National Access Cannabis Corp. d/b/a Meta Growth (“Meta Growth”, “META” or the “Company”), Canada’s largest publicly traded recreational cannabis retailer by revenue1, announced that it has closed its previously announced bought-deal prospectus offering (the “Offering”) for total gross proceeds of $10,000,012.
The Offering was led by Echelon Wealth Partners Inc., as lead underwriter and sole book runner, and included Desjardins Capital Markets (collectively, the “Underwriters”). The Offering was comprised of the issuance of 45,454,600 units of the Company (“Units”), at a price of $0.22 per Unit. Each Unit consists of one common share of the Company, and one common share purchase warrant to purchase a common share at a price of $0.29 for a period of 36 months from the closing of the Offering. The Company intends to use the net proceeds of the Offering to fund its Ontario retail expansion strategy.
“Earlier this week, we opened our first META branded store in Ontario at 378 Yonge Street in downtown Toronto,” said Mark Goliger, CEO of Meta Growth. “Feedback to date has been resoundingly positive. We continue to expand in Ontario, with construction of our second META branded store located in Kitchener expected to be completed within the next few weeks. We are eager to put the proceeds from this financing to work in the Ontario market where our goal is to obtain a first-mover advantage by reaching the maximum number of stores available per operator as quickly as possible.”