In Canada, cannabis use has risen to new levels during the COVID-19 pandemic, even among people who never consumed it before.
According to the most recent Statistics Canada figures, Toronto led the country in sales in January 2021 at $31 million.
Toronto started 2020 with only 7 cannabis stores serving the city’s entire legal market and gradually rising through the year, ending the year with over 85 cannabis stores and could grow further as FUNN Dispensaries, Inc. has been approved for incorporation in Canada.
Early this year, Amfil Technologies Inc. (OTC US: FUNN) announced progress with its plans to expand into the Canadian green market and the projected timeline for the opening of the first dispensary is approximately 3 months.
On August 31, 2020, Tokin Dispensaries Inc. and David Berkovits entered into an assignment agreement with FUNN whereby Tokin assigned assets to FUNN. Tokin was and is a licensed cannabis retail operator in Ontario. Tokin initially secured a lease for one dispensary location at 10 Dunlop Drive, St. Catharines in the Greater Toronto area. All rights and responsibilities regarding that location were assigned to FUNN through the assignment agreement. FUNN also has space for a suitable location near one of the Snakes & Lattes venues in Toronto. Berkovits has additional locations to be considered, and has taken responsibility for obtaining dispensary licenses for FUNN in existing and future locations.
The current status of materializing this agreement is as follows:
- FUNN Dispensaries, Inc. has been approved for incorporation in Canada. Federal Corporation Information – 1264130-5 – Online Filing Centre – Corporations Canada – Corporations – Innovation, Science and Economic Development Canada. Amfil Technologies Inc. owns 100% of this corporation.
- FUNN Dispensaries, Inc. has begun the process of acquiring the necessary dispensary operator’s license.
- FUNN Dispensaries, Inc. has signed an agreement with the landlord to immediately take over the lease for 10 Dunlop.
- Bids have already been approved and contractors have been hired to build out the first location at 10 Dunlop.
- Funds have been appropriated for FUNN Dispensaries, Inc. to complete the buildout.
- Projected timeline to open the first location is approximately 3 months pending buildout and transfer of the operator’s license and location permit. A firm opening date will be announced at the appropriate time.
The Company’s new cannabis dispensary division will be led by experienced and licensed cannabis dispensary operator, David Berkovits.
Amfil’s current plan is to scale this business through additional locations in Toronto and beyond. As the cannabis industry continues to thrive in Canada, Success of this new business model could add significant value to the company.
High Tide Inc. (NASDAQ: HITI), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, recently acquired Canna Cabana retail cannabis store located at 435(B) Yonge Street in Toronto, Ontario. being one of the original 25 cannabis retail stores operating in the province.
The Company is the most profitable Canadian retailer of recreational cannabis with 85 current locations in Ontario, Alberta, Manitoba, and Saskatchewan.
The company has additional locations under development across the country.
High Tide is the first major publicly traded cannabis retailer to begin trading on the Nasdaq exchange.
As the cannabis sector remains one of the best place for investors seeking big profits, Amfil Technologies Inc. (OTC US: FUNN) and High Tide Inc. (NASDAQ: HITI) should be highly considered at current levels.
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