Meta Growth Corp. (TSXV: META) (“META” or the “Company”) and High Tide Inc. (CSE: HITI) (OTCQB: HITIF) (Frankfurt: 2LY) (“High Tide”) are pleased to announce that, at the special meeting of shareholders of META held yesterday (the “Meeting”), the shareholders of META voted in favour of a special resolution to approve the previously announced proposed business combination pursuant to which 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 “Arrangement”), as further described in the joint news release issued by META and High Tide on August 21, 2020. The Arrangement required approval by 66 ⅔% of the votes cast by META shareholders present in person or represented by proxy at the Meeting.
The Arrangement will create:
- Canada’s Largest Cannabis Retailer with $1481 million in Annualized Revenue
- Annual Cost and Operational Synergies of Approximately $8 million to $9 million
- A strong Balance Sheet to Support Growth
A total of 102,113,758 META Shares, representing approximately 43.1% of the outstanding META Shares, were represented in person or by proxy at the Meeting. Of the votes cast with respect to the Arrangement, an aggregate of 102,063,111 META Shares were voted in favour of the Arrangement, representing approximately 99.95% of the votes cast on the resolution approving the Arrangement.
It is expected that META will apply for a final order from the Court of Queen’s Bench of Alberta in respect of the Arrangement on October 28, 2020. Completion of the Arrangement remains subject to receipt of required regulatory and court approvals and other customary closing conditions, which are set out in the arrangement agreement between META and High Tide dated August 20, 2020, a copy of which can be found on the SEDAR profiles of META and High Tide at www.sedar.com. Assuming that the conditions to closing of the Arrangement are satisfied or waived, it is anticipated that the Arrangement will be completed on or before the end of November. Further information about the Arrangement is set forth in the materials prepared by META in respect of the Meeting, which were mailed to META shareholders and filed under META’s profile on SEDAR at www.sedar.com.