TORONTO, July 2, 2020 /CNW/ - Meta Growth Corp. (TSXV: META) ("Meta Growth", "META" or the "Company"), a leading Canadian recreational cannabis retailer, today announced the acquisition of the Meta Cannabis Co. branded recreational cannabis store in Toronto, Ontario. The acquisition was structured as a share purchase, with the purchase price paid all in cash.
Ontario Roll-Out Update On May 26, 2020, Meta Growth announced it executed a binding letter of intent to acquire the Meta Cannabis Co. branded recreational cannabis store in Kitchener, Ontario. The purchase of the Kitchener and Toronto stores complements META's organic initiatives within the province of Ontario where the Company, or stores for which it has a retail services agreement, has applied for and is advancing through the Retail Store Authorization process for the current maximum number of stores available. Until August 31, 2020, retail operators can own a maximum of 10 cannabis stores in Ontario, increasing to 30 in September 2020, and to 75 in September 2021.
Funded For Future Growth As at June 29, 2020, the Company had approximately $13.8 million in Cash and Cash Equivalents, and $7 million available under an $11 million debt draw-down facility as originally reported on December 19, 2019. While growth in Ontario is the Company's primary strategic focus, it is currently constructing 1 store in Manitoba, and evaluating options for further growth in Alberta and BC.
About Meta Growth 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. Meta Growth is listed on the TSX Venture Exchange under the symbol (TSXV: META).
Meta Growth Mark Goliger, Chief Executive Officer Meta Growth Tel: 647-689-6382 [email protected]
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, closing of the acquisition of the transactions contemplated by the binding letter of intent, approval by applicable regulatory bodies of the transaction, opening and operating additional cannabis retail stores in Ontario. 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 closing of the transactions contemplated under the letter of intent; receipt of Retail Store Authorizations for Ontario cannabis retail stores; the ability of the Company to submit additional store authorization applications and receipt of related Retail Store Authorizations; future legislative and regulatory developments; 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, regulatory and social uncertainties; the delay or failure to receive regulatory approvals; the COVID-19 pandemic nationally and globally which could have a material adverse impact on the Company's business, operations and financial results, including disruptions in supply chains, as well as a deterioration of general economic conditions including national and/or global recessions and the response of governments to the COVID-19 pandemic in respect of the operation of retail stores; 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.
SOURCE Meta Growth Corp.
For further information: Media Inquiries: Matt Ryan, VP of Marketing, Meta Growth, Tel: 647-633-9330, [email protected]