Investors
Consolidating ANDS Specialty Retail Across North America
Delota Corp. (CSE: NIC) is building North America’s leading independent specialty retailer of Alternative Nicotine Delivery Systems (ANDS). Adult smokers are moving to smoke-free products, and they make that switch in specialty retail. That channel remains fragmented, with no scaled independent leader.
Our foundation is 180 Smoke Vape Store, Canada’s largest specialty vape omnichannel retailer. It has Canada-wide e-commerce, 32 retail locations and more than 350,000 registered customers. Its operating playbook is the platform we bring to every acquisition: Canada today, the United States next.
Why ANDS, Why Now
Adult smokers vs. vapers, by market
Great Britain shows where North America is heading
United States
Canada
Great Britain
More adults now vape (9.9%) than smoke (8.7%)
Sources: CDC NHIS 2025; Health Canada CCHS 2024; UK Office for National Statistics (Oct 2026).
- Adults switch in specialty retail. Adult-only specialty stores are where smoke-free products are explained, tried and adopted.
- Regulation favours scale. Flavour rules, excise taxes and age verification raise compliance costs. That pushes small operators out and rewards scaled, compliant retailers.
- Founders are seeking exits. Many founder-led regional chains are looking for succession, which creates a steady supply of acquisition opportunities.
Our Strategy: Three Phases
Three phases to North America’s ANDS specialty leader
Phase 1 | Canada
EstablishedBuild the platform
180 Smoke: Canada-wide e-commerce, 32 retail locations, 350,000+ registered customers and leading brand partnerships.
Phase 2 | United States
NextExpand into the US
Acquire profitable, founder-led regional specialty chains and integrate them onto the 180 Smoke playbook.
Phase 3 | North America
FollowingScale North America
Grow e-commerce, partnership and loyalty revenue across a multi-brand footprint, and keep consolidating in Canada.
Acquisition Criteria
- Regional specialty vape and ANDS retail chains in the US and Canada, typically 5 to 30 locations
- Established, profitable and EBITDA-positive
- Founder-led businesses seeking a succession path
- Clear room to add e-commerce, brand partnership revenue and loyalty programs
- Acquired at disciplined valuations
Own or operate a regional specialty vape chain? We’d like to hear from you.
Investment Highlights
Why invest in Delota
Structural category shift
Adult smokers are converting to ANDS, a long-term shift reshaping the nicotine market.
Open consolidation window
A fragmented channel, with no independent leader at scale across North America.
Proven operator
180 Smoke: Canada’s largest specialty vape omnichannel retailer, with e-commerce and 32 retail locations.
High-quality revenue mix
E-commerce is the largest and most profitable channel, plus high-margin brand partnership income.
Transferable playbook
Assortment, e-commerce, partnerships, loyalty and shared services: clear growth levers for every acquisition.
Experienced team
Deep vape-industry, regulatory and capital-markets experience, including M&A in Canada and the US.
Company Snapshot
Share symbol: CSE: NIC · FSE: S62
Retail locations: 32, plus Canada-wide e-commerce
Registered customers: 350,000+
Employees: ~140
Press Releases
This page contains forward-looking information, including statements about Delota’s strategy, acquisitions and growth. Words such as “will”, “expect”, “intend”, “plan” and “goal” identify forward-looking information. These statements reflect management’s current beliefs and are subject to risks and uncertainties, including the availability of acquisition opportunities and financing, regulatory change and market conditions, that could cause actual results to differ materially. Delota undertakes no obligation to update them except as required by law. Adjusted EBITDA is a non-IFRS measure; see Delota’s MD&A, available on SEDAR+, for its definition and reconciliation. Third-party market data has not been independently verified.
Company
7941 Jane Street, Unit 2, Concord, ON, L4K 2M7