SNDL to acquire remaining minority interest in Nova Cannabis for C$40M

SNDL and Nova Cannabis are pleased to announce that they have entered into an arrangement agreement pursuant to which SNDL will acquire all of the issued and outstanding common shares in the capital of Nova not already owned by SNDL, representing approximately 34.8% of Nova Shares, by way of a statutory plan of arrangement for aggregate consideration of approximately C$40M. Under the terms of the Agreement, Nova’s shareholders will receive C$1.75 in cash for each Nova Share, representing a premium of 41.2% to the 20-day VWAP of Nova Shares on the Toronto Stock Exchange as of market close on August 12, 2024. The Transaction has been approved by the boards of directors of both SNDL and Nova and is expected to close on or before October 18, 2024. Following the closing of the Transaction, the Nova Shares are expected to be delisted from the TSX and Nova will apply to cease to be a reporting issuer in all provinces and territories of Canada.