Nova Cannabis Expands Retails Presence In Ontario, Applies For TSX Listing
Nova Cannabis (TSXV: NOVC) is evidently looking to significantly expand its retail presence in Ontario. The company this morning announced several developments in the market related to store openings within the province.
The company currently appears to be heavily focused on the expansion of its Value Buds brand. The firm has reportedly entered into 21 lease agreements for new locations across the province, all of which are said to be built and opened by the end of 2021, which is dependent on regulatory approval. 30 additional locations are reportedly being examined as well.
The company this morning also announced that it has entered into two separate arrangements to acquire a total of six retail store locations within the province, which have already received retail store authorizations. Total considered for all six locations is said to be $0.8 million in cash, and $1.1 million in shares of the issuer. The six locations are to operate under the Value Buds banner as well.
During the month of May, the company also saw two additional store openings within Ontario and the acquisition of a Nova Cannabis branded store in Toronto. The latter was acquired for a purchase price of $1.0 million, and is to also see its banner transition to Value Buds.
Finally, the company this morning announced that it is currently in the process of applying for a TSX big board listing. The application is currently in the review stage.
Nova Cannabis last traded at $3.00 on the TSX Venture.
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