Meta Growth Announces Acquisition of Operating Meta Cannabis Co. Branded Cannabis Store in Toronto, Ontario
TORONTO, July 2, 2020 – 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:
Mark Goliger, Chief Executive Officer