4 LPs Invest $20 Million into Canadian Cannabis Retailer

National Access Cannabis Corp. Closes Financing with Four of Canada’s Leading Licensed Producers

Initial tranche of $20 million in common shares from four leading licensed producers closed, with signed commitments for up to an additional $35 million

OTTAWA, Oct. 29, 2018 /CNW/ – National Access Cannabis Corp. (“NAC” or the “Company”) (TSXV: META), a best practices leader in delivering safe and responsible access to legal cannabis in Canada, today announced it has closed the announced initial tranche of its previously announced offering of NAC common shares (“Common Shares”) to certain of Canada’s top licensed producers (the “LP Financing”) at a price of $0.91 per Common Share.

Under the initial tranche of the LP Financing, four of Canada’s top licensed producers, Aphria Inc., CannTrust Inc., VIVO Cannabis Inc. and Zenabis Ltd., either directly or indirectly, have purchased an aggregate of 21,978,020 Common Shares for gross proceeds to the Company of $20 million.

With this strategic investment in place, NAC is set to become one of Canada’s largest national cannabis retailers. We continue to meet the aggressive but in our view achievable goals we’ve set, expecting to open up to 200 retail cannabis stores over the next 18 months. I’d like to thank these leading LPs for their support and strategic investment as we enter this exciting time of growth.

Mark Goliger, CEO of NAC

About the LP Strategic Investments

Aphria Inc., CannTrust Inc. and Zenabis Ltd. have each agreed, either directly or indirectly, to participate in the LP Financing to purchase an aggregate amount of up to $45 million of Common Shares (including the purchase of Common Shares subscribed for under the initial tranche of the LP Financing), which, subject to satisfaction of certain conditions precedent, will be completed in three tranches, pursuant to the terms and conditions of the applicable subscription documents. VIVO Cannabis Inc. has agreed, either directly or indirectly, to participate in the LP Financing to purchase an aggregate amount of up to $10 million of Common Shares (including the purchase of Common Shares subscribed for under the initial tranche of the LP Financing), which, subject to satisfaction of certain conditions precedent, will be completed in two tranches, pursuant to the terms and conditions of the subscription documents.

The previous announcement regarding the LP Financing can be found at the following link:

October 23, 2018 – National Access Cannabis Corp. Announces Financing Transactions

About National Access Cannabis Corp.

NAC is a best practices leader in delivering secure, safe, and responsible access to legal cannabis in Canada. Through its Canada-wide network of medical cannabis clinics, partner pharmacies, NAC Bio’s clinical research division, Meta Cannabis Supply Co.™ and  NewLeaf Cannabis™ recreational cannabis retail stores, NAC enables patients and the public to gain knowledge and access to Canada’s network of authorized Licensed Producers of cannabis. NAC is listed on the TSX Venture Exchange under the symbol (TSXV: META).

For more information, visit:

www.nationalaccesscannabis.com
www.metacannabis.com
www.newleafcannabis.ca
www.nacbio.com
www.nacmedical.com

Original press release

Before this cannabis stock news is here, it’s published to subscribers on 420 Investor.

Published by NCV Newswire
NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

Get Our Sunday Newsletter