CALGARY, AB, May 4, 2021 /CNW/ - Sundial Growers Inc. (NASDAQ:
SNDL) ("Sundial" or the "Company") announced that it has acquired
(the "Acquisition") more than 10% of the issued outstanding common
shares ("Common Shares") of The Valens Company Inc. ("Valens")
(TSX: VLNS) (OTCQX: VLNCF).
On May 3, 2021, Sundial acquired
538,400 Common Shares at a price of $3.663 per Common Share (the "Transaction") for
total consideration of $1.972
million. Immediately before the completion of the
Transaction, Sundial owned 15,501,800 Common Shares, representing
approximately 9.7% of the issued and outstanding Common Shares on a
non-diluted basis as at April 14,
2021. Following the completion of the Transaction, together
with all previous acquisitions of Common Shares by Sundial, the
Company now owns 16,040,200 Common Shares, representing
approximately 10.1% of the issued and outstanding Common Shares on
a non-diluted basis as at April 14,
2021. Sundial's average cost base for the Common Shares,
including those acquired in the Transaction, is $2.670 per Common Share.
The Company acquired the securities reported herein for
investment purposes. The Company may, depending on market and other
conditions, increase or decrease its beneficial ownership in
Valens' securities, whether in transactions over the open market,
by privately negotiated arrangements or otherwise, subject to a
number of factors, including general market conditions and other
available investment and business opportunities.
This news release is being issued to comply with National
Instrument 62-103 - The Early Warning System and Related Take-Over
Bid and Insider Reporting Issues. An early warning report regarding
these transactions has been filed on the System for Electronic
Document Analysis and Retrieval (SEDAR) at www.sedar.com under
Valens' issuer profile and may be obtained directly from Sundial
upon request at the telephone number below. Sundial's head office
is located at #300, 919 - 11th Avenue SW, Calgary, AB T2R 1P3. Valens' head office
address is 96 Spadina Avenue, Suite 400, Toronto, Ontario M5V 2J6.
About Sundial Growers Inc.
Sundial is a public company with Common Shares traded on Nasdaq
under the symbol "SNDL".
Sundial is a licensed producer that crafts cannabis using
state-of-the-art indoor facilities. Our 'craft-at-scale' modular
growing approach, award-winning genetics and experienced growers
set us apart.
Our Canadian operations cultivate small-batch cannabis using an
individualized "room" approach, with 448,000 square feet of total
available space.
Sundial's brand portfolio includes Top
Leaf, Sundial
Cannabis, Palmetto and Grasslands.
Our consumer-packaged goods experience enables us to not just
grow quality cannabis, but also to create
exceptional consumer and customer experiences.
We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds, AB,
and Rocky View County, AB.
Forward-Looking Information Cautionary
Statement
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"), including, but not
limited to, statements regarding the Company's potential further
investment in or divestment of Common Shares of Valens.
Forward-looking statements are frequently characterized by words
such as "plan", "continue", "expect", "project", "intend",
"believe", "anticipate", "estimate", "likely", "outlook",
"forecast", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions.
Various assumptions were used in drawing the conclusions or making
the projections contained in the forward-looking statements
throughout this news release. Forward-looking statements are based
on the opinions and estimates of management at the date the
statements are made and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. Please see "Item 3D Risk Factors" in
the Company's Annual Report on Form 20-F, which was filed with the
Securities and Exchange Commission ("SEC") on March 17, 2021, and the risk factors included in
our other SEC filings for a discussion of the material risk factors
that could cause actual results to differ materially from the
forward-looking information. The Company is under no obligation,
and expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
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SOURCE Sundial Growers Inc.