TORONTO, ON, Nov. 2, 2020 /CNW/ - Meta Growth
Corp. (TSXV: META) ("Meta Growth", "META" or the
"Company"), a leading Canadian recreational cannabis retailer,
today announced the opening of a Meta Cannabis Co. branded
store at 85 Ellesmere Road in the high traffic destination
Parkway Mall complex in Scarborough, Ontario (the "Ellesmere
Store"). The Ellesmere Store officially opened its doors
on Saturday October 31, 2020 on Halloween, inviting
customers to explore products by Canada's top Licensed Producers, meet with
the store's 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 November 8, 2020.
As a Meta Cannabis Co. branded store, META will act as a
consulting partner and service provider, for a
5-year term, to support the Ellesmere Store's operations.
META has entered into similar retail services agreements with the
store owner for 2 additional stores in Ontario.
New Store Address:
Meta Cannabis Co.
85 Ellesmere Road, Unit #5
Scarborough, Ontario
M1R 4C1
High Tide Inc. Merger
On October 28, 2020, META announced that the
shareholders of META voted in favour of a special resolution to
approve the previously announced proposed business combination
pursuant to which High Tide Inc. ("High Tide") will
acquire all of the issued and outstanding common shares of META
("META Shares") by way of a plan of arrangement under the
Business Corporations Act (Alberta) (the "Plan of Arrangement"), as
further described in the joint news release issued by META and High
Tide on August 21, 2020. Of the votes
cast with respect to the Plan of Arrangement, an aggregate of
102,063,111 META Shares were voted in favour of the Plan of
Arrangement, representing approximately 99.95% of the votes cast on
the resolution approving 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 applicable provinces. It is
expected that, subject to receipt of all regulatory, court, and
other approvals, the Plan of Arrangement will be completed on or
before the end of November.
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).
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,
promotions at the Ellesmere Store and the timing thereof, the
Company acting as a consulting partner and service provider for the
Ellesmere Store, 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, 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.
SOURCE Meta Growth Corp.
