Second Cup to change its name and launch cannabis stores

Nov 11 2019, 6:49 am

The Second Cup Ltd., has plans to change its name and acquire its own cannabis stores as early as next year.

According to a release, the company will change its name to Aegis Brands Inc., which will continue to own and operate the existing Second Cup Coffee Co. shops as part of a portfolio of brands.

While the shops are the only business under the Aegis umbrella right now, Steven Pelton, president and CEO of Second Cup — who’s to assume the role of CEO of Aegis Brands — shares plans for further expansion.

Pelton confirmed that the company is actively seeking acquisitions in the areas of food service, coffee, and cannabis.

Second Cup Canada / Instagram

News that Second Cup wants to make waves in the cannabis space isn’t new; the brand announced last summer that it was eyeing Ontario coffee shops to be converted into cannabis stores.

Prior to that, the coffee retailer announced a partnership with marijuana clinic operator National Access Cannabis (NAC) to potentially convert coffee shops to NAC-branded and operated recreational cannabis retail stores under the brand Meta Cannabis Supply Co.

“We created Aegis with the vision of building a portfolio of amazing brands that can grow and flourish with access to our resources and expertise, Pelton said.

“We are committed to letting each company under the Aegis Brands umbrella operate as an independent brand, and to working with them to provide shared expertise — and shared services — to help them thrive.”

Second Cup Canada / Instagram

The Second Cup will seek shareholder approval to change its name to Aegis Brands at the company’s annual general meeting, slated for May of 2020.

The name change will require approval by two-thirds of votes cast at the meeting, and the Toronto Stock Exchange.