TORONTO, May 30, 2019 /CNW/ - National Access
Cannabis Corp. ("NAC" or the "Company") (TSXV: META), Canada's largest private cannabis retailer,
today announced that it has converted its CAD$9,000,000 term loan with Opaskwayak Cree
Nation, having a maturity date of June 14,
2019, into an open line of credit.
"This arrangement provides NAC with additional flexibility to
focus on the continued build-out of recreational cannabis retail
locations across Canada throughout
2019," said Mark Goliger, CEO of
National Access Cannabis. "As the national leader in recreational
cannabis retailing, we have a bold vision to maintain that lead
across Canada. We're focused on
achieving our business plan of having 40 operating stores by the
end of calendar 2019, and 110 operating stores by the end of
calendar 2020. Once again, as one of our key shareholders, the
Opaskwayak Cree Nation has supported us by providing the capital
necessary to fund our aggressive growth."
The line of credit carries an interest rate of ten per cent per
annum.
About National Access Cannabis Corp.
NAC is Canada's largest
recreational cannabis retailer. With 25 retail locations
nationwide, NAC is the leader in secure, safe and responsible
access to legal recreational cannabis in Canada. Through its Canada-wide network of Meta Cannabis Supply
Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores and
National Access Cannabis Medical™ cannabis clinics and pharmacy
partnerships, NAC enables the public and registered patients to
gain knowledgeable 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.nacmedical.com
www.nacbio.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 includes, but is not limited to,
the opening dates for NAC cannabis retail stores and the number of
NAC cannabis retail stores expected to open and/or become licensed
and operating. 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
licences 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 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.
SOURCE National Access Cannabis Corp.