National Access Cannabis announces name change; Sells medical cannabis biz
Canada's largest publicly traded recreational cannabis retailer by revenue will go by "Meta Growth" from now on
TORONTO — National Access Cannabis Corp., Canada’s largest publicly traded recreational cannabis retailer by revenue, has 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.
All new recreational cannabis retail stores will be constructed under the new Meta banner.
“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, in a statement. “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.”
The firm also announced that it has entered into a definitive agreement to sell its portfolio of medical cannabis clinics to Evergreen Pacific Insurance Corp. for $4 million in cash, anticipated to close on Nov. 30, 2019. Meta Growth says it intends to use the net proceeds of the sale to fund the buildout of recreational cannabis retail stores, and for general working capital purposes.
“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 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 three 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.”