August 16, 2018 / 4:14 PM / 3 months ago

BUZZ-Second Cup: Shares rise on cannabis store expansion plan

** Canadian coffee retailer’s shares up 7.7 pct at C$2.96

** Extends partnership with medical marijuana provider National Access Cannabis (NAC)

** Second Cup plans to convert some of its cafes into NAC-operated cannabis retail shops under the name of Meta Cannabis Supply Co or META in Ontario

** Ontario government will allow private retailers instead of government controlled stores, to sell recreational marijuana starting April 1, 2019

** The META retail brand to also target 2018 openings of 50-70 retail stores in Manitoba, Alberta and British Columbia

** NAC’s shares were up 5 pct at $1.06

** Including today’s gains, Second Cup’s stock had risen ~36 pct while NAC’s stock had risen ~58 pct YTD (Reporting by Shanti S Nair in Bengaluru)

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