WINNIPEG, Manitoba, Oct. 24, 2022 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: DLTNF) ("Delta 9" or the "Company"), is pleased to announce that, through its wholly owned subsidiary Delta 9 Logistics Inc., it has received a Cannabis Distributor License (the “License”) from the Liquor Gaming and Cannabis Authority (the “LGCA”) of Manitoba, making the Company the first licensed distributor of cannabis products in the province.
Under the License, Delta 9 is authorized to acquire, store, sell and deliver cannabis in accordance with The Liquor, Gaming and Cannabis Control Act (Manitoba). The Company’s distribution services will allow out-of-province suppliers to improve logistics efficiencies and reduce shipping costs into the Manitoba market and will provide Delta 9 with additional diversified revenue streams.
“We see Delta 9’s entry into the distribution services space to be the logical next step in the Company’s vertical integration strategy,” said John Arbuthnot, CEO of Delta 9, “Our existing relationships with the Canadian cannabis industry’s leading suppliers and centralized warehouse presence in Winnipeg make us the ideal provider of these market services.”
Retail cannabis sales in Manitoba for the twelve months ending August 30, 2022, exceeded $169 Million, according to data from Statistics Canada, with more than 150 licensed retail stores in operation as of September 30, 2022. The Company intends to begin executing distribution agreements with suppliers immediately and anticipates distribution shipments will begin in Q4, 2022.
The Company’s License is valid from October 20, 2022, and expires September 30, 2023.
For more information contact:
Investor & Media Contact:
Ian Chadsey, VP Corporate Affairs
Mobile: 204-898-7722
E-mail: ian.chadsey@delta9.ca
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. 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.
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: (i) the Company’s intent to provide distribution services in Manitoba, and (ii) the Company’s ability to produce revenue from distribution services. 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 the Company’s Distribution Services not being as anticipated, as well as all risk factors set forth in the annual information form of Delta 9 dated March 31, 2022 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.
