With two locations under construction and 22 retail applications submitted in Alberta, The Green Company Ltd. is set to establish itself in Alberta’s retail cannabis industry
National Access Cannabis Corp. (“NAC” or the “Company“) (TSXV:META), Canada’s best practices leader in delivering secure, safe, and responsible access to legal cannabis today announced that it has provided up to a $7 million secured loan to The Green Company Ltd. (“NewLeaf“) and has subscribed for a $1.85 million 5.45% secured convertible debenture (the “Convertible Debenture“) of NewLeaf. The principal amount of the Convertible Debenture may be converted into common shares of NewLeaf at any time at NAC’s option until May 25, 2020 subject to receiving all applicable regulatory approvals. Should NAC elect to convert the Convertible Debenture, NAC would hold 9.9% of NewLeaf’s outstanding common shares. The Loan has been extended to NewLeaf for the capital expenditure required to build out recreational cannabis retail stores in the province of Alberta and the proceeds of the Loan will be lent over time if cannabis retail licences are granted to NewLeaf. The Loan bears interest at 6.45% per annum (the “Loan“) and is due on or before May 25, 2020.
“We are excited to work with the team at NewLeaf to support the ongoing development of their impressive portfolio of real estate assets across Alberta through the Convertible Debenture,” said Mark Goliger, CEO of NAC. “NewLeaf has proactively secured high quality potential store locations while simultaneously developing a well-known brand name in the region. The core values of our companies are strongly aligned in educating interested Canadians about legal cannabis products while delivering secure, safe, and responsible access.”
Mr. Goliger added: “Notwithstanding this investment, NAC and its affiliates continue to apply for retail cannabis licenses in Alberta and across Western Canada to operate retail cannabis stores under the Meta Cannabis Supply Co. brand.”
NewLeaf’s CEO Jon Conquergood stated, “NAC’s reputation for connecting those seeking the many benefits of responsible cannabis consumption aligns well with our desire to provide education-driven, needs-based sales to the communities we serve. Their financial investment further secures our ability to successfully deliver on the promises we’ve made to-date.”
About National Access Cannabis
National Access Cannabis is Canada’s best practices leader in delivering secure, safe, and responsible access to legal cannabis. Through its Canada-wide network of care centres and retail locations, NAC enables patients and the public to gain knowledge and access to Canada’sdisparate network of authorized Licensed Producers of Cannabis. NAC improves the quality of life of its local clients and provides services designed to inform, educate and supply expert advice.
For more information, visit www.nationalaccesscannabis.com or refer to the Company’s profile on the SEDAR website at www.sedar.com.
Source: prnewswire.com
