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 an agreement (the "Agreement") with one of the winners of the Ontario cannabis store lottery for an anticipated new Toronto cannabis retail location.
The winner of the lottery, 11522302 Canada Inc., submitted 378 Yonge Street in downtown Toronto as the store location. Pending regulatory approval by the Alcohol and Gaming Commission of Ontario ("AGCO"), the retail location will be independently owned and operated by 11522302 Canada Inc, and pursuant to the Agreement, Meta Growth will act as a consulting partner and service provider to support the store's operations. This location has now commenced a mandatory 15-day public notice period which serves to notify the public that an application has been submitted for a cannabis retail store at that location.
"With today's announcement, the newly refined META brand is set to launch in Ontario – a solid first step to spark our expansion across the province," said Mark Goliger, CEO of Meta Growth. "This premium real estate location will introduce a high volume of customers to the META brand. Through our agreement with the owner, we plan to make this site one of the top performing stores in the country."
"The new META store on Yonge Street is exciting for us," the store's owner said in a statement. "We are working with META because of its experience managing multiple cannabis retail outlets across several provinces, as well as its cannabis product and service expertise and the stunning retail design of its stores. We look forward to our store standing out in this competitive cannabis market."
New Meta Cannabis Co. Retail Brand and Store Design
The registered retail banner for the store is Meta Cannabis Co. 378 Yonge, which will be the first store to be opened under the new redesigned Meta Cannabis Co. brand and retail design developed by META, for the future roll out of the national retail chain. The new retail space concept is multidimensional and is designed to be a cool and comfortable environment, which is all about vibe and customer experience. The new Meta Cannabis Co. logo design has been redesigned to be a multidimensional wordmark, which represents vibe, cannabis culture, being introspective and going beyond.
Meta Growth National Cannabis Retail Network
Meta Growth currently has 36 licences and 34 operating stores in its network, either owned or with partnership interest, in Manitoba, Saskatchewan, Alberta and British Columbia. Ten of those locations are Meta Cannabis Supply Co. stores, 25 of those locations are NewLeaf Cannabis stores and one is a joint venture location named Sicamous Trading Company. The Company plans to have a network of 90 operating stores by the end of 2020, in Ontario, Manitoba, Saskatchewan, Alberta and British Columbia, pending provincial regulatory approvals.
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).
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, the opening of the 378 Yonge Street cannabis retail store and the number of customers who may potentially visit this cannabis retail store. 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 the 378 Yonge Street location and 11522302 Canada Inc successfully completing regulatory approvals and the 15 day public notice period; 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. Largest publicly traded cannabis retailer by revenue.
SOURCE National Access Cannabis Corp d/b/a Meta Growth
For further information: 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]