Meta Growth Signs Definitive Agreement to Sell Investment in Australian Medicinal Cannabis Clinic Network
TORONTO, May 12, 2020 /CNW/ - Meta Growth Corp. (TSXV: META) ("Meta Growth", "META" or the "Company"), a leading Canadian recreational cannabis retailer, today announced that it is selling its common shares in Tetra Pty Ltd ("Tetra") to THC Global Group Limited (ASX: THC) ("THC") for total consideration of AU$900,000.
META originally invested in Tetra, a leading clinic network in Australia facilitating access to legal medicinal cannabis, in March 2019. As META's strategic focus shifted from medicinal cannabis to recreational retail cannabis, the Company has been evaluating opportunities to monetize its medicinal cannabis investments and redeploy the proceeds into recreational retail. META's total investment in Tetra was AU$100,000.
The Stage 1 THC shares and the THC stock options are subject to a 12 month hold from their date of issue.
THC is a diversified global cannabis company with primary operations in Australia and Canada. It is listed on the ASX under the symbol THC. THC is the first ASX listed entity to fully own and operate commercial medicinal cannabis production facilities under Australia's cannabis regulations, and its Southport facility is one of the largest pharmaceutical GMP cannabis manufacturing facilities in the world. THC also owns and operates Crystal Mountain, a profitable, fast growing hydroponics equipment and supplies wholesaler and retailer servicing the rapidly expanding cannabis sector in North America and Europe. Post-acquisition, Tetra and THC will pursue a number of expansion opportunities, including expanding its current network of partnerships with private hospitals and medical centres in Australia, and exploring the potential to launch in new regions including New Zealand.
The transaction is subject to customary closing conditions and is expected to close before the end of May 2020.