NAC buys 100% shares of Canadian cannabis retailer NewLeaf

13 September 2018 (Last Updated September 14th, 2018 09:21)

Canada-based National Access Cannabis (NAC) has completed the acquisition of 100% shares of cannabis retailer The Green Company (NewLeaf).

Canada-based National Access Cannabis (NAC) has completed the acquisition of 100% shares of cannabis retailer The Green Company (NewLeaf).

This week, NAC exercised an option this week to acquire all the shares of NewLeaf that are not owned by it for $23.582m shares in escrow and $5.895m cash.

It is evaluating locations across Western Canada and Ontario through a strategic partnership with The Second Cup to operate retail cannabis stores under the Meta Cannabis Supply banner.

As the deal is complete, NAC is now planning to open 24 retail locations by 17 October, combining a total of 50 to 70 locations in aggregate by the end of the year.

The company is also planning to submit applications for 60 more stores and open an additional 100 to 150 retail locations next year.

“We have set aggressive but achievable goals over the next 18 months and expect to open up to 220 retail cannabis locations over that period.”

NAC CEO Mark Goliger said: “Between our organic retail opportunities, this acquisition and our strategic alliance with The Second Cup, NAC is positioned to become one of Canada’s largest national cannabis retailers.

“We have set aggressive but achievable goals over the next 18 months and expect to open up to 220 retail cannabis locations over that period.

“I’d like to thank our management team, board of directors and shareholders for their support as we enter the most exciting period in our company’s history.”

The company’s board of directors has also named Marc Lustig as chairman and will succeed current board chairman Chuck Rifici, who resigned from his role.