April 1, 2022 By Grow Opportunity staff
Calgary-based cannabis producer Sundial Growers Inc. has completed its acquisition of alcohol retailer Alcanna Inc.
Alcanna’s majority-owned subsidiary Nova Cannabis Inc. owns or operates a total of 78 cannabis retail stores in Alberta, Saskatchewan, and Ontario.
First announced in October 2021, the $320-million deal gives Sundial access to Alcanna’s 171 locations (predominantly in Alberta) under its three retail brands – Wine and Beyond, Liquor Depot, and Ace Liquor. Sundial will also take over Alcanna’s strategic partnership with Nova Cannabis.
“Combined with Sundial’s Spiritleaf retail operations, Sundial now owns or operates Canada’s largest cannabis retail network with more than 180 locations,” Sundial officials said in a March 31 news release.
“We are developing a business model that has never existed at this scale in Canada, and are committed to continuously improving our business while delighting consumers,” Sundial CEO Zach George said in the release. “While the Alcanna transaction initially appears to be a step towards diversification and vertical integration, we expect to bring focus and specialization to the model as the cannabis industry evolves, including, for example, through potential spinoffs and consolidation of synergistic assets into pure-play businesses.”
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