SNDL And Nova Cannabis Extend Outside Date For Closing Of The Strategic Partnership

SNDL Inc. SNDL and Nova Cannabis Inc. NVACF NOVC announced that due to ongoing review by regulators with respect to required approvals, the outside date for the closing of the strategic partnership as contemplated by the implementation agreement entered into between SNDL and Nova dated December 20, 2022, as amended on April 3, 2023, and June 16, 2023 has been extended. 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.

"We have been closely collaborating with regulators and continue to progress toward completion of the transaction," stated Marcie Kiziak, Nova's CEO. "We are excited to further solidify Nova's leadership position in the Canadian cannabis retail market and continue to drive sustainable growth through a well-capitalized cannabis retail platform and our partnership with SNDL."

In addition, SNDL and Nova have extended the maturity date of Nova's revolving credit facility with SNDL to July 25, 2023.

To date, all pre-closing conditions for completion of the transaction have been satisfied other than the parties' receipt of certain key regulatory approvals.

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Photo: Benzinga edit with photo by Matthias Zomer on Pexels, squarefrog on Pixabay

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