TORONTO, April 16, 2020
/CNW/ - Meta Growth Corp. (TSXV: META) ("Meta Growth", "META" or
the "Company"), Canada's largest
publicly traded recreational cannabis retailer by
revenue1, today announced the following updates.
COVID-19 Operational Initiatives
META has
been closely monitoring the evolving situation related to COVID-19
in order to ensure that it introduces initiatives in a timely and
prudent manner to maximize the safety and security of its
employees, its customers, and the communities in which these
individuals reside. These include initiatives such as
restricting the number of customers allowed in a store at one
time, incorporating floor decals to highlight appropriate
physical distancing separation, inserting plexi-glass partitions at
the cash counters, equipping stores with hand sanitizer dispensers,
and increasing surface cleaning protocols. Furthermore,
office-based employees have adopted a work-from-home
model.
MetaXpress Pickup™ and NewLeaf Express
Pickup™ For Safe
Purchase During COVID-19
Available
now, Meta Cannabis stores in Ontario, Manitoba and Saskatchewan, as well as NewLeaf
Cannabis stores in Alberta,
have launched new online ordering options for customers which have
been curated based on provincial regulations. These online ordering
options streamline the customer shopping experience by allowing
orders to be placed online ahead of time. Through this program,
customers can be in and out of retail stores quickly and
efficiently. This initiative has been put in place with the
considerations of the current COVID-19 retail environment. The
online platform, powered by Dutchie, showcases online menus of
cannabis and accessory products for each store, with the ability to
choose products for in store pick up and payment options that
coincide with provincial regulations.
Online ordering through MetaXpress Pickup and NewLeaf Express
Pickup is available at metacannabis.com/menu and
newleafcannabis.ca/menu.
Customers in Manitoba and
Saskatchewan also have the option
of using META's e-shop to order products online for delivery via
Pineapple Express or Purolator. The e-shop can be found at
metacannabis.com.
MetaXpress
Pickup Curbside Service in
Ontario
On April 7, 2020, the Province of Ontario announced that cannabis retail stores
could operate through an online ordering, curbside pickup model.
The Company has been successfully serving the customers of the Meta
Cannabis stores with MetaXpress Pickup services in Toronto and Kitchener under this model since the
announcement.
Strong Balance Sheet and Cost Saving Initiatives
As
at April 15, 2020, the Company had approximately
$15.2 million in Cash and
Cash Equivalents, and $7 million
available under an $11 million debt
draw-down facility as originally reported on December 19, 2019.
Once COVID-19 restrictions have been lifted, the Company intends
to aggressively build its retail footprint in Ontario. As
such, the Company is taking measured actions in order to maximize
the amount of cash available to fund its growth plans. To that
end, on April 15, 2020, the Company issued temporary layoff
agreements to eight corporate employees. The Company
will continue to evaluate and implement cost saving initiatives,
while maintaining the value of its current portfolio of retail
stores across Canada.
Postponement of Filing of Q2 Financial Statements and
MD&A under Temporary Exemption
The Company also wishes to announce that filing
of its interim financial statements for the six month period
ended February 29, 2020 ("Q2
Financial Statements") and associated management's discussion and
analysis ("Q2 MD&A", and collectively with the Q2 Financial
Statements, the "Q2 Filings") have been postponed due
to inefficiencies in transitioning to a work-from-home model
associated with COVID-19 safety measures.
Although the Q2 Filings would ordinarily have been filed on or
before April 29, 2020, pursuant
to OSC Ontario Instrument 51-502 - Temporary
Exemption from Certain Corporate Finance Requirements (the
"Order"), the Company has up to an additional 45 days from the
deadline otherwise applicable under Ontario securities laws to
file the Q2 Filings, provided that it complies with certain
requirements set out in the Order. Accordingly, the Company is
relying on the relief contained in the Order for its Q2 Financial
Statements required by section 4.4 of National Instrument 51-102
and its Q2 MD&A required by subsection 5.1(2) of National
Instrument 51-102.
The Company estimates that the Q2 Filings will be filed no
later than May 22, 2020. During
the extension period, until the Company has filed and
announced the required Q2 Filings, management and other insiders of
the Company will be subject to an insider trading black-out policy
that reflects the principles in Section 9 of National Policy 11-207
- Failure-to-File Cease Trade Orders and Revocations in Multiple
Jurisdictions.
There have been no material business developments since the date
of the Company's interim financial statements for the three months
ended November 30, 2019, which were
filed on January 29, 2020,
other than: (i) the closing of the Company's bought-deal
prospectus offering for gross proceeds of $10,000,012, disclosed in a press release
issued on February 6, 2020; (ii) shareholder approval of
the Company's name change from National Access Cannabis
Corp. to Meta Growth Corp., disclosed in a press release
issued on February 20, 2020; and (iii) the Company's
approval by the Alcohol and Gaming Commission of Ontario for a Cannabis Retail Operator Licence
in the province of Ontario,
disclosed in a press release issued on February 24, 2020.
About Meta Growth Corp.
Meta Growth Corp. 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. The Company is listed on the TSX Venture
Exchange under the symbol (TSXV: META).
For more information on Meta Growth, visit:
metagrowth.com
metacannabis.com
newleafcannabis.ca
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 proposed timing of the filing of the Q2
Filings and the opening of other cannabis retail stores in
Ontario. 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
effects of the COVID-19 pandemic on the economy, the public markets
and the Company's business and on the ability of the Company to
prepare and approve the Q2 Filings in a timely manner; 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.
1 New Cannabis Ventures, Public
Cannabis Company Revenue & Income Tracker. Largest publicly
traded cannabis retailer in Canada
by revenue.
SOURCE National Access Cannabis Corp d/b/a Meta Growth