The Locations in Kelowna, BC and Napanee, ON Mark the 17th store
opening under the Kiaro and Hemisphere brand
VANCOUVER, BC, March 1,
2022 /CNW/ - Kiaro Holdings Corp. ("Kiaro" or
the "Company") (TSXV: KO) (OTC: KIARF), a national
omni-channel cannabis retailer and wholesale distributor, is
pleased to announce the opening of it's new store located at
89 Jim Kimmett Boulevard in Napanee,
Ontario (the "Napanee Store"). With the addition of
the recently announced Kelowna Store and now the Napanee Store, the
Company now has a retail footprint of 17 locations under the Kiaro
and Hemisphere banners across Canada, which accompany its wholesale
distribution business in Saskatchewan and multi-jurisdictional
e-commerce business.
This marks Kiaro's ninth store opening in Ontario. The Napanee Store is located amidst a
large population of students and residents. The location is
approximately 45 kilometres from Kingston, Ontario. The hours of operations are
Sundays through Wednesdays from 10:00 AM to
9:00 PM, and on Thursdays through Saturdays from
10:00 AM to 10:00 PM.
Chief Executive Officer Daniel
Petrov stated, "Kiaro is excited to have the latest
acquisitions from Q4 2021 fully operationalized. We feel both
locations will have significant growth as they are in densely
populated areas with high demand for adult recreational cannabis
use." Petrov continued, "Our location selection is specially
designed to convert and attract customers into the legal cannabis
market. Cannabis culture and community is entrenched in every
aspect of our business. Kiaro will always offer a wide
breadth of product and elevate the customer experience but also
ensure we are executing on prime real estate for consumer
accessibility and long-term business execution."
Pursuant to this announcement, the Company has received approval
from the TSX Venture Exchange to amend the exercise price in
respect of an aggregate of 2,762,500 incentive stock options of the
Company (the "Options") from between $0.20 and $0.30 to
$0.10. The new exercise price in
respect of the Options represents a premium of 50% over the closing
price of the common shares of the Company on February 28th, 2022. All Options are
held by employees and other non-insiders of the Company.
About Kiaro Holdings Corp.
Based in Vancouver, British
Columbia, Kiaro is an independent, omnichannel cannabis
retailer and distributor. Through existing storefronts across
British Columbia, Saskatchewan, and Ontario, and with the completion of the recent
acquisition of Hemisphere Cannabis from Aegis Brands, Kiaro has 17
stores in operation. This is in addition to its wholesale
distribution division servicing Saskatchewan, and eCommerce sites in
Canada, the US and Australia. Kiaro is driven to introduce new
and experienced consumers to a lifelong exploration of cannabis.
With more than 70 years of collective retail and wholesale focused
experience, Kiaro's leadership team has a proven track record of
executing on acquisitions and financings, and moreover growing
brands across North America. The
Company plans to continue its growth trajectory through its
consumer-centric retail, eCommerce, and wholesale distribution
segments over the coming years.
For more information about the Company, including the most
recent analyst report, please visit investors.kiaro.com.
On behalf of Kiaro Holdings Corp.
"Daniel Petrov"
Daniel
Petrov, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Information
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Kiaro, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. In this news release, forward-looking statements
relate, among other things, to: the use of proceeds of the
Offering, overall growth of the Canadian cannabis market and retail
opportunities, the award of new operating permits and licenses in
various jurisdictions, the future trading price of the Common
Shares, and the timing and amount of any dispositions of the Common
Shares. Forward-looking statements should not be read as guarantees
of future performance or results, and will not necessarily be
accurate indications of whether, or the times at or by which, such
future performance will be achieved. No assurance can be given that
any events anticipated by the forward-looking information will
transpire or occur. Forward-looking information is based on
information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond Kiaro's control. These risks,
uncertainties and assumptions include, but are not limited to,
those described in filing statement of the Company
dated September 29, 2020, a copy of which is available on
SEDAR at www.sedar.com, and could cause actual events or
results to differ materially from those projected in any
forward-looking statements. Furthermore, any forward looking
information with respect to future expansion plans is subject to
the qualification that management of Kiaro may decide, and the
assumptions that any construction or conversion would not be cost
prohibitive, required permits will be obtained and the labour,
materials and equipment necessary to complete such construction or
conversion will be available. Accordingly, readers should not place
undue reliance on the forward-looking statements and information
contained in this news release. Kiaro does not intend, nor
undertake any obligation, to update or revise any forward-looking
information contained in this news release to reflect subsequent
information, events or circumstances or otherwise, except if
required by applicable laws.
SOURCE Kiaro Holdings Corp.