The shareholders of Meta Growth Corp (TSXV: META) have officially approved of the proposed merger with High Tide Inc (CSE: HITI). The proposed merger between the two cannabis retailers, once completed, is expected to result in the formation of the largest cannabis retailer in Canada, with over $148 million in annualized revenues.
Initially announced on August 21, the proposal was overwhelming approved by Meta Growth shareholders, with 99.95% of voters electing to proceed with the transaction. With approval granted, the two firms can now proceed with the transaction that will see High Tide acquire all of the issued and outstanding common shares of Meta Growth.
Completion of the arrangement will still be subject to the receipt of regulatory and court approvals, and other customary closing conditions. Meta GRowth will next apply for a final order from the Court of Queen’s Bench of Alberta.
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The transaction is expected to create Canada’s largest retailer on an annualized revenue basis. It is currently anticipated that the combined entity will see cost and operational synergies of between $8 – $9 million on an annualized basis, while the entity is expected to benefit from a strong balance sheet. It is currently anticipated that the transaction will close by the end of November.
Meta Growth last traded at $0.12 on the TSX Venture.
Information for this briefing was found via Sedar and High Tide Inc. 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.
