Toronto, Canada, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Today Superette Inc. (“Superette” or the “Company”) announces the acquisition of Cannoe Corp. (“Cannoe”) and concurrent $5M financing in a transformative transaction (the “Transaction”).
Superette’s acquisition of Cannoe brings immediate and meaningful scale to its retail operations, doubling its footprint to twelve operating stores, with four locations to be finalized in 2022. The addition of Cannoe’s six stores will give Superette exposure to new areas and key brand driven markets including highly frequented cottage and resort towns. In addition to establishing a market leading presence, the transaction, financing and combination of teams provides the resources and operational excellence required to build a durable business and enter new markets. Founded in 2018, Cannoe quickly attracted the attention of industry veterans, like the founders of Roots, who were early investors along with Stephen Arbib co-founder of MedReleaf.
Superette burst onto the retail scene in 2019, founded by Drummond Munro and Mimi Lam, with a unique and differentiated approach to cannabis retail. The Company has built an industry leading following, and its stores are the hallmark of every neighborhood they operate in. By bringing both teams, resources and operations together, they have created the largest and most robust independent retail platform in Ontario.
“Since our launch, Superette has stood out as the retail brand that reflects the attitudes a huge portion of recreational customers have - simply put, we exist to make buying cannabis fun. With an ambitious aesthetic and unforgettable retail experiences, Superette is our interpretation of the intersection of cannabis, lifestyle, and community.” — Mimi Lam, Co-Founder of Superette
Bringing traditional retail innovations with unique and revered design is the driving force behind the creative retail experience that Superette focuses on.
“Brand loyalty and emotional connection matter and in an industry that becomes more homogenous and more crowded every day, Superette is pushing the boundaries and rethinking what cannabis retail can look like.“ — Chief Brand Officer, Drummond Munro.
Since legalization in 2018, the legal cannabis retail market in Ontario has grown by $2.3 billion, at a compound annual growth rate of 131%, with the last quarter of 2021 estimated to be $450mm. In this rapidly growing and challenging market, Superette has been able to rise above, time and time again. Often positioned alongside some of the most iconic fashion retail names in the world for its striking store design and brand aesthetic, Superette stands out among its competitors in the highly saturated cannabis retail market. The award-winning brand has secured the attention of consumers and the media alike, growing its audience by 119% and boasting hundreds of millions of top tier media impressions last year, with a Net Promoter Score of 95 which outperforms both cannabis and traditional non-cannabis retailers.
In connection with the Transaction, Superette was able to secure $5M in financing to support strategic growth opportunities, both organic and inorganic. As part of the transaction, Superette is adding significant corporate resources to its executive team and board of directors. Cannoe’s President Matt McLeod is joining Superette as CEO. Matt is an experienced executive with extensive corporate and cannabis experience.
“I’m super excited to be joining Superette as CEO. Cannabis retail in Canada is a rapidly growing and maturing market, and I feel really fortunate for the chance to work with co-founders Drummond Munro and Mimi Lam. I’m thrilled to have the opportunity to combine the complementary abilities of the Cannoe and Superette teams and strongly believe that we have a team ready to capitalize on the opportunities ahead of us. This financing and transaction positions us for continued outperformance on service, product excellence and growth. Superette offers a truly unique retail experience, and we will continue to leverage the brand, vision and service, but we have a lot to learn from those who have shaped the industry from the legacy market to today and made a company like ours possible. I’m looking forward to getting to work with this talented group.” — Matt McLeod, Chief Executive Officer, Superette
About Superette
Since launching in 2019 Superette has made waves in the industry winning multiple awards for their brand identity and store design, and turning traditional cannabis retail on its head. Superette is French for mini supermarket and all of their shops pay homage to similarly familiar and nostalgic retail environments from diners, delis and bodegas, to flower shops, candy stores and subway newsstands. Led by a team of retail experts who bring decades of experience and a welcome fresh perspective to the cannabis sector, adapt each new Superette location for the neighborhood it opens in, drawing influence from familiar brick and mortar environments to create hyperlocal, immersive retail experiences. Superette is known for their inclusive, fun-loving world of weed and fashion.
For more information, please visit superetteshop.com, @superette_shop
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