Spyder Cannabis Inc. (TSX-V:SPDR) has announced that its wholly-owned subsidiary, Spyder Cannabis Subco Inc, has received Retail Store Authorization (RSA) from the Alcohol and Gaming Commission of Ontario (AGCO) for its new Offside Cannabis dispensary.
The new Offside Cannabis brand was announced last month and is designed and positioned to "deliver a customer-centric operations strategy, and will emphasize providing customers with good value at a reasonable price point," Spyder chief operating office Christina Pan said in a statement.
The company said the latest RSA from the AGCO marks the beginning of the new Offside Cannabis brand rollout, replacing its 180 Smoke Vape Store banner at the 5719 Victoria Avenue location, and forms part of its organic growth initiatives.
READ: Spyder Cannabis announces launch of new retail dispensary brand, Offside Cannabis
Spyder Subco currently has one dispensary in Niagara Falls - 6474 Lundy's Lane - operating under the SPDR Cannabis banner. This dispensary will also be converted to the new Offside Cannabis branding by year-end, it added.
"We expect to apply for three additional RSAs in Hamilton, Ottawa and The Blue Mountains for premises within our existing lease portfolio,” Spyder Subco CEO Dan Pelchovitz added.
“This would increase our dispensary footprint to a total of seven locations in Ontario, which should be well underway before the end of the year.”
Spyder is an established cannabis and vape retailer that owns and operates two licensed dispensaries under the brand SPDR Cannabis in Ontario and 28 vape retail locations across Ontario under the retail brands 180 Smoke and Spyder Vapes. 180 Smoke is a leading omnichannel Canadian vape retailer with a strong e-commerce presence and over 230,000 registered customers across its B2C channel.
Contact the author at stephen.gunnion@proactiveinvestors.com