TORONTO, Jan. 11, 2022 /CNW/ – Trees Corporation (the “Company” or “Trees“) today announced that the Company has received final approval to list its common shares on the Neo Exchange Inc. Trading is expected to commence at market open on January 11, 2022 under the symbol “TREE”.
“We expect 2022 to be an exciting year, beginning with this public listing milestone and followed by a growth strategy with an aim of securing Trees as a leading national cannabis retailer with a highly differentiated approach to serving the needs of cannabis consumers across the user profile spectrum,” stated Jon Conquergood, CEO of Trees. Jeff Holmgren, CFO added, “Investors in this segment have become increasingly discerning and we believe Trees will demonstrate – through sound execution and prudent management – an ability to grow and achieve scale by capitalizing on the extensive and accretive growth opportunities prevalent in the market today.”
Trees is an independent retail cannabis operator that is deeply rooted in the cannabis community and has been a respected voice of advocacy for cannabis legalization. Through its trusted reputation, history and passion for the ‘plant’, Trees delivers a unique and authentic consumer experience. With 10 Trees branded storefronts in Canada, including six (6) stores owned and operated in Ontario by Trees and four (4) additional stores operated by 1015712 B.C. Ltd. (“101“) in British Columbia. Trees has agreed to purchase the assets of 101 pursuant to the terms of the second amended and restated asset purchase agreement (the “101 Purchase Agreement“) entered into between Trees and 101. The closing of the transactions contemplated by the 101 Purchase Agreement is subject to certain conditions precedent, including the receipt of certain licensing approvals and related regulatory consents.
During the first quarter of 2022, and subject to the receipt of regulatory approvals, Trees anticipates opening two (2) new owned and operated storefronts in Ontario and anticipates that 101 will open one (1) new storefront in British Columbia under the Trees brand, increasing the total Trees branded platform to 13 storefronts with additional locations in reserve providing a platform for continued growth in 2022 and beyond.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking information” (“forward-looking information“) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
Forward-looking statements in this document include, among others, statements relating to expectations regarding the trading of the Common Shares on the NEO Exchange and the timing thereof, the expansion of the Company’s retail footprint in Canada and the timing of new storefront openings in Ontario and British Columbia, the completion of the transactions contemplated in the 101 Acquisition Agreement, statements regarding securing Trees as a leading national cannabis retailer, statements regarding Trees’ ability to grow and achieve scale and capitalize on growth opportunities, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: (a) the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; (b) compliance with extensive government regulation; (c) domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; (d) the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating peers; (e) adverse changes in the public perception of cannabis; (f) the impact of COVID-19; and (g) general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
The NEO Exchange has neither approved nor disapproved the contents of this press release and accepts no responsibility for the adequacy or accuracy of this release.
SOURCE Trees Corporation
For further information: Trees Corporation, Jeffrey Holmgren, Chief Financial Officer, Email: email@example.com