Calgary-based Sundial Growers Inc. announced that it has entered into an arrangement agreement to acquire alcohol retailer, Alcanna Inc.
The $346-million deal will give 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 Inc., which operates 62 cannabis stores in Alberta, Saskatchewan and Ontario.
“This made-in-Alberta transaction allows Sundial to further its mission to own the customer relationship and deliver sustainable value to shareholders,” said Zach George, CEO of Sundial. “Alcanna’s value-focused model in liquor retailing has created market stability and we believe that the replication of this playbook in cannabis has strong potential to drive a similar result.”
The Transaction will be carried out by way of a court-approved plan of arrangement under the Canada Business Corporations Act, pursuant to which Sundial will acquire all of the issued and outstanding Alcanna shares. Alcanna’s shareholders will receive, for each Alcanna common share held, 10.69 common shares of Sundial.
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