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Saturday, Aug 13, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Ontario pot retailer Superette buys Cannoe alongside $5M in financing

Cannoe president Matt McLeod will join Superette as CEO

Ontario pot retailer Superette buys Cannoe alongside $5M in financing
Photo via Superette

Two Ontario cannabis retail outfits are joining forces in a deal that’s likely to be followed by numerous other consolidation agreements in the province.

According to a statement on Tuesday, Superette is acquiring Cannoe, doubling its footprint to 12 operational stores with four locations to be finalized this year.

In connection with the deal, Superette says it’s secured $5 million in financing to support strategic growth initiatives. Cannoe president Matt McLeod will join as CEO.

Superette stores are currently located around the urban centres of Toronto and Ottawa, and the combination is set to give the brand a new presence in frequented cottage and resort towns.

Read more: Canadian cannabis sales spike 9% to record $382.4M in December

Founded in 2019, Superette rose to popularity with its retro deli-inspired interior design.

“Since our launch, Superette has stood out as the retail brand that reflects the attitudes a huge portion of recreational customers have — simply put, we exist to make buying cannabis fun,” says co-founder Mimi Lam.

“With an ambitious aesthetic and unforgettable retail experiences, Superette is our interpretation of the intersection of cannabis, lifestyle, and community.”

The company says its brand has a net promoter score, a common customer loyalty and satisfaction metric, of 95.

According to the Alcohol and Gaming Commission of Ontario, 1,453 cannabis retail stores are authorized to open in the province.

 

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