- NAC acquires 100% of NAC Northern Alberta GP and 100% of NAC Northern Alberta Limited Partnership from a minority partner
- The Acquisition gives NAC 100% ownership of all existing and future META and NewLeaf retail cannabis locations in Northern Alberta
TORONTO, Dec. 3, 2018 /CNW/ - National Access Cannabis Corp. ("NAC" or the "Company") (TSXV: META), a best practices leader in delivering secure, safe, and responsible access to legal cannabis in Canada, today announced that it had acquired all of NAC Alberta Inc.'s minority interest in NAC Northern Alberta GP and NAC Northern Alberta Limited Partnership for the forgiveness of $192,702 of debt and the issuance of 2,173,913 common shares of NAC at a price of $0.69 per NAC common share (the "Acquisition").
"This Acquisition gives NAC 100% ownership of all cannabis locations in Northern Alberta, other than Second Cup locations, at an attractive valuation, and streamlines the Company's Alberta strategy in a highly prospective area of the province," said Mark Goliger, CEO of NAC. "We plan on having approximately 8 non-Second Cup locations in 2018-2019 in Northern Alberta and see the potential for a sizable footprint in Northern Alberta as we grow to over an estimated 200 retail cannabis locations across the country."
As part of an anticipated opening of up to 200 retail cannabis locations across Canada, the Company continues to develop its retail strategy in Alberta, targeting opening a total of 37 cannabis retail stores by the end of 2019.
National Access Cannabis Grants Stock Options to Officer of the Company
The Company also announces that it has granted stock options to purchase an aggregate of 75,000 common shares of the Company to an officer of NAC. The stock options have an exercise price of $0.61 per common share and expire five years from the date of grant. One-fifth of the options granted will vest immediately, with the remaining options granted vesting over the course of four installments, each installment vesting every three months following the date of grant.
About National Access Cannabis Corp.
NAC is a best practices leader in delivering secure, safe, and responsible access to legal cannabis in Canada. Through its Canada-wide network of medical cannabis clinics, partner pharmacies, NAC Bio's clinical research division, Meta Cannabis Supply Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores, NAC enables patients and the public to gain knowledge and access to Canada's network of authorized Licensed Producers of cannabis. NAC is listed on the TSX Venture Exchange under the symbol (TSXV: META).
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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 dates for NAC cannabis retail stores and the number of NAC cannabis retail stores expected to open and/or become licensed. 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 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; the labour market generally and the ability to access, hire and retain employees; and the medical and potential 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.
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.
For further information: National Access Cannabis: Mark Goliger, Chief Executive Officer, National Access Cannabis, Phone: 647-689-6382, firstname.lastname@example.org; Investor Relations: Emily Gibbs, LodeRock Advisors Inc., 416-546-8775, email@example.com; Media Inquiries: Jessica Patriquin, 416.640.5525 x 230, M 416.995.8496, firstname.lastname@example.org