KITCHENER — For the first time in the short history of legalized cannabis, a retail cannabis store in Waterloo Region has been sold.
On Monday, Meta Growth Corp. announced it had closed the deal to acquire the Meta Cannabis Co. branded store on Fairway Road in Kitchener. The deal was structured as an asset purchase agreement for $150,000 and the assumption of all related debt.
The location opened Feb. 28 and is the city’s first and only licensed recreational cannabis store. It was the second cannabis retail store to open in Waterloo Region after Tokyo Smoke in Cambridge about a week earlier.
A news release from Meta Growth Corp. states the Kitchener location earned more than $186,000 in weekly revenue for the week ending Sept. 19 and had a gross margin of 36 per cent.
Customers likely won’t notice much change at the location since Meta Cannabis partnered with the original cannabis store lottery winner, identified only as “Patricia,…