TORONTO , Dec. 19, 2019 /CNW/ – National Access Cannabis Corp. Meta Growth (TSXV:META) (“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
Meta Growth (TSXV:META) 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 (META.V).
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.
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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.
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.
SOURCE National Access Cannabis Corp