Press release
SNDL Expands Retail Network via Conclusion of Superette Group's CCAA Proceedings
CALGARY, AB, Feb. 7, 2023 /PRNewswire/ - SNDL Inc. (Nasdaq: SNDL) ("SNDL" or the "Company") announced today that, in the context of the Superette Group's (as
About this update from Sndl Inc.
[{"type":"text","content":"CALGARY, AB, Feb. 7, 2023 /PRNewswire/ - SNDL Inc. (Nasdaq: SNDL) (\"SNDL\" or the \"Company\") announced today that, in the context of the Superette Group's (as defined below) proceedings under the Companies' Creditors Arrangement Act (Canada) (the \"CCAA\"), it has successfully closed the Transaction (as defined below) contemplated by the agreement of purchase and sale dated August 29, 2022 (as amended and restated on December 12, 2022) (the \"APS\") and the approval and vesting order issued by the Ontario Superior Court of Justice (Commercial List) (the \"Court\") on December 20, 2022.\n\n \n \n \n \n \n \n\n \n\"We are pleased with the conclusion of the CCAA proceedings and are excited by the opportunity to bring stability to the Superette Group's business. As industry challenges persist, we see strategic opportunities to grow our retail banners through M&A activity where appropriate within our cannabis retail portfolio,\" said Zach George, Chief Executive Officer of SNDL. \"Superette has received global recognition with its creative approach to retail and experiential and community-based marketing initiatives. The SNDL team is delighted to welcome the Superette brand to further enhance our cannabis retail operations and offerings while increasing our exposure in the Ontario market.\"\nThe Superette Group sells cannabis and non-cannabis branded merchandise and has furthered its market exposure and brand awareness through private-label cannabis offerings. Pursuant to the APS, certain of the Superette entities, including Superette Inc. and Superette Ontario Inc. (\"Superette Ontario\") (together, the \"Superette Group\"), have sold their right, title and interest in the: (i) Purchased Assets (as defined in the APS) which includes the five Superette retail locations within Toronto and Ottawa; (ii) the intellectual property rights related to the Superette brand (the \"Superette IP\"); and (iii) the shares of Superette Ontario (collectively, the \"Transaction\").\nPursuant to applicable laws and regulatory considerations, SNDL directed that the shares of Superette Ontario be transferred to Spirit Leaf Ontario Inc. (\"SLO\"). SNDL has entered into an option agreement with SLO to purchase all of the issued and outstanding shares of Superette Ontario if certain conditions are met, including compliance with regulatory considerations....