MedMen branded locations in West Hollywood and Santa Ana benefitting from legalization of recreational cannabis
TORONTO, ONTARIO–(Marketwired – Feb. 2, 2018) – Captor Capital Corp. (“Captor” or the “Company”) (CSE:CPTR)(CSE:CPTR.CN)(CNSX:CPTR)(FRANKFURT:NMV)(OTC PINK:NWURF) today announced that I-5 Holdings Ltd. has revealed sales and foot traffic for the month of January at the MedMen branded dispensaries in West Hollywood and Santa Ana are up significantly following the legalization of cannabis for recreational use in California on January 1. The numbers are highlighted by I-5's report to Captor that there has been revenue growth of almost 200 per cent (unaudited) at the Santa Ana location compared to six months prior and revenue growth of almost 500 per cent (unaudited) at the West Hollywood location compared to the same period a year prior.
“January has been an amazing month at the Santa Ana and West Hollywood locations, both in terms of foot traffic and revenues,” said Daniel Yi, Vice President of Corporate Communications, MedMen. “On a month-to-month basis sales nearly doubled at MedMen Santa Ana and more than tripled at West Hollywood.”
At the West Hollywood location, I-5 has reported to Captor that January revenues were up more than 200 per cent (unaudited) on a month-to-month basis and almost 500 per cent (unaudited) compared to the same period a year prior. Customer traffic in January reported to Captor by I-5, at 23,606 people, was also up more than 200 per cent month-to-month and almost 350 per cent compared to the same period a year earlier.
“The popularity of the West Hollywood and Santa Ana dispensaries has been even greater than we had hoped for, both in terms of revenue and foot traffic,” said John MacPhail, CEO, I-5 Holdings. “The fact that the store enjoyed such growth in January is down to more than legalization, it's also about the popularity of the industry-leading MedMen brand.”
At the Santa Ana, Orange County location, I-5 reported to Captor that January revenues were up almost 100 per cent (unaudited) on a month-to-month basis and almost 200 per cent (unaudited) against the average of the six months prior. I-5 further reported that customer traffic, at 5,051 people, was up almost 150 per cent month-to-month and almost 250 per cent over the six months prior.
“The financial information provided to us by I-5 we believe is indicative of the incredible growth potential of the cannabis industry,” said John Zorbas, President, Captor Capital. “They are also testimony to the excellent job being done by our partners at MedMen and I-5 Holdings.”
About Captor Capital
Captor Capital Corp. is a Canadian investment firm listed on the Canadian Securities Exchange and the Frankfurt Stock Exchange. The company follows a strategy of acquiring profitable, established companies and organizations with growth potential that require capital to scale. Captor currently has investments in a number of companies and industries, including Millennial Esports in the technology sector, I-5 Holdings in the cannabis sector, and URU Metals in the natural resources sector.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to availability of investment opportunities, economic circumstances, market fluctuations and uncertainties, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the investment industry and junior capital markets. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.