Retail Stock to Watch: Spot Coffee Canada Expands in NY

Retail stock

Cannabis stocks are dominating the top trending stocks on the TSXV as usual today. However, a few stocks have popped up in other sectors giving cannabis a run for its money. Mining remains a strong industry on the Canadian venture exchange, but a retail stock is pushing past the rest. 

Today, we'll take a closer look at the retail stock trending on the TSXV and its latest announcements.

Spot Coffee (Canada) Ltd. (TSXV:SPP)

Spot Coffee designs, operates, and franchises community-oriented caffes in the US and Canada. Like other coffee shops, Spot's cafes provide meals and in-house roasted gourmet coffee. To date, the coffee retailer has a total of 26 cafes in development or under construction. Spot coffee runs its main operations out of Toronto, Ontario.

The retail stock is a top gainer on the TSXV today. This morning, Spot announced five new franchise deposit agreements. Locations for the cafes in the city of Niagara Falls and North Tonawanda have both been approved and secured. Both of these locations are in the state of New York. 

In addition, the third franchise will be located in upstate New York as well, in the town of Victor. All of these locations are close in proximity and are along the Northern part of the state. Spot Coffee also opened its fifth franchise location from its franchise program back in 2018, on January 3rd, 2019. This location is in West Seneca, New York.

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The retail stock explained:

"In the coming weeks, the Company will provide more information about café locations for both Parisco Cafés, LLC and the Company's new franchisee in Victor. The Company will also keep its shareholders informed in due course as to the status of other franchises currently under negotiation."

Retail Stock Movement

According to Yahoo Finance, SPP is currently trading at $0.08 a share, up $0.04 (+33.33%). 

Featured Image: Depositphotos © shirotie

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