RELX closed-pod products to be offered across 180 Smoke's retail, e-commerce and wholesale channels
Vaughan, Ontario--(Newsfile Corp. - September 22, 2021) - Spyder Cannabis Inc. (TSXV: SPDR) ("Spyder" or the "Company"), an established Canadian cannabis and vape retailer, is pleased to announce that its specialty vape retail brand, 180 Smoke, has entered into a strategic supplier agreement with Yi Hao Ji (Canada) Ltd. ("Yi Hao Ji") to offer RELX closed-pod vaping products across its corporate and franchise stores, e-commerce and wholesale channels.
The closed-pod system is one of the fastest-growing sectors in the vaping vertical. More specifically, in Canada closed vaping systems have a compounded annual growth rate of 25% between 2019 and 2024 and currently account for 44% of all vape-related sales in Canada as compared to 4% prior to 2019[1].
"The high-level of interest in closed-pod systems is largely due to their portable nature, the concentration of nicotine salts and available popular flavours," says Christina Pan, COO of Spyder Cannabis. "This makes RELX a perfect fit for 180 Smoke. Fundamentally as a retailer, we believe in providing consumers with high-quality, curated options, carrying both local and international brands so we can educate and guide our adult consumers safely on their vaping journey and permanently quit combustible cigarettes."
"180 Smoke is a high-touch, experiential centre for vaping and like-minded products, where customers can learn more about RELX and its points of difference. This agreement not only provides access to one of Canada's largest online and in-store vaping customer bases but also its marketing services and knowledgeable sales associates that will give RELX - China's largest e-cigarette brand - an edge in the Canadian market," Ryan Yin from Yi Hao Ji says.
"This agreement represents Spyder's ongoing interest to continue serving both vape and cannabis consumers," adds Cameron Wickham, CEO of Spyder Cannabis.
About Yi Hao Ji
Yi Hao Ji Technology Co., Ltd. (hereinafter referred to as "YHJ") is one of the largest distributors for e-cigarettes, 3C products, and FMCG in China. Starting with the strategy of RELX e-cigarette globalization, YHJ has built a global sales and service network across Asia, Europe, and the Americas. Yi Hao Ji is the authorized strategic partner of RELX in Canada.
About Spyder Cannabis Inc.
Spyder is an established cannabis and vape retailer that owns and operates two licensed dispensaries under the brand SPDR Cannabis in Ontario and 28 vape retail locations across Ontario under the retail brands 180 Smoke and Spyder Vapes. 180 Smoke is a leading omni-channel Canadian vape retailer with a strong e-commerce presence and over 230,000 registered customers across its B2C channel.
Cautionary Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance of the Company. The use of any of the words "could", "intend", "expect", "believe", "will", "may", "projected", "estimated" and similar expressions, and negatives thereto, and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. Forward-looking information necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Spyder Cannabis Inc.
Cameron Wickham
Executive Vice-Chair and Chief Executive Officer
T: (905) 330-1602
E: corporate@spydercannabis.com
[1] Health Canada: Study of the market size, characteristics, and growth trends of the vaping products market in Canada, Feb 2020.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97204.
