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NAC to provide medical cannabis services to
Canadian pharmacies and health care centres.
OTTAWA, April 9, 2018 /CNW/ - National Access Cannabis
Corp. ("NAC" or the "Company") (TSXV: NAC),
Canada's best practices leader in
delivering secure, safe and responsible access to legal cannabis,
today announced that it has acquired a 51% ownership stake in
Cannabis Care Group Inc. ("CCG"), an entity that has
established service agreements ("Service Agreements") with
over 40 pharmacies in Canada that
provide turnkey cannabis program solutions for medical cannabis
patients and, when legally permissible, in respect of on-site
medical dispensing (the "Acquisition"). In connection
with the Acquisition, CCG changed its name to National Access
Cannabis Medical Inc. ("NACM").
"Through the growing network of pharmacies that NACM has
assembled, we will help pharmacists supply Canadian patients with
the best cannabis medications sourced from key Licensed Producers,"
said Mark Goliger, Chief Executive
Officer of National Access Cannabis. "Broadening our addressable
market to include Canadian pharmacies, on top of our growing
recreational presence, allows NAC to operate in provinces that we
would not otherwise have access to. Our background in operating
medical care clinics combined with our deep knowledge of safety,
security and harm reduction is perfectly suited to a pharmaceutical
setting."
Mr. Goliger added, "It is NAC's plan to prepare and support
pharmacies as they eventually transition to onsite dispensing. We
expect NACM to continue to add other health care centres and
pharmacies to NACM's growing network by executing additional
services agreements with new counterparties."
"This is an opportunity to provide Canadian pharmacists and
their patients with an effective alternative to opioids and
neuroleptics," said Felipe
Campusano, Chairman of the Pharmacist Advisory Board of
NACM. "Maintaining our focus on the practical medical applications
for cannabis is important as Canada moves towards recreational approval.
With the depth of knowledge we've assembled on our team, and the
successful clinic operation experience NAC brings to our company, I
look forward to continuing to expanding our network of pharmacies
across Canada."
The Acquisition was completed pursuant to a share purchase
agreement ("Share Purchase Agreement") entered into between
NAC, 2627639 Ontario Inc. ("2627639"), 2627786 Ontario Inc.
("2627786", and together with 2627639, the
"Vendors"), pursuant to which NAC acquired 51% of NACM for
an aggregate purchase price of $4,040,000, payable to the Vendors through the
issuance of common shares (the "NAC Shares") in the capital
of NAC. The Share Purchase Agreement provides that for a period of
up to five years from the date hereof (the "Closing Date"),
the Vendors shall be entitled to receive up to $6,080,000 of additional NAC Shares, which may be
issuable to the Vendors as follows: (i) $1,040,000 in the event 10,000 additional
patients are assisted by NACM; and (ii) up to $5,040,000 in the event new pharmacies or health
care centres in Canada enter into
Service Agreements with NACM such that the aggregate number of
contracted pharmacies and health care centres with NACM is greater
than 300. In connection with the Acquisition, NAC entered into a
shareholders agreement with the Vendors, in respect of NACM.
Completion of the Acquisition is subject to the receipt of all
necessary regulatory approvals, including the approval of the
TSXV.
About National Access Cannabis
National Access Cannabis is Canada's best practices leader in delivering
secure, safe, and responsible access to legal cannabis. Through its
Canada-wide network of care
centres, NAC enables patients and the public to gain knowledge and
access to Canada's network of
authorized Licensed Producers of Cannabis. National Access Cannabis
Corp. is listed on the TSX Venture Exchange under the symbol (TSXV:
NAC). For more information, visit
www.nationalaccesscannabis.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,
statements concerning future issuances of NAC Shares, the addition
of new health care centres and pharmacies to the NACM network and
the possibility and likelihood of future recreational cannabis
legislation. 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, the risks of the failure to obtain final acceptance
by the TSX Venture Exchange of the Acquisition, that NAC Share
issuances dependent on certain milestones identified in the Share
Purchase Agreement may not be achieved for any reason (including
the failure to obtain the required approvals or clearances from
regulatory authorities) and that legislation applicable to cannabis
does not change. The statements in this news release are made as of
the date of this release.
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.