Ottawa-based National Access Cannabis (TSX-V:META) has solicited funding from three of Canada’s largest licensed producers as part of a $75-million financing round.
The company, which operates medical and recreational cannabis segments across the country from its Ottawa base, announced Wednesday morning it will raise $35 million in convertible debentures through a brokered private placement led by Cormark Securities.
A separate deal will see the pot firm raise an additional $40 million through the sale of common shares to three unnamed cannabis producers in Canada. The initial tranche of funding is expected to close on Friday, and NAC says it might include additional licensed producers in the round for a total of $55 million.
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“The investment by three of Canada’s leading LPs is both a validation of NAC’s retail recreational and medical cannabis pharmacy partnership model, and an acknowledgement that we believe that the products produced by these organizations will be successful in the Canadian retail marketplace,” said NAC chief executive Mark Goliger in a statement.
He went on to add that the funding will allow the firm to build out its retail network across Canada over the next two years in a bid to become a dominant player in the country’s recreational and medical-use cannabis market.
On the medical side, NAC recently added 70 independently owned pharmacies to its network, bringing its total number of locations up to 111 across Canada. The firm has said it expects to have 70 private retail locations operating across Western Canada by the end of the year, with plans for an additional 100-150 in 2019 pending regulatory approval.
