TORONTO, Dec. 14, 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 has closed a CAD$9,000,000.00 debt financing from Opaskwayak Cree Nation ("OCN"). Additionally, in connection with the advance of the Loan, 900,000 warrants of NAC will be issued to Opaskwayak Cree Nation (the "Warrants"). The company will use the loan proceeds to continue the build-out of Western Canada and Ontario retail cannabis stores, pending licensing and regulatory approvals, under NAC's retail brand Meta Cannabis Supply Co.™ NAC currently operates a total of 20 cannabis retail stores in Alberta and Manitoba.
"This financing provides NAC with the capital needed to fund the continued build-out of planned recreational cannabis retail locations across Canada and capture dominant market share throughout 2019," said Mark Goliger, CEO of National Access Cannabis. "Today, NAC is the leader in private recreational cannabis retailing, and we have a bold vision to maintain that lead across Canada into Ontario as that market opens its licensing for private retailers. As one of our key shareholders, Opaskwayak Cree Nation understands the importance of this game-changing expansion and has once again supported us by extending the capital necessary to fund this build-out in 2019."
"The Opaskwayak Cree Nation continues to believe in the vision of NAC", said Onekanew (Chief) Christian Sinclair, of Opaskwayak Cree Nation, who is also a member of NAC's Board of Directors. "This financing contributes to NAC's expansion representing another pivotal growth moment as it builds a leading network of retail operations across Canada. We strongly believe that this investment will benefit the company and its shareholders."
The Loan has a six-month term and carries an interest rate of eight per cent per annum. Additionally, each Warrant entitles OCN to acquire, upon exercise thereof, one common share in the capital of NAC at a price of $1.08 for a period of three years.
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).
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: www.nationalaccesscannabis.com, www.metacannabis.com, www.newleafcannabis.ca, www.nacbio.com, www.nacmedical.com; National Access Cannabis: Mark Goliger, Chief Executive Officer, National Access Cannabis, Phone: 647-689-6382, [email protected]; Investor Relations: Emily Gibbs, LodeRock Advisors Inc., 416-546-8775, [email protected]; Media Inquiries: Jessica Patriquin, 416.640.5525 x 230, M 416.995.8496, [email protected]