Spyder Cannabis Inc. (TSXV:SPDR) (“Spyder”), an established Ontario retail operator, announces plans to enter the U.S. market through an initial roll out of hemp derived boutique retail and kiosk locations over the next 12-18 months.
Spyder has begun partnering with a variety of developers and realtors to sign lease agreements for prime real estate that is strategically located in high traffic areas of malls, and near senior living centres and sporting venues throughout the United States. Spyder intends to initially target Florida, California, New York and Michigan. These boutiques will stock Spyder’s SPDR (R)branded hemp derived, and infused products developed for an aging, health and wellness demographic. Spyder will offer a wide array of hemp product offerings including; hemp -infused muscle balm, face oil, body lotion and bath salts, as well as hemp tinctures, capsules and sprays.
“This move will represent the first phase in Spyder’s strategic plan to develop a robust, planned network of boutique retail stores and kiosks across the US focused on the specific health and wellness aging and athletics sectors,” said Dan Pelchovitz, President and CEO of Spyder Cannabis. “With an already well-established and successful retail model in Ontario, we have a strong blueprint for success that we are ready to replicate in the US.”
Additional updates and details on rollout plans to follow.
Founded in 2014 Spyder is an established chain of three high-end vape stores in Ontario, with stores located in Woodbridge, Scarborough and Burlington. The Spyder brand is defined by its high-quality proprietary line of e-juice, liquids and exclusive retail deals, dispensed in uniquely designed stores creating the optimal customer experience. Spyder is building off this leading retail, distribution and branding eCig and vapes company and expanding into the legal cannabis and hemp derived market. Spyder has developed a scalable retail model with aggressive expansion plan to create a significant retail footprint with targeted and disciplined retail distribution strategy focusing on Canadian retail and U.S. hemp kiosks in high traffic peripheral areas.
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.
This news release includes statements containing certain “forward-looking information” within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, this news release contains forward looking statements regarding, without limitation: Spyder’s intention to sign lease agreements for prime real estate locations in the United States; the timing of Spyder’s planned U.S. roll-out, both initially and overall; Spyder’s proposed retail hemp operations in the United States, including its ability to secure retail locations; Spyder’s ability to build, own and operate retail stores; the branding, staffing and customer experience of retail stores and kiosks; product selection; and the growth of a retail business in the United States and Spyder’s anticipated market share thereof.
These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Any number of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to: the ability of the parties to receive and maintain, in a timely manner, the required government, regulatory and other third party approvals required to participate in the hemp retail market in the United States; the availability of appropriate retail locations in the identified areas; the timing and opening of retail locations; the assets and employees of Spyder; the availability of retail hemp products; changes to hemp laws; and changes in general market conditions.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
For more information, please contact:
Spyder Cannabis Inc.
President & Chief Executive Officer
Telephone: (905) 265-8273