TORONTO, Feb. 24, 2020 /CNW/ - Meta Growth Corp. (TSXV:META.V - News) ("Meta Growth", "META" or the "Company"), Canada's largest publicly traded recreational cannabis retailer by revenue1, is pleased to announce that it has been approved by the Alcohol and Gaming Commission of Ontario ("AGCO") for a Cannabis Retail Operator Licence in the province of Ontario. The licence provides Meta Growth with the opportunity to expand its retail network across the province of Ontario, pending all required regulatory approvals.
The Company has publicly expressed its ambition to expand across Ontario with the maximum allowable number of stores, and has already secured various premium retail sites that, if approved and licenced, will soon be Meta Cannabis Co. stores. The retail strategy consists of opening urban and suburban locations to service customers across the province.
There is currently one open and operating Meta Cannabis Co. store in Ontario at 378 Yonge Street, in the heart of downtown Toronto. A second Meta Cannabis Co. location will open on February 28, 2020 in Kitchener, Ontario. Both of these locations are owned and operated by separate Ontario Cannabis Lottery winners with consulting services and brand licensing being provided by Meta Growth through two separate Service Agreements.
"Securing our Cannabis Retail Operator Licence in Ontario is a necessary milestone for our expansion in Ontario," said Mark Goliger, CEO of Meta Growth. "We have secured urban and suburban prime real estate which are ready to build and are planned to open as soon as possible once the licensing approvals begin for the industry in April 2020. Having recently secured $21 million in gross financing through debt and equity, our roll out strategy is to open swiftly and at scale, leveraging our efficiencies in building and operating a current retail enterprise network of 35 locations across the country."
New Meta Cannabis Co. Retail Brand and Store Experience
While the store front banner and brand Meta Cannabis Supply Co. has been established in Manitoba and Saskatchewan, for future Ontario stores the Company has enhanced and redesigned its retail store banner and brand changing the name to Meta Cannabis Co. and altering store design. The new logo design has evolved into a multidimensional word mark which represents vibe, cannabis culture, being introspective and going beyond. The new retail space concept is designed to be a cool and comfortable environment that is all about customer experience.
The shopper experience is based on a layout of design-focused fixtures and product merchandising that is coupled with guidance and consulting with highly trained staff which are known as Friendly Guides. The store concept and brand are intended for all legal age audiences, from novices to cannasseurs. This strategy is supported by products and purchasing being curated in a range of price points and quality levels, to serve all customer desires and diversity.
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. The Company is listed on the TSX Venture Exchange under the symbol (TSXV:META.V - News).
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 Kitchener cannabis retail store and the timing thereof, and the opening of other cannabis retail stores in Ontario, including the timing of submission of related applications. 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 receipt of Retail Store Authorizations for the Toronto and Kitchener 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 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 in Canada by revenue.
SOURCE National Access Cannabis Corp d/b/a Meta Growth
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