TORONTO, Jan. 29, 2020 /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 its financial and operational results for the three months ended November 30, 2019.
Financial and Operational Highlights for the Quarter Ended November 30, 2019:
Opened three retail cannabis stores, resulting in a total portfolio of 33 corporately owned and operated stores
Total revenue of $15.8 million at a gross margin of 32%
Extended maturity of $9 million Loan from Opaskwayak Cree Nation to December 31, 2022
$6.8 million Cash on hand at quarter end
Highlights Subsequent to the Quarter Ended November 30, 2019:
Stronger capital position to allow for execution and first mover advantage in the Ontario market with an announced $10 million Bought Deal offering and an announced $11 million Loan Agreement with Opaskwayak Cree Nation, maturing December 31, 2024
Announced Services Agreements with two winners of the Ontario Cannabis Store Lottery, and plans to open the new Meta Cannabis Co. designed stores in Toronto at Yonge and Gerrard, and the first licensed cannabis store in Kitchener
Strong demand of the 'cannabis 2.0 products' across our network of stores
Selected Summary of Quarterly Financial Results
Statement of Loss Highlights
Three Months Ended November 30
Cost of Goods Sold
Net Loss and Comprehensive Loss
Net Loss per Share
For a more comprehensive overview of the financial highlights presented in this press release, please refer to Meta Growth's Condensed Interim Consolidated Financial Statements for the three months ended November 30, 2019 and 2018, and the Company's Interim MD&A – Quarterly Highlights for the three month period ended November 30, 2019. Both of these documents are available on the Company's SEDAR profile at www.sedar.com.
"We continued to expand our store footprint in Q1 as three additional stores opened in our retail enterprise network," said Mark Goliger, CEO of Meta Growth. "We have secured $21 million in financing over the last month and will immediately be putting these funds to use in order to expand our footprint in Ontario, especially given the increased competition now seen in the Alberta market. We are also excited for the imminent opening of META branded stores in Ontario with two winners of the Ontario Cannabis Store Lottery. With the Ontario market finally opening up, and with our funding in place to capitalize on obtaining a first mover advantage in Ontario, we are anticipating significant revenue growth for our company in 2020."
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. National Access Cannabis d/b/a Meta Growth is listed on the TSX Venture Exchange under the symbol (TSXV: META).
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, opening and operating 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 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 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. Canada's largest publicly traded cannabis retailer by revenue.
SOURCE National Access Cannabis Corp d/b/a Meta Growth
For further information: on Meta Growth, visit: metagrowth.com; Meta Growth: Mark Goliger, Chief Executive Officer, Meta Growth, Tel: 647-689-6382, [email protected]; Media Inquiries: Jessica Patriquin, Tel: 416-640-5525 x 230, Cell: 416-995-8496, [email protected]