Meta Growth Announces Filing of Management Information Circular in Connection with Proposed Arrangement with High Tide

Meta Growth Corp. (TSXV: META) announces that it has filed the management information circular and related voting materials for the special meeting of holders of common shares of META to be held on October 27, 2020. The purpose of the Meeting is to consider and, if deemed advisable, to pass a special resolution approving the previously announced proposed acquisition pursuant to which High Tide Inc.  will acquire all of the issued and outstanding META Shares by way of a plan of arrangement under the Business Corporations Act (Alberta). The Information Circular contains a detailed description of the Arrangement and other information relating to META and High Tide.

Meta Growth 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 Growth enables the public to gain knowledgeable access to Canada’s network of authorized Licensed Producers of cannabis. Meta Growth is listed on the TSX Venture Exchange under the symbol (TSXV: META).

The board of directors of META unanimously recommends that META Shareholders vote in favour of the Arrangement Resolution at the Meeting and has determined that the consideration offered to the META Shareholders is fair, from a financial point of view, to the META Shareholders. The META Board has also obtained a fairness opinion from Echelon Wealth Partners Inc. that states that the consideration to be received by META Shareholders pursuant to the Arrangement is fair, from a financial point of view, to the META Shareholders.

It is expected that, subject to receipt of all regulatory, court, shareholder and other approvals, the Arrangement will be completed in the fourth quarter of 2020.

Benefits to META Shareholders 

Ownership in a larger company focused on retail cannabis operations. High Tide has established itself as a leading cannabis retailer and the Arrangement positions High Tide, following closing of the Arrangement, as the largest cannabis retailer in Canada by revenue and network;

Preserving shareholder value. The META Board’s assessment of the current and future state of the debt and equity markets that could be available to META to provide META with the full amount of funding it requires to finance its business and operations, including the risk that such funding may not be obtained in a reasonable time or in full or on terms satisfactory to META, as well as the META Board’s assessment of market conditions;

Premium to META Shareholders. The exchange ratio values the META Shares at $0.133 per META Share, representing a premium of 14% based on the 10-day volume-weighted average price of the META Shares on the TSX Venture Exchange and High Tide Shares on the Canadian Securities Exchange as of August 20, 2020; and

Continuity and retention. Following the acquisition of META, High Tide will have greater financial and human resources, enabling it to more effectively accelerate the build-out of META’s retail cannabis footprint.

Voting and Participation

Amid ongoing concerns about the Coronavirus (COVID-19) outbreak, META remains mindful of the well-being of its shareholders and their families, its industry partners and other stakeholders as well as the communities in which META operates. Accordingly, META will hold the Meeting virtually via live audio webcast, available online using the LUMI meeting platform at https://web.lumiagm.com/232399830, on Tuesday, October 27, 2020 at 11:00 a.m. (EST).  META Shareholders will not be able to attend the Meeting in person. A summary of the information META Shareholders will need to attend the Meeting online is provided in the Information Circular.

Your vote is important regardless of the number of META Shares you own. All META Shareholders are encouraged to vote their proxies before 11:00 a.m. (EST) on October 23, 2020.