Nova Cannabis Inc. cancelled the acquisition of 26 cannabis retail stores located in Ontario and Alberta from SNDL Inc..
November 16, 2023
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Nova Cannabis Inc. (TSX:NOVC) agreed to acquire 26 cannabis retail stores located in Ontario and Alberta from SNDL Inc. (NasdaqCM:SNDL) on December 20, 2022. The Transaction is expected to be completed in May 2023. As of June 30, 2023, SNDL and Nova anticipate that the Transaction will close on or before July 25, 2023, subject to receipt of regulatory approvals and the amendment to certain terms of the Transaction that are mutually satisfactory to SNDL and Nova. As of July 25, 2023, 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. In addition, SNDL and Nova have extended the maturity date of Nova's revolving credit facility with SNDL to August 25, 2023. In addition, SNDL and Nova have extended the maturity date of Nova's revolving credit facility with SNDL to September 30, 2023.
SNDL Inc. and Nova Cannabis Inc. (TSX: NOVC) announced today 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 to November 30, 2023.
In addition, SNDL and Nova have extended the maturity date of Nova's revolving credit facility with SNDL to November 30, 2023.
ATB Capital Markets Inc. acted as financial advisor to SNDL Inc and McCarthy Tétrault LLP acted as legal advisor to SNDL Inc. Bennett Jones LLP acted as legal to Nova Cannabis Inc.
Nova Cannabis Inc. (TSX:NOVC) cancelled the acquisition of 26 cannabis retail stores located in Ontario and Alberta from SNDL Inc. (NasdaqCM:SNDL) on November 17, 2023. 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.
SNDL Inc. is a Canada-based private-sector liquor and cannabis retailer in Canada with retail banners, which include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, Spiritleaf, and Firesale Cannabis. Its segments include Liquor Retail, Cannabis Retail, Cannabis Operations and Investments. The Liquor Retail segment includes the sale of wines, beers and spirits through liquor stores. The Cannabis Retail segment includes the private sale of recreational cannabis through and franchise retail cannabis stores. The Cannabis Operations segment includes the cultivation, distribution and sale of cannabis for the adult-use and medical markets domestically and for export, and providing cannabis processing services, in addition to product development, manufacturing, and commercialization of cannabis consumer packaged goods. The Investments segment includes the deployment of capital to investment opportunities. Its cannabis brand portfolio includes Top Leaf, Vacay, Grasslands and others.
SNDL INC. 
