TORONTO, Dec. 19, 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 entered into a loan agreement with Opaskwayak
Cree Nation ("OCN") in respect of an unsecured loan,
pursuant to which OCN will lend up to $11,000,000 to META
(the "Loan"). The Company plans to use the proceeds from the
Loan to fund the build-out of its Ontario portfolio of cannabis retail
locations as well as for working capital purposes.
The Loan has been provided by OCN, one of META's largest
shareholders. The Loan allows META to draw-down funds as
required. "We are very grateful to have such a supportive investor
as OCN", said Mark Goliger, CEO of
META Growth. "OCN's follow-on investment in META is on the back of
Ontario's recent announcement to
open the market for retail cannabis stores in January 2020.
META has already assembled a portfolio of class A retail sites in
Ontario. With OCN's funding,
construction can begin so the stores can be completed and ready for
March 2020 when the AGCO has
indicated that it will begin licensing retail stores."
"OCN has a diversified investment portfolio", said Christian Sinclair, Onekanew (Chief) of OCN, a
Manitoba based First Nation.
"The fastest growing industry today is cannabis. We are very
excited to be a significant investor in META and are committed to
assisting the Company as it continues to carry out its strategy to
expand its market share. Our partnership with META, called
"growing together", benefits both our organizations. The long
term returns from our investment portfolio will be pumped back into
our community's infrastructure, education, and medical services.
We look forward to a long and prosperous relationship with
META."
The Loan has a 5 year term and any funds drawn down carry an
interest rate of 10% per annum and incur an annual administration
fee of 2.5% on the weighted average balance of the Loan advanced to
the applicable date, paid annually to OCN each December 31.
About Meta Growth
With a portfolio of 36 licensed
retail locations in its nationwide network, Meta Growth is a leader
in secure, safe and responsible access to legal recreational
cannabis in Canada. Through its
Canada-wide network of Meta
Cannabis Co.™, Meta Cannabis Supply Co.™ and NewLeaf Cannabis™
recreational cannabis retail stores, Meta Growth enables the public
to gain knowledgeable access to Canada's network of authorized Licensed
Producers of cannabis. National Access Cannabis d/b/a Meta Growth
is listed on the TSX Venture Exchange under the symbol (TSXV:
META).
About Opaskwayak Cree Nation
OCN is a self-governing
and culturally aware First Nation in northern Manitoba that is represented by the Onekanew
mena Onuschekewuk. OCN leadership conducts its business in the best
interest of its 6,200 members. The overall strategy of OCN is
to plan for a more successful, self-sufficient and healthy
community. This is the evolution of OCN's vision of progress and
independence through the combined innovative approach and intuition
of past leadership and the knowledge of current leaders to secure
financial resources through long-term investments for the benefit
of future generations.
For more information on Meta Growth, visit:
metagrowth.com metacannabis.com newleafcannabis.ca
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,
potential regulatory changes affecting the cannabis
retail environment and cannabis retail licensing in
Ontario, , the ability to draw down funds for the Loan in the
future, statements concerning use of proceeds from the Loan,
and timing of funding for the Loan draw downs. 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
risks relating to the ability of the Company to repay the Loan,
working capital and general economic, market or business
conditions, future drawdowns being available to the Company when
requested or at all, 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; and the 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
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New Cannabis
Ventures, Public Cannabis Company Revenue & Income Tracker.
Largest publicly traded cannabis retailer by
revenue.
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SOURCE National Access Cannabis Corp d/b/a Meta Growth