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).
For more information on Meta Growth, visit:
metagrowth.com
Meta Growth
Mark
Goliger, Chief Executive Officer
Meta Growth
Tel: 647-689-6382
corporate@metagrowth.com
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,
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.