SNDL Enhances Its Cannabis Retail Operations Via Conclusion Of Superette Group's CCAA Proceedings

SNDL Inc. SNDL announced that, in the context of the Superette Group's proceedings under the Companies' Creditors Arrangement Act (Canada) (the "CCAA"), it has successfully closed the transaction contemplated by the agreement of purchase and sale dated August 29, 2022 (the "APS") and the approval and vesting order issued by the Ontario Superior Court of Justice (Commercial List) on December 20, 2022.

The Superette Group sells cannabis and non-cannabis branded merchandise and has furthered its market exposure and brand awareness through private-label cannabis offerings. Pursuant to the APS, certain of the Superette entities, including Superette Inc. and Superette Ontario Inc., have sold their right, title and interest in the:

• Purchased assets which includes the five Superette retail locations within Toronto and Ottawa;

• The intellectual property rights related to the Superette brand;

• The shares of Superette Ontario.

Pursuant to applicable laws and regulatory considerations, SNDL directed that the shares of Superette Ontario be transferred to Spirit Leaf Ontario Inc. ("SLO"). SNDL has entered into an option agreement with SLO to purchase all of the issued and outstanding shares of Superette Ontario if certain conditions are met, including compliance with regulatory considerations. The purchased assets were transferred to Superette Ontario to assist in operating the retail locations and the Superette IP was transferred to SNDL directly. Certain of the Superette IP will be licensed by SNDL to SLO to allow it to use the Superette brand in the retail locations.

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