Nova Cannabis Inc. today issued comments following Alcanna Inc.’s Special Meeting of Shareholders on January 7, 2022 (the “Meeting“) to pass a Plan of Arrangement (the “Arrangement“) whereby Sundial Growers Inc. (“Sundial“) (NASDAQ: SNDL) would acquire all of the issued and outstanding common shares of Alcanna, Nova’s majority shareholder. At the Meeting, the Arrangement was approved by the requisite number of votes and as a result, Sundial can proceed with its agreement to acquire Alcanna including its majority shareholder position in Nova.
“Sundial’s financial depth and available capital, demonstrated commitment to cannabis and cannabis retail, and strong support for our value-focused business model makes Sundial a compelling partner as we enter our next phase of growth in executing on our disruptive strategy,” said Darren Karasiuk, CEO of Nova.
As at the date of this release, Nova’s total store count is seventy-four (74) and the Company’s revenue continues to grow across the portfolio, inclusive of stores only recently opened or converted. Nova remains committed to its expectation of having two hundred (200) stores opened by the end of 2023.
Nova looks forward to working with Sundial and the provincial regulators to ensure the Company remains fully compliant with the various provincial regulatory frameworks that govern cannabis retailing in Canada and remains committed to continuing to work with all of its Licenced Producer partners and industry stakeholders in providing the products our customers want at every-day low prices.
ABOUT NOVA CANNABIS INC.
Nova Cannabis Inc. is one of Canada’s largest and fastest growing cannabis retailers with a goal to disrupt the cannabis retail market by offering a wide range of high-quality cannabis products at every-day best value prices. The Company currently operates seventy-four (74) locations across Alberta, Ontario and Saskatchewan primarily under its Value Buds banner. Additional information about Nova Cannabis Inc. is available at www.sedar.com and the Company’s website at www.novacannabis.ca.
