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Over the last 18 months, the company has more than quadrupled the size of its cannabis store network.
Cannabis retailer ShinyBud Corp. (TSXV: SNYB) has changed its name to Shiny Health & Wellness Corp. to reflect on its new expanded retail objectives to offer health and wellness services.
On Monday, the company announced its new name and logo and said that it will now focus on a more health and wellness services model by targeting pharmacy acquisitions.
Shiny Health & Wellness is now the parent company of Shiny Bud Inc. or ShinyBud Cannabis Co. which will continue to sell pot. Under the same parent company, the new mīhī Health & Wellness Inc. will be the retail division for the company’s planned pharmacy portfolio.
The company expects the common shares will start trading on the TSX Venture Exchange under a new name and CUSIP number on or around August 17.
ShinyBud has 35 cannabis shops in Ontario located in markets that are less saturated with cannabis retailers.
Company stock went up Monday by 4.29 per cent to $2.19 on the Canadian Ventures Exchange.
Read more: ShinyBud ends fiscal year with revenue up 95% to $20.6M
Read more: ShinyBud to acquire a pharmacy and broaden focus on health and wellness
“Changing our corporate name from ShinyBud to Shiny Health & Wellness demonstrates our commitment to widening our retail focus beyond cannabis towards developing a pharmacy line of business aimed at building a network of community pharmacies across Ontario,” CEO Kevin Reed said.
“It’s one of the next steps in our repositioning in both adult-use cannabis and health and wellness solutions while enhancing our value proposition for shareholders with an additional pillar of growth in a stable sector.”
Reed said that the company has more than quadrupled the size of its cannabis store network through a combination of new store openings, mergers, and acquisitions over the last 18 months, which have reported higher sales and a very healthy gross margin.
“We look forward to building another solid store network from our target-rich pipeline of pharmacy acquisition prospects,” he said.
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