TORONTO, March 31, 2020 (GLOBE NEWSWIRE) -- Captor Capital Corp. (CSE: CPTR; FRANKFURT: NMV; STUTTGART: NMVA; USOTC: CPTRF), ("Captor" or the "Company") has in recent weeks made several adjustments to its retail model, chiefly an increased focus on delivery service and online orders, and its business strategy, in response to the coronavirus outbreak that has shut down the majority of businesses in California. These adjustments follow the successful lobbying of local government by a cannabis industry group in Santa Cruz County led by Oliver Summers, head of Captor Capital’s CHAI retail operations in Santa Cruz and Monterey County.
“We were extremely happy the government recognized the importance of keeping cannabis businesses open during these trying times and after a long period of negotiations on this issue we have been able to focus on the needs of our valued customers,” said Mr. Summers. “CHAI Cannabis is doing everything we can to keep them safe, including increased cleaning and disinfecting, a curbside pick-up option, and of course delivery for those unable or unwilling to leave home.”
CHAI on Friday released an updated e-commerce site featuring several enhancements and improvements, most notably on the user interface and experience. The company is currently evaluating a number of advertising and marketing options to increase customer awareness surrounding the new and improved website. The company has over the past two weeks seen a significant increase in online orders after instituting the curbside pick-up option.
The Company also today announces that due to mid- to long-term uncertainties in the financial markets and retail sector that it will no longer be pursuing the Michigan Joint Venture with Green Buddha Co. For the foreseeable future the Company intends to focus exclusively on the established and stable California market in order to minimize investment risks.
As a result of the Covid-19 global pandemic, Captor has decided to delay its AGM until the fall, assuming circumstances related to the pandemic improve by that time. Captor will provide further communication regarding its delayed AGM in due course.
Captor also wishes to announce that Dene Rogers, CEO of the Company’s wholly owned subsidiary, Captor Acquisition Corp., tendered his resignation. The Company thanks Mr. Rogers for his contributions and wishes him success in his future endeavours.
About Captor Capital Corp.
Captor Capital Corp. is a Canadian cannabis company listed on the Canadian Securities Exchange, the OTC, and the Frankfurt and Stuttgart stock exchanges. Captor provides recreational and marijuana-based products to consumers, as well as other high demand cannabis-based goods for consumption. The Company follows a strategy of acquiring cash flowing established companies and organizations with growth potential that require capital to scale. Captor currently has a number of revenue generating cannabis assets including the CHAI Cannabis Co. dispensaries in Santa Cruz and Monterey, CA. The Company also owns Mellow Extracts, based in Costa Mesa, CA (launch date to be determined).
Captor Capital Corp.
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This press release contains or refers to forward-looking information and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to availability of investment opportunities, economic circumstances, market fluctuations and uncertainties, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the investment industry and junior capital markets. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.