SNDL Inc. and Nova Cannabis Inc. announced that while all other provincial approvals have been received, the continued review by one provincial regulator has necessitated a further extension of the outside date for the closing of the previously announced strategic partnership. SNDL and Nova anticipate that the transaction will close on or before September 30, 2023, subject to receipt of regulatory approval and the amendment to certain terms of the transaction that are mutually satisfactory to SNDL and Nova.
"SNDL and Nova recently participated in constructive discussions with the regulatory body responsible for final approval," stated Marcie Kiziak, CEO of Nova. "The conversation was productive, and we are confident in the transaction's timely progression. SNDL and Nova remain committed to navigating through these processes with transparency and diligence, ensuring the best outcome for all parties involved."
In addition, SNDL and Nova have extended the maturity date of Nova's revolving credit facility with SNDL to September 30, 2023.
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