This news release constitutes a "designated news release" for
the purposes of the prospectus supplement of Nova Cannabis Inc.
dated July 22, 2022, to its short
form base shelf prospectus dated June 27,
2022.
CALGARY,
AB, May 9, 2024 /CNW/ - SNDL Inc. (Nasdaq:
SNDL) ("SNDL") and Nova Cannabis Inc. (TSX: NOVC)
("Nova") today announced that they have completed the
assignment of SNDL's rights to own or operate four Dutch Love
stores (the "Dutch Love
Stores") to Nova (the "Assignment"), upon the
terms announced on April 1, 2024.
"This is a key step in our strategy for growth and focus on
prime real estate," said Marcie
Kiziak, Nova's Chief Executive Officer. "We are excited to
transition these stores to the Value Buds banner, marking our entry
into the B.C. market. We are confident that our Value Buds banner
is exceptionally well-positioned to fill a critical gap in the
marketplace. This move aligns perfectly with our objective for
smart, value-driven expansion."
As consideration for the Assignment, Nova issued to SNDL
$8.179 million of Nova shares based
on the 20-day VWAP of the Nova shares on March 28, 2024. The addition of the Dutch Love
Stores brings Nova's total store count to 99 and SNDL's direct and
indirect cannabis store count across all retail banners to
188.
Advisors
McCarthy Tétrault LLP acted as legal counsel to SNDL. Bennett
Jones LLP acted as legal counsel to Nova.
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, SNDL 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. (TSX: NOVC) 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
100 locations across Alberta,
Ontario, British Columbia and Saskatchewan, primarily under its "Value Buds"
banner.
Additional information about Nova Cannabis Inc. is available at
www.sedarplus.ca and Nova's website at www.novacannabis.ca.
SOURCE Nova Cannabis Inc.
