National Access Cannabis Corp (OTCMKTS:NACNF) Posts Robust Revenues Of $17.1 Million In Q4 2019
National Access Cannabis Corp (OTCMKTS:NACNF) has posted robust revenues of $17.1 million in Q4 2019. The retail cannabis stores accounted for a major chunk of the revenues at $16.78 million, whereas Medical Cannabis Education reported $286,060. The company is conducting business as Meta Growth. Chief Executive Officer of National Access Cannabis, Mark Goliger, said the company maintained a consecutive growth in Q4 2019. The company is expanding its store count in the Western Provinces. It plans to inaugurate a new store in Ontario shortly.
The launch of Cannabis 2.0 products
National Access Cannabis plans to introduce cannabis to 2.0 products soon. Though accomplished many goals, the company is still at the nascent stage in the burgeoning industry. It expects to capitalize on the growing opportunities next year. The company’s market capitalization is CAD 84.1 million. National Access Cannabis operates thirty-six licensed retail locations across the nation. It provides responsible access to adult-use cannabis across Canada.
Enters a pact with cannabis store lottery winner
National Access Cannabis entered an agreement with a Cannabis Store Lottery Winner – 11522302 Canada Inc to establish a retail cannabis location in Toronto. It is subject to the nod of the Alcohol and Gaming Commission of Ontario.
Financing of $11 million
National Access Cannabis entered an unsecured loan arrangement with Opaskwayak Cree Nation. As per the terms of the accord, the company will receive funds of up to $11 million from Opaskwayak. The company will use the funds for working capital and for building cannabis retail locations in Ontario. Goliger said the company could draw the funds depending on the need. He said the company is grateful for the continued support extended by lenders like Opaskwayak. The loan carries an annual interest rate of 10%. National Access Cannabis will also pay an administration fee ($225,000). The loan term is fixed at five years. The latest investment supports the growth of Opaskwayak and National Access Cannabis.
National Access Cannabis also reached an agreement with Opaskwayak to extend the maturity date of $9 million loan to December 31, 2022, from December 14, 2019.
Announces name change
National Access Cannabis has changed its business name to Meta Growth. The company also entered a pact to divest its non-core medical cannabis clinics. It will use the proceeds of $4 million for the growth of recreational cannabis retail.