A Vancouver cannabis retailer and distributor announced it has bought a Kelowna cannabis store – before it even opened.
Grasshopper Cannabis was approved by the city to open a retail store at the corner of Leon Avenue and Pandosy Street.
According to the city’s bylaws, cannabis retailers need to operate 500 metres from another approved store, must be 150 metres from parks and elementary schools, and 500 metres from middle and secondary schools.
But retailers who want to open a store within those boundaries can apply to amend those bylaws, which Grasshopper did in 2019 as it would have been very close to another approved pot shop on Bernard Avenue.
The amendment was approved and Grasshopper was given the licence but before the shop opened its doors, it sold its assets to Vancouver-based Kiaro Holdings for $695,000.
“Through its ongoing commitment to communities where we operate, Kiaro intends to build long-term relationships to support the growth and vibrancy of Kelowna,” Kiaro CEO Daniel Petrov said in a statement.
The retail location will be at 1650 Pandosy St., two blocks from City Park and Hot Sands Beach.
Kiaro said it believes the acquisition is a positive move for the city’s downtown.
The company has said its target opening date is in the summer of this year.
Kiaro currently has seven retail locations in Canada, with five in B.C. and two in Saskatchewan. Once the acquisition is complete, the Kelowna location will be Kiaro’s eighth.