SNDL Inc. announced the mutual decision to terminate the implementation agreement, dated December 20, 2022, as amended (the “Implementation Agreement”), concerning their previously-announced strategic partnership (the “Transaction”). SNDL and Nova reaffirm their strong commitment to their ongoing partnership under the management and administrative services agreement.
“We are dedicated to building a consumer-centric, regulated products business model within a complex regulatory environment,” said Zach George, Chief Executive Officer of SNDL. “The synergy between our companies has already demonstrated great results, and combined efforts and shared vision are key drivers in this journey towards market leadership. SNDL remains committed to being a strong financial partner to Nova, with a focus on fostering sustainable business growth and development.”
In connection with the termination of the Implementation Agreement, SNDL and Nova have extended the maturity date of Nova’s credit facility with SNDL to March 31, 2024. The previously planned distribution of Nova common shares to SNDL shareholders in connection with the Transaction pursuant to the plan of arrangement approved by SNDL shareholders at its annual and special meeting of shareholders held on July 25, 2022, will not proceed at this time.
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 92 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.