TORONTO,
June 26, 2020 /CNW/ - Meta Growth
Corp. (TSXV: META) ("Meta Growth", "META" or the
"Company"), a leading Canadian recreational cannabis retailer,
today announced that it has sold its Canadian medical clinics
business unit to The Clinic Network Canada Inc. ("TCNC") for total
consideration of up to $800,000, of
which $500,000 in cash was received
on transaction close, with an earn-out of up to $300,000 within 12 months after close paid in
common shares of TCNC.
Given the continued expected growth of the Canadian recreational
cannabis retail market, particularly within the province of
Ontario, META's strategic focus
has shifted from medicinal to recreational cannabis. The
divestiture of its Canadian medical clinics completes the
disposition of its portfolio of medicinal cannabis assets, having
recently sold its Australian medicinal cannabis clinics, as well as
its Canadian pharmacy business unit. These divestitures have
allowed the Company to monetize non-core assets into total
consideration of up to $2,800,000 to
assist in funding its recreational cannabis expansion
initiatives.
About The Clinic Network
TCNC is a private company
based in Toronto and one of the
largest providers of out-of-hospital pain management services in
Canada. The company owns and
operates 17 community-based clinics across Canada, where its team of health professionals
work together to help patients using a variety of interdisciplinary
approaches to treat chronic pain, including medicinal
cannabis. As one of the leading suppliers of medical cannabis
services in Canada, TCNC has
developed an expertise in harm reduction and medicinal
cannabis as an alternative to traditional opioids.
For more information on The Clinic Network, visit:
theclinicnetwork.ca
The Clinic Network
Kim
Wei, Chief Strategy Officer
Tel: 416-806-8170
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. Meta Growth
is listed on the TSX Venture Exchange under the symbol (TSXV:
META).
For more information on Meta Growth, visit:
metagrowth.com
Meta Growth
Mark
Goliger, Chief Executive Officer
Meta Growth
Tel: 647-689-6382
corporate@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,
the potential earn-out of up to $300,000 pursuant to the sale of the Company's
medical clinics to TCNC. 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, whether the earn-out targets are achieved, risks
relating to the effects of the COVID-19 pandemic on the economy,
the public markets and the Company's business; the ability of the
Company to submit additional store authorization
applications and receipt of related Retail Store
Authorizations; future legislative and regulatory developments;
inability to access sufficient capital from internal and external
sources, and/or inability to access sufficient capital on
favourable terms; general business, economic, competitive,
political, regulatory and social uncertainties; the delay or
failure to receive regulatory approvals and the recreational
cannabis industry in Canada
generally. 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.