Article by Cision Newswire
Meta Growth Corp. (TSXV: META) (“Meta Growth”, “META” or the “Company”), a leading Canadian recreational cannabis retailer, today announced the closure of the previously announced sale of its 378 Yonge Street, Toronto cannabis retail store.
As previously announced on August 27, 2020, Meta Growth made the decision to divest the 378 Yonge Street store on the back of the Company’s announcement on August 21, 2020, whereby META entered into a definitive arrangement agreement pursuant to which High Tide Inc. (“High Tide”) will acquire all of the issued and outstanding shares of META (the “Plan of Arrangement”), resulting in the creation of Canada’s largest cannabis retailer (the “Combined Entity”). High Tide currently has 7 branded retail cannabis locations in Ontario, with a Canna Cabana location 300 meters from the 378 Yonge Street store. In evaluating the consolidated retail store portfolio post-close between META and High Tide, it was determined that divesting the 378 Yonge Street store would optimize the Combined Entity’s retail footprint in Ontario.
The divestiture was structured as a share transaction, whereby all the issued and outstanding shares of 11522302 Canada Inc., the company that owns the 378 Yonge Street store, were sold for a total cash purchase price of $750,000, plus net working capital of the business at the date of close.
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. On August 21, 2020, Meta Growth announced that it entered into a definitive arrangement agreement with High Tide in connection with the Plan of Arrangement, whereby High Tide will acquire all of the issued and outstanding shares of Meta Growth. The Combined Entity will create Canada’s largest cannabis retail network with 63 stores across Canada. It is expected that, subject to receipt of all regulatory, court, shareholder and other approvals, the Plan of Arrangement will be completed in the fourth quarter of 2020. Meta Growth is listed on the TSX Venture Exchange under the symbol (TSXV: META).