CALGARY,
AB, Nov. 4, 2024 /PRNewswire/ - SNDL Inc.
(Nasdaq: SNDL) ("SNDL" or the "Company") announced
today that, in the context of Indiva Limited's ("Indiva" and
together with its subsidiaries and affiliates, the "Indiva
Group") proceedings under the Companies' Creditors
Arrangement Act (Canada) (the
"CCAA Proceedings"), it has successfully closed its
acquisition of the Indiva Group's business and assets (the
"Transaction"), pursuant to an approval and reverse vesting
order granted by the Ontario Superior Court of Justice (Commercial
List) (the "Court"). The consideration paid by SNDL as part
of the Transaction was comprised of a credit bid of all of the
indebtedness of the Indiva Group owing to SNDL, the retention of
certain liabilities of the Indiva Group, and cash payments
sufficient to repay certain priority indebtedness of the Indiva
Group and costs associated with the CCAA Proceedings. The estimated
value of the consideration is $22.7
million.
"This acquisition reinforces SNDL's standing as a premier
producer of cannabis products in Canada," said Zach
George, Chief Executive Officer of SNDL. "By integrating
Indiva's high-quality brands and production expertise into SNDL,
we're broadening our product portfolio and solidifying our
leadership in the infused edibles category."
The Transaction includes Indiva's 40,000-square-foot production
facility in London, Ontario, and a
diverse brand portfolio featuring market leaders like Pearls by
Grön, No Future, and Bhang Chocolate. With a portfolio spanning
seven brands and fifty-three SKUs, Indiva is a recognized leader in
cannabis edibles production and the Transaction is set to reinforce
SNDL's role in meeting evolving consumer demands across
Canada.
Advisors
McCarthy Tétrault LLP acted as legal counsel to SNDL. Bennett
Jones LLP acted as legal counsel to the Indiva Group.
PricewaterhouseCoopers Inc. acted as the Court-appointed Monitor of
the Indiva Group with respect to the CCAA Proceedings and was
represented by Osler, Hoskin &
Harcourt LLP.
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, Palmetto, Bon Jak, Versus, Value
Buds, and Vacay. 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.
Forward-Looking Information Cautionary Statement
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward
looking statements in this release include, but are not limited to,
improvements to the Company's market share, the broadening of the
Company's product portfolio, the Company's positioning at the
forefront of the infused edibles category, the reinforcement of the
Company's role in meeting customer demands, and statements
regarding the future performance of the Company. Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are only
predictions. Various assumptions were used in drawing the
conclusions or making the projections contained in the
forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Company is
under no obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable law.
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SOURCE SNDL Inc.
