TORONTO, Sept. 24, 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 new Meta
Cannabis Supply Co. cannabis retail store located at 2859 Pembina
Highway (the "Pembina South Store") in Winnipeg, Manitoba. The Pembina South
Store is META's fifth store in Winnipeg, and the Company's nineth store in
the province.
The Pembina South Store officially opened its doors on September
22nd 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).
The Pembina South Store, purpose built by the
META team, is META's third new store to open within the last
30 days. The other two stores were both acquired – one in
Waterloo, Ontario and the other in
Kitchener, Ontario.
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 (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).
For more information on Meta Growth,
visit:
metagrowth.com
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,
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.
SOURCE Meta Growth Corp.
