Delota Corp. (TSX-V:LOTA), formerly called Spyder Cannabis Inc, has announced the opening of its first Offside Cannabis dispensary as part of its strategy to identify and capitalize on lease opportunities within its 180 Smoke Vape Store portfolio.
The Canadian cannabis and vape retailer said it expects to organically increase its dispensary footprint to a total of 10 locations in Ontario by fiscal year-end.
"We expect to apply for additional Retail Store Authorizations to the Alcohol and Gaming Commission of Ontario (AGCO) for premises in Hamilton, Ottawa and The Blue Mountains within our existing lease portfolio,” Dan Pelchovitz, CEO of Delota’s Cannabis division said in a statement.
“Additionally, we are also exploring strategic acquisitions to further increase our retail footprint," he added.
READ: Spyder Cannabis changes its name to Delota, to start trading under new name on November 22
Delota CEO and vice chairman Cameron Wickham said the new Offside Cannabis branding reinforces the company’s overall vision to build the most popular cannabis retail brands.
"The Offside Cannabis brand is well-positioned to serve the highly-involved and value-conscious cannabis consumer,” Wickham said.
“With this in mind, we are also developing another more experiential and high-variety-focused cannabis retail banner brand catering to the low-involvement target segment, which should be announced in the coming months."
Delota noted that the first Offside Cannabis dispensary is located at 5719 Victoria Avenue, Niagara Falls and officially opened its doors on Friday, February 4, 2022. It said the dispensary is following provincial coronavirus (COVID-19) public health measures around retail re-opening.
Delota is an established cannabis and vape retailer that owns and operates two licensed dispensaries under the brand SPDR Cannabis in Ontario and 27 vape retail locations across Ontario under the retail brand 180 Smoke.
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