SNDL Inc. and Nova Cannabis Inc. announced that while all other provincial approvals have been received, the continued review by one provincial regulator has necessitated a further extension of the outside date for the closing of the previously-announced strategic partnership (the “Transaction”). SNDL and Nova anticipate that the Transaction will close on or before August 25, 2023, subject to receipt of regulatory approval and the amendment to certain terms of the Transaction that are mutually satisfactory to SNDL and Nova.
In addition, SNDL and Nova have extended the maturity date of Nova’s revolving credit facility with SNDL to August 25, 2023. To date, all pre-closing conditions for the completion of the Transaction have been satisfied other than the parties’ receipt of regulatory approval from one provincial regulator.
About SNDL Inc.
SNDL is a public company whose shares are traded on the Nasdaq under the symbol “SNDL.” SNDL is the largest private-sector liquor and cannabis retailer in Canada with retail banners that include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, Spiritleaf, and Firesale Cannabis. SNDL is a licensed cannabis producer and one of the largest vertically integrated cannabis companies in Canada specializing in low-cost biomass sourcing, premium indoor cultivation, product innovation, low-cost manufacturing facilities, and a cannabis brand portfolio that includes Top Leaf, Contraband, Citizen Stash, Sundial Cannabis, Palmetto, Bon Jak, Spiritleaf Selects, Versus Cannabis, Value Buds, Vacay, Grasslands and Superette. SNDL’s investment portfolio seeks to deploy strategic capital through direct and indirect investments and partnerships throughout the North American cannabis industry. For more information on SNDL, please go to www.sndl.com.
About Nova Cannabis Inc.
Nova Cannabis Inc. is one of Canada’s largest and fastest-growing cannabis retailers with a goal of disrupting the cannabis retail market by offering a wide range of high-quality cannabis products at every-day best value prices. Nova currently owns and/or operates 91 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 Nova’s website at www.novacannabis.ca.
