Nova comments on plan of arrangement involving Alcanna and Sundial Growers
EDMONTON, AB, January 7, 2022 / CNW / – Nova Cannabis Inc. (the “Society” Where “Nova“) (TSX: NOVC) commented today on Alcanna Inc.’s statement (“Alcanna“) (TSX: CLIQ) Extraordinary meeting of shareholders on January 7, 2022 (the “Meeting“) to adopt a plan of arrangement (the”Arrangement“) whereby Sundial Growers Inc. (“Sundial“) (NASDAQ: SNDL) would acquire all of the issued and outstanding common shares of Alcanna, the majority shareholder of Nova. At the Meeting, the Arrangement was approved by the required number of votes and, accordingly , Sundial may proceed with its agreement to acquire Alcanna, including its position as majority shareholder in Nova.
“Sundial’s financial depth and available capital, its demonstrated commitment to cannabis and cannabis retail, and its strong support for our value-driven business model make Sundial a compelling partner as we move into our next growth phase in the execution of our disruptive strategy ”, stated Darren karasiuk, CEO of Nova.
As of the date of this posting, the total number of Nova stores is seventy-four (74) and the company’s revenue continues to grow across the portfolio, including recently opened or converted stores. Nova remains committed to its expectations of having two hundred (200) stores open by the end of 2023.
Nova looks forward to working with Sundial and provincial regulators to ensure the company remains fully compliant with the various provincial regulatory frameworks that govern the retail sale of cannabis in Canada and remains committed to continuing to work with all of its licensed producer partners and industry stakeholders to deliver the products our customers want at everyday low prices.
ABOUT NOVA CANNABIS INC.
Nova Cannabis Inc. (TSX: NOVC) is one of the from Canada the largest and fastest growing cannabis retailers with the aim of disrupting the cannabis retail market by offering a wide range of high quality cannabis products at the best value for money of all days. The Company currently operates seventy-four (74) locations across Alberta, Ontario and Saskatchewan primarily under its Value Buds banner.
Additional information about Nova Cannabis Inc. is available at www.sedar.com and on the Company’s website at www.novacannabis.ca.
This press release contains information which, to the extent that it is not historical fact, may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws (collectively “”forward-looking statements“). Forward-looking statements are generally, but not always, identified by the use of words such as” continue “,” anticipate “,” will “,” expect “,” plan “,” be “,” objective “,” should “,” plan “,” intention “and similar words, including their negatives, or other similar expressions concerning matters which are not historical facts. All statements and information other than statements historical facts contained in this press release are forwarded forward-looking statements.
With respect to the forward-looking statements contained in this press release, the Company has made assumptions regarding, among other things: the Company’s ability to identify locations for, construct and open new stores and the associated costs; the availability of materials and equipment for these stores; government regulations and applicable laws will not change in a manner adverse to the Company; receiving regulatory approvals necessary to open new stores; the Company’s ability to secure leases for new locations and to attract the necessary personnel to operate new stores; demand for the products that the Company sells; other factors that will drive growth in Value Buds banner sales; availability of acquisition opportunities; sustainability of competitor activities and competition in the retail cannabis industry, including the illicit cannabis market; consumer demands; and the factors that influence consumer behavior.
While the Company believes that the expectations reflected in the forward-looking statements, and the assumption upon which such forward-looking statements are made, are reasonable, particularly in light of the unprecedented uncertainty as to the extent and impact of COVID-19, there can be no assurance that these expectations and assumptions will prove to be correct. Readers should not place undue reliance on any forward-looking statements contained in this press release. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties which may cause actual performance and financial results to differ materially from estimates, forecasts or projections. These risks and uncertainties include, among others, the duration and severity of the COVID-19 pandemic on the Company’s activities, operations and financial condition; the risk that Nova will not be able to execute its strategic plan and growth strategy as planned without significant negative impacts from various factors beyond its control; dependence on suppliers; delays or potential changes in plans regarding capital expenditures and availability of capital on acceptable terms; the risks inherent in the retail cannabis industry; competition for, among other things, customers, supply, capital and qualified personnel; changes in labor costs and markets; erroneous assessments of the value of acquisitions; general economic and political conditions in Canada (including Alberta, Saskatchewan and Ontario) and globally; industry conditions, including changes in government regulations; fluctuations in exchange rates or interest rates; unforeseen operating events; failure to obtain consents and approval from regulatory bodies and third parties when required; changes in tax and other laws that affect us and our shareholders; the potential failure of counterparties to honor their contractual obligations; volatility of stock markets; and other factors described in the Company’s public documents available at www.sedar.com. Readers are cautioned that this list of risk factors should not be considered exhaustive.
The forward-looking statements contained in this press release are made as of the date hereof. Unless expressly required by applicable securities legislation, Nova undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
SOURCE Nova Cannabis Inc.
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