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National Access Cannabis Corp. Announces Business Name Change to Meta Growth and Signs Definitive Agreement to Sell Medical Cannabis Clinics Division

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Future META store design

 

National Access Cannabis Corp (TSXV: META) d/b/a Meta Growth (“Meta Growth”, “META” or “the Company”), Canada’s largest publicly traded recreational cannabis retailer by revenue1, today announced that it has registered “Meta Growth” as a business name and will begin to conduct business under the Meta Growth name effective immediately, with the formal name change to Meta Growth Corp. subject to shareholder approval (the “Name Change”). The Company also announced that it has entered into a definitive agreement (the “Agreement”) to sell the Company’s portfolio of medical cannabis clinics from National Access Canada Corporation to Evergreen Pacific Insurance Corporation (“Evergreen Pacific”) for $4 million in cash, anticipated to close on November 30, 2019.

Business Name Change

The Meta Growth corporate identity embodies the Company’s strategy to be the preeminent cannabis retailer in Canada. The new corporate logo visually represents META’s multidimensional commitment to cannabis culture, strength, passion and unique presence in the industry as pure play retail. All new recreational cannabis retail stores will be constructed under the new, cool and comfortable META banner. The Company has unveiled an updated investor presentation as part of this new identity, which is available on its new website, metagrowth.com.

“Aligning our corporate brand, with our retail brand and our stock ticker demonstrates our commitment to the Canadian retail market and creating value for our shareholders”, said Mark Goliger, CEO of Meta Growth. “As the cannabis industry has evolved, our focus has shifted from medicinal to recreational cannabis, and today, retail is our portfolio and our future. Brand recognition and consistency are key to our success and META is ready to continue to maintain our leadership position in the Canadian retail market.”

Definitive Agreement to Sell Medical Cannabis Clinics Division

Meta Growth and Evergreen Pacific are pleased to announce that a definitive agreement to sell the Company’s non-core medical cannabis clinics has been executed. Meta Growth intends to use the net proceeds of the sale to fund the buildout of recreational cannabis retail stores, and for general working capital purposes. The transaction is subject to customary closing conditions and is expected to close on or about November 30, 2019.

“As Canada’s largest recreational cannabis retailer, with a well-defined growth path ahead of us, this Agreement represents META’s focus to maintaining its leadership position in the Canadian retail market, which we view as the most strategic and valuable portion of the recreational cannabis value chain,” said Mark Goliger. “We are proud of META’s medical cannabis roots and I would like to thank all of the employees who have had a role in growing this division over the past 3 years. This transaction allows us to monetize a non-core asset and redeploy the proceeds into our primary business unit, with a view to optimizing long-term returns on capital and generating shareholder value.”

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