WINNIPEG, Manitoba, Dec. 23, 2019 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (DN.TO) (VRNDF) (“Delta 9” or the “Company”), is pleased to provide investors with an update on the Company’s initial sales of new “cannabis 2.0” products in its Manitoba retail stores.
Delta 9 was among the first retailers in Canada to sell edibles, vape pens, and vape cartages in its retail stores. The company received its first shipment on Wednesday, December 18, 2019 and additional shipments have arrived everyday since.
Month to date the Company has achieved record retail sales for December 2019 and these results were improved by $52,957 in Cannabis 2.0 product sales over the past 5 days, or approximately 9.5% of overall sales for the week. The product mix of 2.0 products based on sales has been 51% vapes and 49% edibles. The Company has achieved an average Gross Margin of 31% on sales Cannabis 2.0 products. Delta 9 stores have received a wide variety of edibles i.e. soft chews, cookies, mints, and chocolates (milk, white, dark, truffle).
The new lines of products in the Delta 9 retail stores have included:
- Re-useable or single use vapes, cartridges and batteries from Aphria, Cronos, MedReleaf, High Park Holdings, Aurora Cannabis, Organigram and Dosecann (Auxly Cannabis).
- Edible products from MedReleaf, High Park Holdings, Aurora Cannabis, Tweed and Dosecann (Auxly Cannabis).
“We are very pleased with the successful launch of the Cannabis 2.0 products over the last 5 days,” said John Arbuthnot, CEO of Delta 9. “We have seen a very positive consumer response towards these new product formats and we are fortunate to be working with the industry’s leading suppliers to deliver these products to stores before the holidays.”
The Company is beginning to gather retail analytics from existing sales to monitor consumer preference of the new 2.0 product line to manage the supply chain, inventory controls and product mix. As new products become available in the new year, like topical creams and beverages, they will be added to the Company’s retail offering.
Delta 9 customers can visit anyone of four Delta 9 Cannabis stores in Manitoba and also place orders on line for pickup or delivery at www.delta9.ca.
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the TSX under the symbol "DN" and on the OTCQX under the symbol “VRNDF”. For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future.
Forward looking statements in this news release include statements relating to Delta 9’s anticipated revenue from cannabis edible and vape sales. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the Company’s actual revenue from cannabis edible and vape sales being different from its estimates as well as all risk factors set forth in the annual information form of Delta 9 dated April 30, 2019 which has been filed on SEDAR.
No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.