Meta Growth (TSXV: META) announced this morning that the firm has secured a loan from Opaskwayak Cree Nation to the tune of $11.0 million. The funds from the unsecured financing will be used for Meta’s expansion into Ontario following the recent changes to cannabis retail in the province.
The loan has a term of five years, with any funds drawn from the loan carrying an interest rate of 10%. Additionally, there is an annual administration fee of 2.5% which will be applied to the weighted average balance of the loan, payable on December 31 of each year.
Within the release, Meta Growth announced that it had already assembled a portfolio of class A retail locations, which it would begin the process of constructing so as to be ready for March 2020. The first retail applications in the province of Ontario will begin to be accepted in March.
Shortly following the funding announcement, Meta Growth then announced that the firm has secured a location on Yonge Street in downtown Toronto with a previous lottery winner. The location, which will be opened under the Meta Growth banner, will see Meta provide consulting to the lottery winner as well as acting as a service provider.
Meta intends to have 90 operational locations by the end of 2020, across Ontario, Manitoba, Saskatchewan, Alberta and BC. The firm currently owns or has partnered with 36 different licenses, of which 34 are currently operational.
Meta Growth last traded at $0.29 on the TSX Venture.
Information for this briefing was found via Sedar and Meta Growth. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
