Trees Corporation (NEO:TREE.AQN) has announced that it is now provincially licensed to operate in British Columbia, having received due diligence approval from the British Columbia Liquor and Cannabis Regulation Branch.
The Canadian cannabis company said it will now begin with the closing of its previously-announced acquisition of five stores on Vancouver Island pursuant to the terms of the third amended and restated asset purchase agreement between Trees and 1015712 BC Ltd (the APA).
“We are excited to share this very positive news of our approval to operate in the province of British Columbia,” Trees Corporation president Jeff Holmgren said in a statement.
READ: Trees Corporation reports record monthly system-wide sales in July ahead of 2Q earnings
“Now with a BC operators' license in-hand, we can quickly move to close the acquisition of the five BC stores, which for the month of August, recorded gross sales of approximately $440,000, representing an approximate 50% increase in sales for Trees post-close,” Holmgren added.
Trees noted that until such time as the transactions contemplated by the APA close, the five stores will continue to operate as Trees Cannabis locations in accordance with the previously disclosed brand license agreement between the parties.
Trees Corp 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 Sean at sean@proactiveinvestors.com