GrowForce and Sweet Tree to Launch Premium Cannabis Retail Stores in Calgary
CALGARY, Alberta & TORONTO — GrowForce Holdings Inc. (“GrowForce” or the “Company”), a vertically integrated international cannabis platform, and Sweet Tree Cannabis Co., a Canadian retailer of cannabis products, today announced that they have entered into a letter of intent to form a joint venture to open and operate a network of premium cannabis retail stores across Calgary.
Sweet Tree has been approved by the Alberta Gaming, Liquor and Cannabis Commission to open five retail stores following the legalization of adult-use cannabis coming into effect on October 17. The five stores include the flagship outlet on 17th Avenue SW in Calgary. The joint venture will bring together a strong team, primed to open Sweet Tree locations across Canada.
“The joint venture with Sweet Tree gives GrowForce an unparalleled entry point into the cannabis retail segment in Alberta and it marks an important milestone in our growth plan and expansion across the country,” says Rishi Gautam, Chairman and CEO of GrowForce. “We are very pleased to work with a great retail partner to bring high quality cannabis products to Canadians as the adult-use market opens up and expands across the country.”
In addition to the strategic capital investment made by GrowForce in this partnership, the company will also provide an array of retail management services including store design, operational and sales processes, as well as employee training. Sweet Tree will assume responsibilities for all aspects of store operations and customer service.
“The joint venture between Sweet Tree and GrowForce represents two companies with a hunger to succeed in the cannabis space,” says Tony Balakas, CEO of Sweet Tree. “We have had a great deal of interest in Sweet Tree, but ultimately we partnered with GrowForce because our cultures align well and they bring a tremendous amount of industry experience to the table.”
The two companies are also exploring opportunities to expand their partnership with offerings from GrowForce’s high-quality cannabis products that will be available for adult-use at the provincially- licensed Sweet Tree stores.
Consummation of the transaction and its terms and conditions will be set forth in a definitive agreement to be negotiated and entered into by the parties.
GrowForce is a cannabis platform that operates within Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). GrowForce owns a majority interest in flagship cannabis facilities operated through Health Canada’s ACMPR, with strategic partnerships for turnkey operations, proprietary software and training, and project financing. GrowForce’s flagship facilities are operated by MJardin Group, North America’s largest turnkey operator of legal cannabis facilities, and financed by Bridging Finance Inc., Canada’s leading provider of private credit. For more information, please visit www.growforce.ca.
About Sweet Tree Cannabis Co.
Sweet Tree Cannabis Co. is a Calgary-based, Canadian retailer of cannabis. Founded by two brothers on a mission to improve life for Canadians, Sweet Tree was born of a desire to help others enjoy each moment and live life to the fullest. Offering finely curated strains, the expert team of cannasseurs at Sweet Tree can help you find your best blend. To learn more about how we can sweeten life for you, visit www.sweettreecannabis.com.
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