CALGARY, AB – In the context of proceedings pursuant to Indiva Limited’s filing under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”) and the sales and investment solicitation process, the stalking horse bid of SNDL was chosen as the successful bid in the acquisition of the Indiva business and assets, subject to approval by the Ontario Superior Court of Justice (Commercial List) overseeing the CCAA proceedings.
SNDL’s acquisition includes Indiva’s state-of-the-art facility in London, Ontario, and a portfolio of leading owned and licensed brands including Pearls by Grön, No Future, Wana, and Bhang Chocolate. The Transaction is expected to enhance SNDL’s product offerings and further solidify SNDL’s position in the Canadian cannabis market.
“We are thrilled by the opportunity to partner with our colleagues at Indiva to deliver high quality products and brands to consumers,” said Zach George, SNDL’s Chief Executive Officer. “This transaction will materially improve our market share in the edibles category and is expected to unlock value through improved capacity utilization, a reduction in aggregate corporate expenses, and the potential sale of redundant real estate holdings.”
Indiva is a leading producer of cannabis edibles in Canada and produces award-winning products across a wide range of brands, with a portfolio of 7 brands and 53 listed SKUs, all manufactured in the Company’s 40,000 square foot production facility on Hargrieve Road in south London, Ontario.
Indiva will seek approval for the Transaction from the Court on or about September 19, 2024. The Transaction is subject to, among other things, the Court granting an approval and vesting order and the Transaction receiving the approval of other regulatory authorities. The Transaction is anticipated to close during SNDL’s fourth quarter following the receipt of all such approvals.
Advisors
McCarthy Tétrault LLP is acting as legal counsel for SNDL, Bennett Jones LLP is acting as legal counsel for the Indiva Group, and Osler Hoskin & Harcourt LLP is acting as legal counsel for the Monitor.
ABOUT SNDL INC.
SNDL is a public company whose shares are traded on the Nasdaq under the symbol “SNDL.” The company’s retail banners 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.
