- New corporate identity aligned with the Company's strategy
to be the preeminent cannabis retailer in Canada.
- Agreement to sell non-core medical cannabis clinics
anticipated to provide $4 million in
proceeds to help fund the Company's growth in recreational cannabis
retail.
TORONTO, Nov. 1, 2019 /CNW/ - National Access Cannabis
Corp (TSXV: META) d/b/a Meta Growth ("Meta Growth", "META" or
"the Company"), Canada's largest
publicly traded recreational cannabis retailer by
revenue1, today announced that it has registered "Meta
Growth" as a business name and will begin to conduct business under
the Meta Growth name effective immediately, with the formal name
change to Meta Growth Corp. subject to shareholder approval (the
"Name Change"). The Company also announced that it has entered into
a definitive agreement (the "Agreement") to sell the Company's
portfolio of medical cannabis clinics from National Access Canada
Corporation to Evergreen Pacific Insurance Corporation ("Evergreen
Pacific") for $4 million in cash,
anticipated to close on November 30,
2019.
Business Name Change
The Meta Growth corporate identity embodies the Company's
strategy to be the preeminent cannabis retailer in Canada. The new corporate logo visually
represents META's multidimensional commitment to cannabis culture,
strength, passion and unique presence in the industry as pure play
retail. All new recreational cannabis retail stores will be
constructed under the new, cool and comfortable META
banner. The Company has unveiled an
updated investor presentation as part of this new
identity, which is available on its new
website, metagrowth.com.
"Aligning our corporate brand, with our retail brand and our
stock ticker demonstrates our commitment to the Canadian retail
market and creating value for our shareholders", said Mark Goliger, CEO of Meta Growth. "As the
cannabis industry has evolved, our focus has shifted from medicinal
to recreational cannabis, and today, retail is our portfolio and
our future. Brand recognition and consistency are key to our
success and META is ready to continue to maintain our leadership
position in the Canadian retail market."
Definitive Agreement to Sell Medical Cannabis Clinics
Division
Meta Growth and Evergreen Pacific are pleased to announce that a
definitive agreement to sell the Company's non-core medical
cannabis clinics has been executed. Meta Growth intends to use the
net proceeds of the sale to fund the buildout of recreational
cannabis retail stores, and for general working capital purposes.
The transaction is subject to customary closing conditions and is
expected to close on or about November 30,
2019.
"As Canada's largest
recreational cannabis retailer, with a well-defined growth path
ahead of us, this Agreement represents META's focus to maintaining
its leadership position in the Canadian retail market, which we
view as the most strategic and valuable portion of the recreational
cannabis value chain," said Mark
Goliger. "We are proud of META's medical cannabis roots and
I would like to thank all of the employees who have had a role in
growing this division over the past 3 years. This transaction
allows us to monetize a non-core asset and redeploy the proceeds
into our primary business unit, with a view to optimizing long-term
returns on capital and generating shareholder value."
About Meta Growth
With a portfolio of 35 licensed
retail locations nationwide, META is a 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,
META enables the public to gain knowledgeable access to
Canada's network of authorized
Licensed Producers of cannabis. META is listed on the TSX Venture
Exchange under the symbol (TSXV: META).
About Evergreen Pacific Insurance
Corporation
Evergreen Pacific owns, operates, and invests in
businesses involved in designing, developing and distributing
highly innovative insurance products and risk management solutions.
As an insurance product developer and brokerage, Evergreen Pacific
owns and operates a captive marketing and sales distribution
channel focused exclusively on health & wellness. The Evergreen
ecosystem – EPIC Health Group – addresses the comprehensive needs
of the health & wellness consumer. Headquartered in
Toronto, Canada, Evergreen was
founded January 2018.
For more information on Meta Growth, visit:
metagrowth.com
metacannabis.com
newleafcannabis.ca
For more information on Evergreen Pacific, visit:
www.evergreenpacific.ca
www.buywell.com
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 anticipated shareholder approval and completion of the Name
Change, the successful receipt of regulatory approval, completion
of closing conditions and the sale of, the Company's medical
cannabis clinics division, the intended use the net proceeds of the
sale of the Company's medical cannabis clinics division,
changes in META's cannabis retail store designs and concepts, META
continuing to play a pivotal role in the cannabis industry in
Canada and the growth of the
Canadian cannabis market. 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, including the vote by the shareholders of
the Company regarding the Name Change and the successful sale of
the Company's medical cannabis clinics division, 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,
including Ontario opening up
licensing to more private retailers; inability to access sufficient
capital from internal and external sources, and/or inability to
access sufficient capital on favourable terms; general business,
economic, competitive, political and social uncertainties; timing
and completion of construction of the Company's retail locations;
the delay or failure to receive regulatory approvals; the
competitive conditions of the cannabis industry; the competitive
and business strategies of the Company; the labour market generally
and the ability to access, hire and retain employees; and the
recreational 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.
1 New
Cannabis Ventures, Public Cannabis Company Revenue & Income
Tracker. Largest publicly traded cannabis retailer by
revenue.
|
SOURCE National Access Cannabis Corp.