CALGARY, AB , Dec. 11, 2020 /CNW/ - YSS Corp. (the " Company " or " YSS ") (TSXV: YSS) (WKN: A2PMAX), a premier Canadian cannabis retailer with operations under the YSS TM and Sweet Tree TM brands and a trusted destination to explore and discover cannabis in Canada , is pleased to announce the closing of the acquisition of 102014474 Saskatchewan Ltd. (the " Acquisition "), which operates a cannabis retail location under the Sweet Tree brand in Swift Current, Saskatchewan (" Sweet Tree Swift Current ").
Since execution of a definitive agreement on October 16, 2019 in respect of the Acquisition, Sweet Tree Swift Current has been operated collaboratively by YSS and the current shareholders of Sweet Tree Swift Current, pending conclusion of closing considerations and conditions, including approval by Saskatchewan Liquor and Gaming Authority (" SLGA "). To date, financial and operational results of Sweet Tree Swift Current have been governed by an administrative services and loan arrangement between YSS and Sweet Tree Swift Current related to securing and funding the location and operating the store in accordance with YSS' operating procedures.
Closing of the Acquisition was satisfied through the issuance of 5.0 million common shares of the Company (" Acquisition Shares "). The Acquisition Shares are subject to a four month hold period.
YSS is also pleased to announce that, as of December 11, 2020 , the common shares of the Company have commenced trading on the OTCQB Venture Market in the United States under the symbol "YSSCF". Trading on the OTCQB Venture Market offers a transparent and active trading platform designed to provide current and future U.S. based shareholders with greater access to, and ease of trading in, YSS shares. The Company's shares will continue to trade on the TSX Venture Exchange under the symbol "YSS" and the Frankfurt Stock Exchange under the trading symbol WKN: A2PMAX.
In addition, the Company is pleased to announce the appointment of Mr. Jason Balakas to the Company's board of directors. Mr. Balakas is a co-founder and director of Sweet Tree Modern Apothecary and remains a committed shareholder and supporter of YSS. Mr. Balakas brings more than 20 years' experience in the hospitality and retail sector, building and operating multiple dining and entertainment concepts in the Calgary area, as well as acting as chief financial officer of Sweet Tree Modern Apothecary from its inception to June 2019. Mr. Balakas' appointment is subject to the approval of regulatory agencies, including Alberta Liquor Gaming and Cannabis, SLGA, the Alcohol and Gaming Commission of Ontario and the TSX Venture Exchange.
Additional Information
For information on store locations, updates on promotions, store openings and to access the Company's click and collect service please visit www.ysscannabis.com , www.sweettreecannabis.com and follow us on social media.
For additional information regarding YSS Corp and to access the investor presentation, please see the Company's website at www.ysscorp.ca/investors and filings available under the Company's profile on SEDAR at www.sedar.com .
About YSS Corp.
With retail operations under the YSS TM and Sweet Tree TM brands, YSS Corp. is a premium cannabis retailer and the trusted destination to explore and discover cannabis in Canada . YSS operates 18 locations across Alberta and in Saskatchewan under the YSS and Sweet Tree brands. In addition, YSS maintains a strategic portfolio of under construction, secured and prospective locations that represent future organic growth potential for the Company. YSS management brings proven expertise across capital markets, retail operations, hospitality, cannabis, financial management and a strong commitment to deliver shareholder value by leveraging high-quality opportunities within this exciting new industry. The YSS retail experience is built on our five fundamental pillars: convenience, value, selection, team, and above all else, trust.
This news release may include forward-looking statements including opinions, assumptions, estimates, the Company's assessment of future plans and operations, and, more particularly, statements concerning: YSS' retail cannabis business strategy, including organic growth and strategic activities; the closing of the Acquisition, the issuance of the Acquisition Shares and the appointment of a new director . When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements.
The forward-looking statements are founded on the basis of expectations and assumptions made by the Company t hat include, but are not limited to, the timely receipt of all required regulatory and third-party approvals. Forward-looking statements are subject to a wide range of risks and uncertainties and, although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE YSS Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2020/11/c4850.html