CALGARY, AB, Dec. 11, 2020 /CNW/ - YSS Corp. (the
"Company" or "YSS") (TSXV: YSS) (WKN: A2PMAX), a
premier Canadian cannabis retailer with operations under the
YSSTM and Sweet TreeTM brands and a trusted
destination to explore and discover cannabis in Canada, is pleased to announce the closing of
the acquisition of 102014474 Saskatchewan Ltd. (the
"Acquisition"), which operates a cannabis retail location
under the Sweet Tree brand in Swift
Current, Saskatchewan ("Sweet Tree Swift
Current").
Since execution of a definitive agreement on October 16, 2019 in respect of the Acquisition,
Sweet Tree Swift Current has been operated collaboratively by YSS
and the current shareholders of Sweet Tree Swift Current, pending
conclusion of closing considerations and conditions, including
approval by Saskatchewan Liquor and Gaming Authority
("SLGA"). To date, financial and operational results
of Sweet Tree Swift Current have been governed by an administrative
services and loan arrangement between YSS and Sweet Tree Swift
Current related to securing and funding the location and operating
the store in accordance with YSS' operating procedures.
Closing of the Acquisition was satisfied through the issuance of
5.0 million common shares of the Company ("Acquisition
Shares"). The Acquisition Shares are subject to a four
month hold period.
YSS is also pleased to announce that, as of December 11, 2020, the common shares of the
Company have commenced trading on the OTCQB Venture Market in
the United States under the symbol
"YSSCF". Trading on the OTCQB Venture Market offers a
transparent and active trading platform designed to provide current
and future U.S. based shareholders with greater access to, and ease
of trading in, YSS shares. The Company's shares will continue
to trade on the TSX Venture Exchange under the symbol "YSS" and the
Frankfurt Stock Exchange under the trading symbol WKN: A2PMAX.
In addition, the Company is pleased to announce the appointment
of Mr. Jason Balakas to the
Company's board of directors. Mr. Balakas is a co-founder and
director of Sweet Tree Modern Apothecary and remains a committed
shareholder and supporter of YSS. Mr. Balakas brings more
than 20 years' experience in the hospitality and retail sector,
building and operating multiple dining and entertainment concepts
in the Calgary area, as well as
acting as chief financial officer of Sweet Tree Modern Apothecary
from its inception to June 2019. Mr. Balakas' appointment is
subject to the approval of regulatory agencies, including Alberta
Liquor Gaming and Cannabis, SLGA, the Alcohol and Gaming Commission
of Ontario and the TSX Venture
Exchange.
Additional Information
For information on store locations, updates on promotions, store
openings and to access the Company's click and collect service
please visit www.ysscannabis.com,
www.sweettreecannabis.com and follow us on social
media.
For additional information regarding YSS Corp and to access the
investor presentation, please see the Company's website at
www.ysscorp.ca/investors and filings available under the Company's
profile on SEDAR at www.sedar.com.
About YSS Corp.
With retail operations under the YSSTM and
Sweet TreeTM brands, YSS Corp. is a premium
cannabis retailer and the trusted destination to explore and
discover cannabis in Canada. YSS
operates 18 locations across Alberta and in Saskatchewan under the YSS and Sweet Tree
brands. In addition, YSS maintains a strategic portfolio of
under construction, secured and prospective locations that
represent future organic growth potential for the Company. YSS
management brings proven expertise across capital markets, retail
operations, hospitality, cannabis, financial management and a
strong commitment to deliver shareholder value by leveraging
high-quality opportunities within this exciting new industry. The
YSS retail experience is built on our five fundamental pillars:
convenience, value, selection, team, and above all else, trust.
This news release may include forward-looking
statements including opinions, assumptions, estimates, the
Company's assessment of future plans and operations, and, more
particularly, statements concerning: YSS' retail cannabis business
strategy, including organic growth and strategic activities; the
closing of the Acquisition, the issuance of the Acquisition Shares
and the appointment of a new director. When used in
this document, the words "will," "anticipate," "believe,"
"estimate," "expect," "intent," "may," "project," "should," and
similar expressions are intended to be among the statements that
identify forward-looking statements.
The forward-looking statements are founded on the basis of
expectations and assumptions made by the Company that
include, but are not limited to, the timely receipt of all required
regulatory and third-party approvals. Forward-looking statements
are subject to a wide range of risks and uncertainties and,
although the Company believes that the expectations represented by
such forward-looking statements are reasonable, there can be no
assurance that such expectations will be realized. Except as
required by applicable laws, the Company does not undertake any
obligation to publicly update or revise any forward-looking
statements.
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 news
release.
SOURCE YSS Corp.