SNDL Adds Low-Cost Indoor Growing With International Export Capabilities
Calgary, Alberta, November 1, 2022 /PRNewswire/ – SNDL Inc. (Nasdaq: SNDL) (“SNDL” or “Company“) today announced (Canada) (“CCAA“), Order of Approval of the High Court of Quebec (“court”).
“In preparation for Xenavis’ exit from the CCAA process, our investment team is working closely with Zenavis’ monitors and leadership to plan the integration of the two businesses. Zach George, CEO of SNDL. “As a result of the transaction, SNDL will acquire an indoor grow facility with significant capacity and proven results, significant monetizable cannabis inventory, and valuable non-core real estate assets. We look forward to taking advantage of the opportunities this acquisition provides.”
A core asset of the Zenabis business is a 380,000 square foot indoor growing facility. Athollville, New Brunswick, has an annual production capacity of approximately 46,000 kilograms of dried cannabis and 15,000 kilograms of extraction capacity.The facility was previously EU GMP certified and has Malta, Israel When AustraliaSNDL completed its first international shipment of dried cannabis flowers in August 2022 and as the company works to expand its international export business, Assolville The customer relationships between facilities and the Xenabis business are valuable assets.
The company acquired over 22 million grams of cannabis inventory. This will reduce short-term cultivation requirements and is expected to be monetized through wholesale trade, international exports and sales of branded products, partly through SNDL’s network of 185 retail outlets. Non-core assets of the Zenabis business include a 255,000 square foot industrial facility. stellaton, nova scotia, which is under non-binding negotiation for sale by SNDL. Certain intellectual property rights to the Zenabis brand and cannabis strains have also been acquired.
The court orders the acquisition by a wholly-owned subsidiary of SNDL of all issued and outstanding shares of Zenabis Ltd., a corporation resulting from the merger of selected Zenabis entities (collectively, the “Zenabis Group”). approved. Consideration for the senior secured debt of the Zenavis Group by the SNDL subsidiary. Zenabis Ltd. owns all assets of the Zenabis Group’s business (the “Zenabis Business”) subject to certain exclusions and subject to certain permitted liability (i.e. security, storage It had been).
advisor
McCarthy Tétrault LLP acted as legal advisor to SNDL. Ernst & Young Inc. served as Zenabis Group monitor for his CCAA Proceedings, OslerHoskin & Harcourt LLP.
About SNDL Inc.
SNDL is a public company and its shares are traded on the Nasdaq under the symbol “SNDL”.
SNDL is the largest private sector liquor and cannabis retailer. Canada Use retail banners such as Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, Spiritleaf. SNDL is a licensed cannabis grower and uses state-of-the-art indoor facilities to supply wholesale and retail customers under its portfolio of cannabis brands including Top Leaf, Sundial Cannabis, Palmetto, Spiritleaf Selects and Grasslands. . SNDL’s investment portfolio aims to deploy strategic capital through direct and indirect investments and partnerships across the global cannabis industry.
For more information on SNDL, please visit https://www.sndl.com/.
Forward-Looking Statements
This news release contains statements that contain certain “forward-looking information” within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements in this release include, but are not limited to, annual production volumes and future company expansion plans. Canada statements regarding our ability to provide uninterrupted supply to our customers internationally and our future performance; Forward-looking statements “plan,” “continue,” “expect,” “plan,” “intend,” “believe,” “expect,” “estimate,” “may is often characterized by words such as “”, “to plan”. , “potential,” “proposed,” and other similar words, or statements that a particular event or condition “could occur” or “will occur.” These statements are just predictions. Throughout this news release, various assumptions have been used in forming the conclusions or projections contained in the forward-looking statements. Forward-looking statements are based on management’s opinions and estimates at the time the statements were made and are subject to various risks and uncertainties that could cause actual events or results to differ materially from future projections. Subject to possible other factors. -A look statement. We undertake no obligation, and disclaim 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. Explicitly deny.
Source Sundial Growers Inc.
