Article by Cision Newswire
Meta Growth Corp. (TSXV: META) (“Meta Growth”, “META” or the “Company”), a leading Canadian recreational cannabis retailer, today announced the opening of a new Meta Cannabis Co. cannabis retail store located at 79 Front Street East in the thriving area close to St. Lawrence Market in Toronto, Ontario. The store is META’s third open and operating store in Ontario.
The META Front Street East location officially opened its doors on October 16 to the area and customers, inviting them to explore products by Canada’s top Licenced Producers, meet with the highly educated retail team (known as “Friendly Guides”) and enjoy opening week promotions of great prices on select items, and giveaways (while supplies last), through October 25.
The 79 Front Street East store, purpose built by the META team with their latest innovative retail design and branding, is META’s fourth new store to open in Canada within the last 60 days. Another Meta Cannabis Co. store is planned to open before the end of October in Scarborough, Ontario at 85 Ellesmere Road in the Parkway Mall plaza.
As previously announced on August 21, 2020, META and High Tide Inc. (“High Tide”) entered into a definitive arrangement agreement pursuant to which High Tide will acquire all of the issued and outstanding shares of META by way of a statutory plan of arrangement (the “Plan of Arrangement”). The combined entity following completion of the Plan of Arrangement (the “Combined Entity”), is expected to be the largest Canadian cannabis retailer by revenue, and plans to have 115 locations throughout Canada by the end of 2021, pending regulatory approvals in the various provinces.
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 is expected to 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).
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, statements regarding the closing of the Plan of Arrangement, including the timing thereof and the satisfaction of applicable closing conditions, including receipt of all regulatory, court, shareholder and other approvals in connection with the Plan of Arrangement, and statements with respect to the overall retail footprint of the Combined Entity (including number of retail locations throughout Canada that the Combined Entity plans to have by the end of 2021). Forward-looking statements are based on current expectations, estimates, projections, and assumptions of the Company and High Tide described herein regarding the Company, High Tide and/or the Combined Entity including, without limitation, assumptions about: (i) the financial and operational attributes of the Company and High Tide as of the date hereof and the future performance of the Combined Entity following completion of the Plan of Arrangement; and (ii) the provinces of Canada in which the Combined Entity will operate removing or increasing caps on the number of private retail store locations to permit the Combined Entity’s retail store growth plan to open approximately 115 retail locations by the end of 2021 with a focus on Ontario, and growth opportunities. 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 delay or failure to receive regulatory approvals with respect to the Plan of Arrangement; the Plan of Arrangement not proceeding or anticipated synergies not materializing as planned or at all; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the retail cannabis industries generally, including changing industry trends; income tax and regulatory matters; the ability of the Company and High Tide to implement their business strategies; competition; crop failure/conditions; general business, economic, competitive, political, regulatory and social uncertainties and conditions; adverse industry events; marketing costs; loss of markets; the COVID-19 pandemic nationally and globally, which could have a material adverse impact on the Company’s business, operations and financial results and on public markets generally, including disruptions in supply chains, as well as a deterioration of general economic conditions, including national and/or global recessions; the response of governments to the COVID-19 pandemic in respect of the operation of retail stores; and currency and interest rate fluctuations and other risks. 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.