Trees Corporation (NEO:TREE.AQN) said it has opened its newest branded storefront at 695 Alpha St. in Victoria, British Columbia.
"The Alpha Street opening marks the fifth Trees-branded location on Vancouver Island, allowing the Trees brand to serve an even larger part of the community," Michael Klein, chief executive officer of the company said in a statement. "We are extremely proud of the entire Trees team and thrilled to have the Alpha Street location join our expanding retail footprint."
Trees currently licenses the Trees brand to 1015712 B.C. Ltd. (101), the owner and operator of the Trees-branded stores in British Columbia in exchange for a royalty pending the closing of an asset purchase transaction between Trees and 101 which will occur following the satisfaction of certain conditions precedent, including regulatory approval, the company said.
READ: Trees Corporation reports 1Q revenue of $1.7 million, up 225% after rolling out more stores
The company also said it has strengthened its balance sheet by entering into debt settlement agreements with two arm's-length creditors, involving the issue of an aggregate of 20.4 million common shares at a deemed price of four cents per share in settlement of an aggregate of $816,000 owed to such creditors by 1208486 B.C. Ltd., a subsidiary of the company.
"Balance sheet strength, and the transactional optionality that it provides, is an emerging cornerstone of the Trees strategy and will continue to be a focus in the months ahead as Trees continues to grow its retail presence and value for shareholders," said Jeff Holmgren, president and chief financial officer of Trees.
Trees is a cannabis company that targets the intersection of community, content and commerce. The company aims to provide a differentiated retail experience, combined with digital platforms cannabisMD.com and askCMD.com that educate and amplify, unlocking emerging consumer segments.
Contact the author at jon.hopkins@proactiveinvestors.com