TORONTO, Feb. 26, 2019 /CNW/ - National Access Cannabis
Corp. ("NAC" or the "Company") (TSXV: META), a best practices
leader in delivering secure, safe and responsible access to legal
cannabis in Canada, today announced the appointment of
Michael Cosic as Chief Financial
Officer ("CFO") and Lori Bailey as
Senior Vice-President of Retail. Lori has already joined the
Company and Michael will be joining on March
4th, 2019. Current CFO Michael Best will remain with NAC and has been
appointed Chief Accounting Officer.
Michael Cosic brings 25 years of
diverse experience to NAC, including in finance and capital
markets, as well as in financial operations and strategic M&A
from both the private and public sectors. He joins NAC from DLT
Labs Inc., where he served as Chief Financial Officer. Previously,
Mr. Cosic was the Chair of the Audit Committee of Vancouver's Eastern Platinum Limited. Prior to
mid 2016, he held the position of Vice President of Finance at
BridgePoint Financial Services Inc. and Lithium Americas
Corporation.
Lori Bailey joins NAC with more
than 20 years of executive-level experience in retail operations
and customer engagement. She joins NAC from her recent role as Head
of Retail at Canopy Growth Corporation. Previously, she served as
Senior Vice President of Retail Operations and Chief Customer
Experience Officer at Sears Canada, overseeing 140 retail stores
and more than 500 dealer and agent locations. Lori has also held a
range of executive positions at well-known retail stores throughout
her career including Nine West, Gap Canada, Jones New York, and
Laura Canada.
"We welcome experienced financial and retail leaders Michael and
Lori, to the NAC team," said Mark
Goliger, CEO of NAC. "Our organization is in the midst of a
period of rapid growth and we are confident that these additions
will further enable the Company to scale its retail footprint
efficiently while driving strong results from existing locations. I
would also like to thank Mike Best
for his invaluable contribution as Chief Financial Officer and know
he will continue to be successful in his new role as Chief
Accounting Officer."
NAC Grants Warrants to Paskwayak NAC Investment Limited
Partnership
Pursuant to a consulting services agreement (the "Services
Agreement") dated August 23, 2017 (as
amended by an amending agreement dated August 24, 2017; an amending agreement dated
December 11, 2017; and an amending
agreement dated January 8, 2019),
between NAC and Paskwayak NAC Investment Limited Partnership ("PBDC
LP"), warrants exercisable into 960,000 Common Shares and an
exercise price of $0.70 have vested
and been issued to PBDC LP.
Pursuant to the Services Agreement, PBDC LP agrees to provide
NAC with consulting, lobbying and other services in connection with
securing retail locations on indigenous lands. Pursuant to the
Services Agreement, warrants ("Warrants") exercisable into 240,000
Common Shares are issued and vest each time that: (i) a standalone
retail location on indigenous lands is confirmed with PBDC's
assistance; or (ii) a legally binding definitive agreement between
NAC and an indigenous group in respect of a retail location on
indigenous lands is executed with PBDC's assistance. The Services
Agreement provides compensation in the form of Warrants for up to
30 retail locations and payment of an annual fee of $75,000 payable in cash. Each Warrant will
entitle PBDC LP to receive one Common Share. The Warrants expire on
August 1, 2019.
NAC Grants Stock Options to Officer of the
Company
The Company has granted stock options to purchase an aggregate
of 1,645,000 common shares ("Common Shares") of the Company to
certain directors and officers of NAC. The stock options have an
exercise price of $0.70 per Common
Share and expire four years from the date of grant. 75,000
stock options granted to an officer of the Corporation vest as
follows: one-fifth of the options granted vested immediately upon
grant, with the remainder of the options vesting over the course of
four installments, each installment vesting every three months
following the date of grant. The remainder of the stock options
granted to the directors and officers of NAC vest on a monthly
basis for 12 months. Each grant of Options is subject to the
approval of the TSX Venture Exchange.
NAC Enters into Investor Relations Agreement
NAC also announces that it has entered into an investor
relations agreement (the "Investor Relations Agreement") with
LodeRock Advisors Inc. ("LodeRock") pursuant to which LodeRock has
been engaged to provide strategic investor relations and capital
markets communications services to NAC. The Investor Relations
Agreement supersedes the previously disclosed investor relations
agreement with LodeRock.
The terms of the Investor Relations Agreement provide that NAC
will pay LodeRock a monthly fee of $9,500. In addition, NAC has granted stock
options to purchase an aggregate of 350,000 common shares of NAC to
LodeRock (the "Options"), as compensation under the Investor
Relations Agreement. The stock options have an exercise price of
$0.91 per common share and expire
five years from the date of grant. One-fourth of the options
granted vested immediately upon grant, with the remainder of the
options vesting over the course of three installments, each
installment vesting every three months following the date of grant.
The term of the Investor Services Agreement commenced on
November 23, 2018 and will continue
until terminated in accordance with the Investor Relations
Agreement. Pursuant to the Investor Relations Agreement, the
monthly fee payable by NAC to LodeRock will increase by 2.5% at the
anniversary of the contract unless otherwise negotiated between the
parties.
Neither LodeRock nor any of its principals have an ownership
interest, directly or indirectly, in NAC or its securities, nor has
NAC granted LodeRock or its principals any rights to acquire any
such interests. The engagement of LodeRock and the grant of Options
remains subject to the approval of the TSX Venture Exchange.
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
Follow National Access Cannabis, on Facebook @NACMedical,
Instagram @nacmedical and Twitter @NACMedical
Neither the 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.
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 includes, but is not limited to,
the planned opening of cannabis retail stores and the planned
opening dates of same, the locations of cannabis retail stores, the
launch of an online cannabis retail store in Manitoba, and
NAC's plans to establish retail cannabis distribution networks
in Manitoba through partnerships with Indigenous First
Nations. 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 retail 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.
SOURCE National Access Cannabis Corp.