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The Company remains well positioned for the
opening of up to 200 cannabis retail stores over the next 18
months
OTTAWA, Nov. 27, 2018 /CNW/ - National Access Cannabis
Corp. ("NAC" or the "Company") (TSXV: META) today
announced that following the successful closing of its brokered
private placement offering of special warrants of NAC for gross
proceeds of $21,150,000, announced
November 23, 2018 (the "Private
Placement"), the Company has repaid the Opaskwayak Cree
Nation's secured loan (the "Opaskwayak Loan") in the amount
of $26,716,197, representing
$25,000,000 drawn on the loan plus
accrued interest and fees.
The balance between the net proceeds of the Private Placement
and the amount owing under the Opaskwayak Loan was funded with the
proceeds from the Company's $20,000,000 common share financing with four of
Canada's leading Licensed
Producers of cannabis, which closed October
29, 2018. The Opaskwayak Loan was entered into on
July 19, 2018 with a term of six
months and a total commitment amount of up to $35,000,000.
"We are very pleased to announce the repayment of this loan
prior to maturity and we thank the Opaskwayak Cree Nation for its
support in funding our growth," said Mark
Goliger, CEO of National Access Cannabis. "We remain well
capitalized to become Canada's
largest national cannabis retailer and look forward to sharing
developments in our plan to open up to 200 retail cannabis stores
in the next 18 months."
About National Access Cannabis Corp.
NAC is a best practices leader in delivering secure,
safe, and responsible access to legal cannabis in Canada. Through its Canada-wide network
of medical cannabis clinics, partner pharmacies, NAC Bio's clinical
research division, Meta Cannabis Supply Co.™ and NewLeaf Cannabis™
recreational cannabis retail stores, NAC enables patients and the
public to gain knowledge and access to Canada's network
of authorized Licensed Producers of cannabis. NAC is listed on the
TSX Venture Exchange under the symbol (TSXV: META).
For more information, visit:
www.nationalaccesscannabis.com
www.metacannabis.com
www.newleafcannabis.ca
www.nacbio.com
www.nacmedical.com
Cautionary Statements
This news release contains forward looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward looking
statements or information. Forward-looking statements and
information in this news release include, but are not limited to,
the use of proceeds of the Offering, filing of the Final
Prospectus, obtaining the Final Receipt, and the listing of the
Convertible Debentures on the TSXV. Although the Company believes
that the expectations and assumptions on which the forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward-looking statements and
information because the Company cannot give any assurance that they
will prove to be correct. Since forward looking statements and
information address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results and developments may differ materially from those that are
currently contemplated by these statements depending on, among
other things, risks relating to the ability to obtain or maintain
licenses to retail cannabis products; future legislative and
regulatory developments involving cannabis; inability to access
sufficient capital from internal and external sources, and/or
inability to access sufficient capital on favourable terms; the
labour market generally and the ability to access, hire and retain
employees; and the medical and potential cannabis industry in
Canada generally. The Company
cautions that the foregoing list of risks and uncertainties is not
exhaustive.
The forward-looking statements and information contained in this
news release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any forward
looking statement or information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE National Access Cannabis Corp.