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Kelowna cannabis store changes hands

Published on February 24, 2021 by oz. staff

Cannabis retail chain Kiaro has signed an agreement to purchase a yet unopened cannabis store in Kelowna.

Kiaro will pay $695,000 for Grasshopper Cannabis, which is licensed to sell recreational cannabis.

The deal is expected to close on or about March 15, 2021.

“Kiaro is pleased to be a part of the ongoing growth of Downtown Kelowna. Through its ongoing commitment to communities where we operate, Kiaro intends to build long-term relationships to support the growth and vibrancy of Kelowna,” says Daniel Petrov, CEO of Kiaro.

Located at the corner of Leon Avenue and Pandosy Street, the store would be located two blocks from Kelowna City Park and Hot Sands Beach.

Kiaro says it’s a “positive move” for downtown Kelowna.

The company says it hopes to open by summer 2021. However that depends on provincial approval.

While the City of Kelowna has rezoned the location to operate a cannabis retail store, Kiaro has to submit its application to the Liquor & Cannabis Regulation Branch.

This will bump Kiaro’s retail location count to eight across Canada—six in BC and two in Saskatchewan.

Kiaro says it holds a Retail Operator License in Ontario, and this acquisition is its first step in “aggressive expansion” across Canada this fiscal year.