Mr. Mark Goliger of Meta reports
META GROWTH SHAREHOLDERS OVERWHELMINGLY APPROVE TRANSFORMATIONAL BUSINESS COMBINATION WITH HIGH TIDE TO CREATE CANADA'S LARGEST CANNABIS RETAILER
At the special meeting of shareholders of Meta Growth Corp. held yesterday, the shareholders of Meta voted in favour of a special resolution to approve the previously announced proposed business combination pursuant to which High Tide Inc. will acquire all of the issued and outstanding common shares of Meta by way of a plan of arrangement under the Business Corporations Act (Alberta), as further described in the joint news release issued by Meta and High Tide on Aug. 21, 2020. The arrangement required approval by 66-2/3rds per cent of the votes cast by Meta shareholders present in person or represented by proxy at the meeting.
The arrangement will create:
Canada's largest cannabis retailer with $148-million (1) in annualized revenue;
Annual cost and operational synergies of approximately $8-million to $9-million;
A strong balance sheet to support growth.
A total of 102,113,758 Meta shares, representing approximately 43.1 per cent of the outstanding Meta shares, were represented in person or by proxy at the meeting. Of the votes cast with respect to the arrangement, an aggregate of 102,063,111 Meta shares were voted in favour of the arrangement, representing approximately 99.95 per cent of the votes cast on the resolution approving the arrangement.
It is expected that Meta will apply for a final order from the Court of Queen's Bench of Alberta in respect of the arrangement on Oct. 28, 2020. Completion of the arrangement remains subject to receipt of required regulatory and court approvals and other customary closing conditions, which are set out in the arrangement agreement between Meta and High Tide dated Aug. 20, 2020, a copy of which can be found on the SEDAR profiles of Meta and High Tide. Assuming that the conditions to closing of the arrangement are satisfied or waived, it is anticipated that the arrangement will be completed on or before the end of November. Further information about the arrangement is set forth in the materials prepared by Meta in respect of the meeting, which were mailed to Meta shareholders and filed under Meta's profile on SEDAR.
About Meta Growth Corp.
Meta is a leader in secure, safe and responsible access to legal recreational cannabis in Canada. Through its Canada-wide network of Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis recreational cannabis retail stores, Meta enables the public to gain knowledgeable access to Canada's network of authorized licensed producers of cannabis.
About High Tide
High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of cannabis lifestyle accessories. Its premier Canadian retail brand Canna Cabana spans 34 locations in Ontario, Alberta and Saskatchewan, with additional locations under development across Canada. High Tide has been serving cannabis consumers for over a decade through its numerous lifestyle accessory enterprises including e-commerce platforms Grasscity and CBDcity, lifestyle and licensed entertainment brand manufacturer Famous Brandz, and its wholesale distribution divisions RGR Canada Inc. and Valiant Distribution.
High Tide's strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Aphria Inc. and Aurora Cannabis Inc.
(1) Annualized based on Meta and High Tide's most recent publicly reported quarters.
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