National Access Cannabis Corp. closes $9 million debt financing from Opaskwayak Cree Nation

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National Access Cannabis Corp. closes $9 million debt financing from Opaskwayak Cree Nation

Bethan Rose Jenkins, Cannabis News Writer/Editorial

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National Access Cannabis Corp has a lot in store for 2019, with the Canadian company recently securing a loan valued at CAD$9,000,000.00.

A pioneer in delivering secure, safe and responsible access to legal cannabis, the company closed the aforementioned amount of debt financing from Opaskwayak Cree Nation (“OCN”).

The deal didn’t stop there. OPC will receive 900,000 warrants of NAC.

“This financing provides NAC with the capital needed to fund the continued build-out of planned recreational cannabis retail locations across Canada and capture dominant market share throughout 2019,” said the CEO of National Access Cannabis, Mark Goliger.

National Access Cannabis Corp. to use money for expansion

Currently, NAC operates 20 cannabis stores located in Alberta and Manitoba. With the loan proceeds, NAC plans to continue with its plans to construct cannabis retail stores throughout Ontario and Western Canada. Licensing and regulatory approvals have not yet been provided for the stores, inside which NAC will market and sell its branded merchandise under the name Meta Cannabis Supply Co.™

NAC will be required to repay the entire loan over a period of six months. The interest rate per annum is set at eight percent. Furthermore, the fact that OCN is on the receiving end of the Warrants provided by NAC means that OCN gains the privilege of acquiring a common share of NAC capital, with a set rate of $1.08 over a three-month period.

“The Opaskwayak Cree Nation continues to believe in the vision of NAC”, said Onekanew (Chief) Christian Sinclair on behalf of Opaskwayak Cree Nation. Sinclair is also an official member of NAC’s Board of Directors. “This financing contributes to NAC’s expansion representing another pivotal growth moment as it builds a leading network of retail operations across Canada. We strongly believe that this investment will benefit the company and its shareholders.”

About National Access Cannabis Corp.

NAC prides itself on being a best practices supplier of legal weed in Canada. The corporation boasts a vast network of clinics specializing in providing medical cannabis to patients in the Great White North.

In addition to this, NAC has secured partnerships with countrywide pharmacies, as well as having formed a clinic research division and two branded products ranges – Meta Cannabis Supply Co.™ and NewLeaf Cannabis™.

NAC can be found on the TSX Venture Exchange under the symbol (TSXV: META).