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

Adult smokers (millions)Adult vapers (millions)

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

Established

Build the platform

180 Smoke: Canada-wide e-commerce, 32 retail locations, 350,000+ registered customers and leading brand partnerships.

Phase 2 | United States

Next

Expand into the US

Acquire profitable, founder-led regional specialty chains and integrate them onto the 180 Smoke playbook.

Phase 3 | North America

Following

Scale North America

Grow e-commerce, partnership and loyalty revenue across a multi-brand footprint, and keep consolidating in Canada.

Canada todayThe United States nextGoal: North America’s leading independent ANDS specialty retailer

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

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