National Access Cannabis is changing its name to Meta Growth and launching a new, innovative retail design.
The company will also be selling off its medical cannabis clinics as it shifts focus to the recreational market. The clinics will be sold to Evergreen Pacific Insurance Corporation for $4 million in cash. That deal is anticipated to close on November 30, 2019.
“Aligning our corporate brand, with our retail brand and our stock ticker demonstrates our commitment to the Canadian retail market and creating value for our shareholders,” says Mark Goliger, CEO of Meta Growth. “As the cannabis industry has evolved, our focus has shifted from medicinal to recreational cannabis, and today, retail is our portfolio and our future. Brand recognition and consistency are key to our success and META is ready to continue to maintain our leadership position in the Canadian retail market.”
The company currently operates 10 stores under the META Cannabis banner in Manitoba and Saskachewan and 25 NewLeaf Cannabis stores in Alberta.
Priority markets for new META stores are Ontario, Alberta, BC and Manitoba. Given that each province imposes store limits, retailers need to carefully plan where they develop new stores. “We are strategic about our retail location planning, working within various caps and provincial regulations. We know that for some markets, saturation is imminent—so we are more selective knowing that,” says Matt Ryan, VP of Marketing for Meta Growth.
Meta Growth plans to open new stores until it reaches the regulated cap of 95 retail locations by 2020.