- City View Green Holdings Inc. and Budd Hutt Inc. recently announced an agreement to acquire eight retail cannabis store locations in Alberta
- Investor Quinsam Capital provided an initial investment of $1.1 million as part of a loan arrangement with Budd Hutt
- Budd Hutt plans to establish a flagship location in Alberta to serve as a showpiece for the future of its proposed national retail chain
City View Green Holdings Inc. (CSE: CVGR), a vertically integrated cannabis company, recently announced an exciting development occurring with retail partner Budd Hutt. The latter has entered into an agreement to significantly expand its footprint in the Canadian retail cannabis marketplace. Budd Hutt owns a 19.9 percent stake in City View.
Budd Hutt plans to initially enter the Canadian retail cannabis marketplace through Alberta and intends to acquire eight pre-license retail cannabis store locations in the Alberta market. These stores have already obtained the appropriate regulatory approvals and are waiting on final approval from Alberta Gaming, Liquor and Cannabis (AGLC). On receipt of AGLC approval, all of the stores will be finished, with the initial five retail store locations opening first. The company plans to establish a flagship location in Alberta that will serve as a showpiece for the future of the proposed national retail chain. AGLC licensing for these locations is expected before year’s end (http://ibn.fm/8mSBl).
As a part of a loan arrangement with Budd Hutt, Quinsam Capital has provided an investment of $1.1 million. Quinsam Capital CEO Roger Dent spoke to the lucrative potential of this arrangement in a news release, stating, “We think that Budd Hutt has the potential to be one of the winners as the Canadian cannabis retail marketplace evolves. We look forward to working with the teams at Budd Hutt and City View Green to help make this company a success.”
Leaders with both Budd Hutt and City View Green also described the impact this expansion will have on their respective companies. Budd Hutt CEO Craig Belcher noted that these acquired retail assets could “become key building blocks for Bud Hutt in the Canadian retail cannabis marketplace.” These retail acquisitions are fully in line with the company’s national strategy, said Belcher, which also “includes Ontario (post lottery moratorium) and… a yet to be announced national partnership that would add significant premium locations across Canada and would also potentially make Budd Hutt one of Canada’s first national retail cannabis store chains.” Though this national partnership is still in the works, the team at Budd Hutt sees this industry expansion bringing its strategic vision to life.
In a news release, City View Green CEO Ian MacDonald also weighed in on the impact of these retail acquisitions, stating, “This announcement from our retail partner Budd Hutt is incredibly exciting for CVG and its shareholders. Having an aggressive coast to coast retail strategy makes Budd Hutt a truly unique retail business model and adds tremendous value to CVG’s route to market strategy… Congratulations to the Budd Hutt team on this incredible achievement.”
For more information, visit the company’s website at www.CityViewGreen.ca
NOTE TO INVESTORS: The latest news and updates relating to CVGR are available in the company’s newsroom at http://ibn.fm/CVGR