form of Delta 9 dated March 31, 2021 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.