Toronto, Sept. 03, 2019 (GLOBE NEWSWIRE) --
Superette Inc. (the “Company”) is thrilled to announce the Superette store in Ottawa has exceeded $7 million in sales within the first five months of operation. Located at 1306 Wellington Street West in Ottawa’s Wellington West neighborhood, the store has been offering an immersive cannabis buying experience since April 1, 2019.
“At Superette, our vision is to create a better retail experience that encourages organic discovery of cannabis products in a fun and simple way, and to build a community through service and authentic connection. Being able to share that with Ottawa is an amazing feeling,” said Mimi Lam, CEO of Superette Inc. “This is truly an incredible milestone and validates Superette in Wellington West as one of the most productive stores in the country.”
Ottawa Store Highlights
- Processed over 128,300 transactions between April 1 and August 31
- Continuously generated robust month-over-month revenue growth and positive Adjusted EBITDA(1) since April
- Partnered with the Public Health Agency of Canada to host an initial educational event about safe cannabis consumption
- Recycled over 20,000 units of cannabis packages
- Donated over 680 food cans to the Ottawa Food Bank
To date, Superette has experienced significant customer engagement and brand awareness in Canada and across North America. The Company’s strategic focus is to build a portfolio of high-quality retail stores in priority markets as well as to establish product partnerships that extend the Superette experience beyond the store walls.
About Superette Inc.
Superette is a Canadian cannabis retail brand that creates unforgettable and immersive cannabis retail experiences. The Company currently has one operating concept store, licensed by Pure Alpha Holdings Ltd. in Ottawa, Canada. For more information, visit Superette’s website at www.superetteshop.com and follow us on Facebook, Instagram, and Twitter.
(1) Adjusted EBITDA does not have a standardized meaning under IFRS or ASPE accounting standards, and therefore may not be comparable to similar measures presented by other issuers. Management defines Adjusted EBITDA as net profit from operations, before interest, taxes, depreciation and amortization, plus other adjustments for non-cash items or anomalies as required.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements, including, among other things, statements regarding the Company's opportunities, plans, future operations, strategies, objectives and expected timelines for business growth and operations. Generally, forward-looking statements can be identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Management of the Company believes the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Various material factors and assumptions are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Those material factors and assumptions are based on information currently available to the Company, including data from publicly available governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the retail cannabis industry which, while considered reasonable by management of the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies.
Forward-looking statements are not a guarantee of future performance and are subject to and involve a number of known and unknown risks and uncertainties, including relating to: general economic conditions; industry conditions and events; government regulations, including future legislative and regulatory developments involving retail cannabis; and competition from other industry participants. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
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