Marijuana retail and lifestyle brand Superette Inc. announced the acquisition of Cannoe Corp. and concurrent $5 milllion financing in a transformative transaction.
Superette’s acquisition of Cannoe brings immediate and meaningful scale to its retail operations, doubling its footprint to 12 operating stores, with four locations to be finalized in 2022. The addition of Cannoe’s six stores will give Superette exposure to new areas and key brand driven markets including highly frequented cottage and resort towns.
Founded in 2018, Cannoe quickly attracted the attention of industry veterans, like the founders of Roots, who were early investors along with Stephen Arbib co-founder of MedReleaf.
Superette burst onto the retail scene in 2019, founded by Drummond Munro and Mimi Lam, with a unique and differentiated approach to cannabis retail.
“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. With an ambitious aesthetic and unforgettable retail experiences, Superette is our interpretation of the intersection of cannabis, lifestyle, and community,” Mimi Lam, co-founder of Superette stated.
Chief brand officer, Drummond Munro commented, “Brand loyalty and emotional connection matter and in an industry that becomes more homogenous and more crowded every day, Superette is pushing the boundaries and rethinking what cannabis retail can look like.“
Financing Highlights
In connection with the transaction, Superette was able to secure $5 million in financing to support strategic growth opportunities, both organic and inorganic. As part of the transaction, Superette is adding significant corporate resources to its executive team and board of directors. Cannoe’s president Matt McLeod is joining Superette as CEO. Matt is an experienced executive with extensive corporate and cannabis experience.
“I’m super excited to be joining Superette as CEO. Cannabis retail in Canada is a rapidly growing and maturing market, and I feel really fortunate for the chance to work with co-founders Drummond Munro and Mimi Lam," McLeod stated. I’m thrilled to have the opportunity to combine the complementary abilities of the Cannoe and Superette teams and strongly believe that we have a team ready to capitalize on the opportunities ahead of us. This financing and transaction positions us for continued outperformance on service, product excellence and growth. Superette offers a truly unique retail experience, and we will continue to leverage the brand, vision and service, but we have a lot to learn from those who have shaped the industry from the legacy market to today and made a company like ours possible. I’m looking forward to getting to work with this talented group.”
