Kiaro Holdings Corp. (TSXV:KO) (OTC:KIARF), a national omni-channel cannabis retailer and wholesale distributor, opened a new retail cannabis store. The new store is located at 1650 Pandosy Street in Kelowna, British Columbia and was opened to the public on December 31st 2021. With the addition of the Kelowna Store, the company's retail footprint grew to 16 retail locations under the Kiaro and Hemisphere banners across Canada, which accompanies its wholesale distribution business in Saskatchewan and multi-jurisdictional e-commerce business.
The Kelowna Store is open on Sundays through Thursdays from 10:00 AM to 8:00 PM and on Fridays and Saturdays from 10:00 AM to 10:00 PM. The company's management team expects the Kelowna Store to experience a high level of foot traffic over time, as it is situated among many restaurants, cafes, and other retail stores in the city. Kiaro also believes that the Kelowna Store will help fuel the revitalization of downtown Kelowna, a historic area that is undergoing significant change due to the execution of both municipal projects and significant commercial developments.
Chief executive officer, Daniel Petrov stated, "We are extremely excited to open and offer Kiaro's retail experience to residents of Kelowna, BC. Increasing our footprint here at home in BC is strategically important to our company as Kelowna's proximity offers strong demand within the adult use market. We are proud to say that we are the largest public cannabis retailer in B.C.". Petrov continued, "We have grown tremendously since 2021 and Kiaro is well positioned with a formidable footprint in not only BC, but Canada as a whole. We are committed towards our goal and approach of continued expansion through organic and inorganic means. We are aiming to get this location to generate positive EBITDA within three months of opening. Kiaro shareholders can expect further announcements in the coming weeks."
