Indiva Announces Plans to Open a Cannabis Retail Outlet at its London Facility and Provides Update on Previously Announced Plans to Open Cannabis Retail Outlets across Ontario
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LONDON, ON, Nov. 5, 2018, 07:00 ET /CNW/ – Indiva Limited (the “Company” or “Indiva“) (TSX-V:NDVA) is pleased to provide an update on its September 24th, 2018, announcement to open cannabis retail outlets in a number of cities throughout Ontario in 2019.
On September 26, 2018, the government of Ontario announced that licensed producers under the Cannabis Act will be permitted to open a retail sale location at a production facility, and that it may limit the ownership interests licensed producers may hold in other Ontario cannabis retail businesses (the “Retail Announcement“). Regulations on this matter are expected to be released by the Ontario government in the next few weeks, with the government indicating that the Ontario retail model will be implemented on April 1, 2019.
In connection with the Retail Announcement, Indiva is pleased to announce that it will open a retail outlet at its licensed production facility in London, Ontario, subject to applicable regulatory approvals. Indiva believes that its retail operations will benefit from being situated: (i) less than 1 kilometre from the 401 Highway; (ii) within 750 metres of 9 hotels, which, together, have more than 1,000 rooms; and (iii) near a number of other non-cannabis shopping outlets, all of which Indiva believes will generate traffic and awareness. Additionally, Indiva remains the only operating licensed cannabis producer in London, Ontario, with deep roots in the area and a head start building local media awareness.
“We believe our location is well-situated in London, and we will be ready to open the Indiva retail store on April 1, 2019. We eagerly anticipate serving the London community and surrounding area as well as Ontarians and visitors who wish to visit the Indiva store and have a first-class retail experience,” said Niel Marotta, CEO of Indiva. “We believe the Indiva store will be one of the first retail cannabis outlets to open in London.”
Prior to the Retail Announcement, Indiva was actively seeking to secure leases for retail cannabis locations in major urban centres in Ontario. Indiva has secured leases or offers to lease in Ottawa (in the Glebe, Elgin and Westboro neighbourhoods), in Toronto (in the Queen West, Beaches, Bayview and Eglinton, Dundas and Bathurst, and Kensington Market neighbourhoods) and in Guelph (collectively, the “Leases“). Indiva expects that the Leases will be transferred to a newly created corporation (“DispensaryCo“), of which Indiva will maintain a minor equity interest, subject to applicable regulatory approvals. It is expected that DispensaryCo will be financed and managed independently of Indiva.
INDIVA’s wholly owned subsidiary is a Licensed Producer under Canada’s Access to Cannabis for Medical Purposes Regulation (“ACMPR“).
INDIVA’s mission is to offer cannabis products that have a positive impact, improving lives and communities.