SNDL Inc. and Nova Cannabis Inc. announced the mutual decision to terminate the implementation agreement, dated December 20, 2022, as amended, concerning their previously announced strategic partnership. SNDL and Nova reaffirm their strong commitment to their ongoing partnership under the management and administrative services agreement.
"We are dedicated to building a consumer-centric, regulated products business model within a complex regulatory environment," said Zach George, Chief Executive Officer of SNDL. "The synergy between our companies has already demonstrated great results, and combined efforts and shared vision are key drivers in this journey towards market leadership. SNDL remains committed to being a strong financial partner to Nova, with a focus on fostering sustainable business growth and development."
In connection with the termination of the Implementation Agreement, SNDL and Nova have extended the maturity date of Nova's credit facility with SNDL to March 31, 2024.
The previously planned distribution of Nova common shares to SNDL shareholders in connection with the Transaction pursuant to the plan of arrangement approved by SNDL shareholders at its annual and special meeting of shareholders held on July 25, 2022, will not proceed at this time.
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