- This store opening in Kelowna marks Kiaro's 6th store in BC and
16th retail store in operation.
- Kiaro is now positioned as the largest public cannabis
retailer in B.C.
- Kiaro expects to continue its expansion plans throughout
2022 in highly profitable geographies
VANCOUVER, BC, Feb. 24, 2022 /CNW/ - Kiaro Holdings
Corp. ("Kiaro" or the "Company") (TSXV: KO) (OTC:
KIARF), a national omni-channel cannabis retailer and
wholesale distributor, is pleased to announce the opening of a new
retail cannabis store during the month of January 2022. The new store is located at 1650
Pandosy Street in Kelowna, British
Columbia (the "Kelowna Store") and was opened to the
public on December 31st 2021. With
the addition of the Kelowna Store, the Company's retail footprint
grew to 16 retail locations under the Kiaro and Hemisphere banners
across Canada, which accompanies
its wholesale distribution business in Saskatchewan and multi-jurisdictional
e-commerce business.
The Kelowna Store is open on Sundays through Thursdays from
10:00 AM to 8:00 PM and on Fridays
and Saturdays from 10:00 AM to 10:00
PM. The Company's management team expects the Kelowna Store
to experience a high level of foot traffic over time, as it is
situated amongst many restaurants, cafes, and other retail stores
in the city. Kiaro also believes that the Kelowna Store will help
fuel the revitalization of downtown Kelowna, a historic area that is undergoing
significant change due to the execution of both municipal projects
and significant commercial developments.
Chief Executive Officer, Daniel
Petrov stated, "We are extremely excited to open and offer
Kiaro's retail experience to residents of Kelowna, BC. Increasing our footprint here at
home in BC is strategically important to our Company as
Kelowna's proximity offers strong
demand within the adult use market. We are proud to say that we are
the largest public cannabis retailer in B.C.". Petrov continued,
"We have grown tremendously since 2021 and Kiaro is well positioned
with a formidable footprint in not only BC, but Canada as a whole. We are committed towards
our goal and approach of continued expansion through organic and
inorganic means. We are aiming to get this location to generate
positive EBITDA within three months of opening. Kiaro shareholders
can expect further announcements in the coming weeks."
Kiaro Holdings Corp.
Based in Vancouver, British
Columbia, Kiaro is an independent, omni-channel cannabis
retailer and distributor. Kiaro has retail stores in operation
across British Columbia,
Saskatchewan, and Ontario. This is in addition to its wholesale
distribution division servicing Saskatchewan, and ecommerce sites in
Canada, the US and Australia. Kiaro is driven to introduce new
and experienced consumers to a lifelong exploration of cannabis.
With more than 70 years of collective retail and wholesale focused
experience, Kiaro's leadership team has a proven track record of
executing on acquisitions and financings, and moreover growing
brands across North America. The
Company plans to continue its growth trajectory through its
consumer-centric retail, ecommerce, and wholesale distribution
segments over the coming years.
For more information about the Company, including the most
recent analyst report, please visit investors.kiaro.com.
On behalf of Kiaro Holdings Corp.
"Daniel Petrov"
Daniel Petrov, Chief Executive
Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Information
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Kiaro, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. In this news release, forward-looking statements
relate, among other things, to: the use of proceeds of the
Offering, overall growth of the Canadian cannabis market and retail
opportunities, the award of new operating permits and licenses in
various jurisdictions, the future trading price of the Common
Shares, and the timing and amount of any dispositions of the Common
Shares. Forward-looking statements should not be read as guarantees
of future performance or results, and will not necessarily be
accurate indications of whether, or the times at or by which, such
future performance will be achieved. No assurance can be given that
any events anticipated by the forward-looking information will
transpire or occur. Forward-looking information is based on
information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond Kiaro's control. These risks,
uncertainties and assumptions include, but are not limited to,
those described in filing statement of the Company dated
September 29, 2020, a copy of which
is available on SEDAR at www.sedar.com, and could cause actual
events or results to differ materially from those projected in any
forward-looking statements. Furthermore, any forward looking
information with respect to future expansion plans is subject to
the qualification that management of Kiaro may decide, and the
assumptions that any construction or conversion would not be cost
prohibitive, required permits will be obtained and the labour,
materials and equipment necessary to complete such construction or
conversion will be available. Accordingly, readers should not place
undue reliance on the forward-looking statements and information
contained in this news release. Kiaro does not intend, nor
undertake any obligation, to update or revise any forward-looking
information contained in this news release to reflect subsequent
information, events or circumstances or otherwise, except if
required by applicable laws.
SOURCE Kiaro Holdings Corp.