HERITAGE CANNABIS (OTCMKTS:UMBBF) reported that its subsidiary PhyeinMed Inc., has commenced the procedure to apply for 3 cannabis retail store licenses in Alberta. PhyeinMed has engaged Cannabis Compliance Inc. to get advice on the applications, working with PhyeinMed Chief Executive Debra Senger and member of Heritage advisory board, Michele Cadario. The applications are being advanced so they will be set to be filed immediately, once all government levels in Alberta have permitted and finalized their separate stipulations.
The retail store dispensaries are an important part of the long-term sales plan being executed by the firm in an attempt to enhance brand awareness, and offer prospects to market future brands or products which the firm may select to associate with. PhyeinMed has listed prospective sites for these retail outlets, and will plan to follow on these leases once local governments approve.
Jagdip Bal, the CEO of Heritage, expressed that as they prepare to get their Production Licence in the imminent future, they continue to take measures to move their firm’s marketing and sales plan forward as Provincial governments offer more details on the way public distribution will work, they will adjust their plan accordingly. The Alberta retail plan fits well for their marketing initiatives.
Heritage Cannabis is currently listed as a pot issuer having an interest of 75% in PhyeinMed Inc, which is a Health Canada late stage contender under the ACMPR. It is a development and parent firm with strategic plans to sustain to buy Cannabis related firms.
In the last trading session, the stock price of Heritage Cannabis gained 0.23% to close the day at $0.385. The gains came at a share volume of 1000 compared to average share volume of 24,829. Post the recent decline, the market cap of firm was noted at around $14 million.