Westleaf Receives Development Permit Approval for its Flagship Prairie Records Cannabis Store in Banff, Alberta and Provides Retail Update
Prairie Records store in one of Canada’s most visited tourist destinations underscores premium retail strategy
Westleaf Inc. (TSX-V: WL) (“Westleaf“), is pleased to announce the Town of Banff has approved its development permit for a flagship retail location in the heart of Canada’s most visited national park. The location on Caribou Street just off famed Banff Avenue, will be developed as a flagship in the Prairie Records brand of cannabis stores. The town located one hour west of Calgary, attracts more than 4 million visitors annually and is Canada’s most visited national park and one of the top tourist destinations in the country. Westleaf remains on track to open approximately 20 locations in Alberta and Saskatchewan by the end of Q3 2019, subject to receipt of required regulatory approvals including receipt of cannabis retail licenses from the Alberta Gaming, Liquor and Cannabis and the Saskatchewan Liquor and Gaming Authority.
“Premium retail locations are the cornerstone of our vertically integrated strategy and which we believe uniquely differentiates Westleaf by providing access to wholly owned distribution channels,” said Scott Hurd, Westleaf’s President and CEO. “We have built our Prairie Records retail brand to be a superior retail experience and have focused on locations with high foot traffic in urban centres and resort destinations. There are very few locations in Canada that tick off as many boxes as the Banff location does. If you have ever been to the intersection of Banff Avenue and Caribou Street on a summer weekend, you will know exactly what we are talking about.”
“The space is also exceptionally unique,” added Adam Coates, Chief Commercial Officer at Westleaf. “We have secured a former nightclub, which includes approximately 5,000 square feet of development. This will give us plenty of room to present an unprecedented retail experience, rooted in an immersive musically themed approach, complete with listening booths, to create an absorbing way to learn about the products.” The store will be in the basement of the historic King Edward Hotel which was built in 1904 and is the second oldest hotel in Banff.
Prairie Records is an engaging retail concept, which marries cannabis with music in a natural and instinctual way. Product information is presented on album covers and categorized and aligned with different types of music. “Through this concept the consumer is presented with choices they can immediately identify with,” explains Coates. “For example you can steer towards the ‘Just Dance’ section, which will give you an idea of the type of cannabis product you would want for a night on the town, or you can turn towards the ‘Dreams’ section, if perhaps you are looking for a relaxing evening at home. Using music and musical nomenclature to align the customer to what they are looking for has created a brand proposition for Prairie Records that will stand out from all other retailers and help us create a unique tie with the consumer.”
Banff Location Highlights:
- High Traffic Area: With annual visitors of more than four million, it is expected that the cannabis retailers in Banff will have one of the highest ratios of customers to stores in Canada;
- Year-Round Resort: Banff is a four-season resort community with a large number of visitors in both summer and winter months coming for world-class outdoor activities;
- Tourism Potential: Cannabis tourism has been identified as a potential growth industry across Canada, with many of the budding tour operators concentrated in the west and in the mountain resort communities;
- Number of Stores: Prairie Records Banff, is one of five development permits issued for the mountain community;
- Part of a Truly Vertically Integrated Company: Westleaf is one of the few truly vertically integrated companies in the Canadian cannabis industry, with assets owned and under development across each vertical of the business, including cultivation, extraction, processing & manufacturing, distribution and wholly owned retail. Westleaf believes that being vertically integrated provides significant optionality and defensively positions the company to protect margins across the life cycle of the industry.
Currently the Banff Prairie Records location is being developed with an opening date in Q3 of this year, pending completion of conditions and release of the development permit from the Municipal Planning Commission in Banff as well as the lifting or loosening of the moratorium on new cannabis retail licenses from the Alberta Gaming, Liquor and Cannabis (AGLC) which has been imposed due to supply constraints.
The unique design, warm features and welcoming spaces are designed by FRANK Architecture & Interiors of Calgary, one of the top design firms in Canada and a leading design company in the hospitality space.
About Prairie Records
Focusing exclusively on densely populated neighborhoods, high traffic areas, and tourist destinations, Prairie Records retail stores will be situated in some of the most premium retail locations across the country. The foundation of the retail concept is ingrained with a desire to create a unique cannabis purchasing experience through tactile in-store features and product offerings that celebrate the relationship between music and cannabis. Featuring a rollout of upwards of 50 retail locations in markets across Canada. Westleaf continues to be committed to becoming a leader in the cannabis retail market in Canada.
About Westleaf Inc.
Westleaf is a vertically integrated cannabis company focused on innovative retail experiences and engaging cannabis brands as well as cultivation, production and extraction of cannabis products. Westleaf is rolling out a national retail footprint for its retail concept Prairie Records, with stores planned for British Columbia, Alberta, Saskatchewan and potentially Ontario. The retail concept leverages the instinctual tie between recreational cannabis and music and redefines the cannabis purchasing experience. The Company also has two significant production facilities under construction and scheduled for completion in 2019. For more information, please visit www.westleaf.com or www.prairierecords.ca.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. This news release, forward-looking statements relate, among other things, to: (i) the development of the Prairie Records facilities, the quality of the facilities and the expected opening date thereof; (ii) the legalization of derivative products and the resulting market therefor; (iii) construction of and timing to open Westleaf’s retail locations, including but not limited to the the Banff Prairie Records location and Westleaf’s retail operations roll-out across Canada; (iv) timing and completion of Westleaf’s production facilities; (v) and the business and operations of Westleaf. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: lifting or loosening of the moratorium on new cannabis retail licenses from the AGLC and receipt of a cannabis retail license from the AGLC in respect of Westleaf’s retail locations; timing and completion of construction of retail locations; review of facilities by Health Canada and receipt of a licensee from health Canada in respect of Westleaf’s production facilities; receipt of funding for completion of construction; general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Westleaf assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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