National Access Cannabis (TSXV:META) announced a loan agreement with the Opaskwayak Cree Nation on which they will lend C$35 million.
As quoted in the press release:
The Company plans to use the proceeds from the Loan to build-out up to 50-70 cannabis retail locations across Western Canada in 2018 under NAC’s retail brand Meta Cannabis Supply Co (“META“), as well as for working capital purposes. META stores are currently under construction in Manitoba.
“This financing enables NAC to fund the build-out of its recreational cannabis retail locations across Western Canada, in order to open in time for cannabis retail legalization on October 17 and capture market share throughout the end of 2018,” said Mark Goliger, Chief Executive Officer of NAC. “With the shift to a recreational cannabis legal framework, it is imperative that NAC has a strong retail footprint established and fully operational by October 17 OCN, one of NAC’s shareholders, understands the importance of this timeline and have supported us by extending the capital necessary to start immediate build-out. NAC forecasts that the Loan will enable NAC to build out up to 100 cannabis retail locations over time, with an initial target of 50-70 stores under development in 2018.”