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Delta 9: “Cannabis sales blew away all of our expectations!”

Dave Jackson Dave Jackson, Stockhouse
1 Comment| October 26, 2018


Click to enlargeWeek One sales numbers are in from the Delta 9 Cannabis Inc. (NINE) (TSX: V.NINE, OTCQB: VRNDF, Forum) and according to the Company CEO the numbers are nothing short of spectacular.

“The first day of legal recreational cannabis sales blew away all of our expectations," said John Arbuthnot, Delta 9’s Chief Executive Officer. “We launched online sales of cannabis just after the stroke of midnight on October 17, and in the first minute logged more than 100 sales to customers in Manitoba. By 4 a.m., we had sold out all the product set aside for online sales, but even that was nothing compared to the experience at our first retail store in Winnipeg.”

Delta 9’s Cannabis Store logged over 9,500 transactions in the first seven days after federal legalization of recreational cannabis on October 17th, totalling $736,124 in revenues up to the end of day Tuesday.

The first customers at the Delta 9 Cannabis Store on Dakota Street in Winnipeg’s St. Vital district – one of two Delta 9 shops open across the city – were seen camping outside the shop by 6:30 p.m. on October 16th. And as daylight broke on October 17th hundreds of eager buyers were lined up around the building. It was just the first of several thousand sales at the Delta 9 outlet. Long lines were reported throughout the day – extending completely around the building – with early customers patiently waiting up to two hours to buy their first legal, recreational cannabis products.

Click to enlarge

While outlets across Canada have reported shortages of product, CEO Arbuthnot says Delta 9 continues to boast a robust supply, particularly from its own production facility in Winnipeg.

“We've been working very hard to increase production over the past year, and that work is paying off now as we face huge demand from the recreational market," said the CEO. "I'm happy to say Delta 9 has adequate supply, and we are even now preparing a large shipment to our store and to our wholesale customers.”

Stockhouse’s audience is familiar with Delta 9 from several previous feature articles, including a full-length feature from April 6, 2018. NINE is an ACMPR licensed producer, based in Manitoba. The company currently operates an 80,000 square foot production facility, but has a staggering two million square feet of potential expansion space. The company will be pushing annual cultivation capacity of 17,500 kilograms by the end of 2019.

In partnership with cannabis marketing leader Canopy Growth Corp. (TSX: WEED), on February 16, 2018 Delta 9 announced receiving one of only four licenses for the distribution of recreational cannabis in Manitoba. Stockhouse alerted investors to this pending opportunity.

On June 29, 2018, Delta 9 announced a major supply agreement with the province of Manitoba for a minimum of 2.9 million grams of cannabis in partnership with Canopy Growth.

Director of Communications Gary Symons said Delta 9 had the opportunity to sign additional supply agreements, but decided to first make sure the Company could not only fulfill its commitments to the Province of Manitoba, but also to medical patients, various retail companies and the Licensed Producers it sells to across Canada.

“We think if you say you’re going to do something, you really have to do it, so we have not over committed to wholesale supply deals,” said Symons. “As a result, we still have a good supply of our own product, and this has put us into a good position to help supply provincial governments who are now falling short of cannabis.”

www.delta9.ca

FULL DISCLOSURE: Delta 9 Cannabis Inc. is a paid client of Stockhouse Publishing



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Comments

lithomon
Delta 9 is significantly undervalued. Virtually zero promotion which can be good over the long haul. Massive expansion plan footprint to meet Government of Manitoba shortage needs.
(49)
October 27, 2018

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