EDMONTON, AB, Jan. 7, 2022 /CNW/ - Nova Cannabis Inc. (the
"Company" or "Nova") (TSX: NOVC) today issued
comments following Alcanna Inc.'s ("Alcanna") (TSX: CLIQ)
Special Meeting of Shareholders on January
7, 2022 (the "Meeting") to pass a Plan of Arrangement
(the "Arrangement") whereby Sundial Growers Inc.
("Sundial") (NASDAQ: SNDL) would acquire all of the issued
and outstanding common shares of Alcanna, Nova's majority
shareholder. At the Meeting, the Arrangement was approved by the
requisite number of votes and as a result, Sundial can proceed with
its agreement to acquire Alcanna including its majority shareholder
position in Nova.
"Sundial's financial depth and available capital, demonstrated
commitment to cannabis and cannabis retail, and strong support for
our value-focused business model makes Sundial a compelling partner
as we enter our next phase of growth in executing on our disruptive
strategy," said Darren Karasiuk, CEO
of Nova.
As at the date of this release, Nova's total store count is
seventy-four (74) and the Company's revenue continues to grow
across the portfolio, inclusive of stores only recently opened or
converted. Nova remains committed to its expectation of having two
hundred (200) stores opened by the end of 2023.
Nova looks forward to working with Sundial and the provincial
regulators to ensure the Company remains fully compliant with the
various provincial regulatory frameworks that govern cannabis
retailing in Canada and remains
committed to continuing to work with all of its Licenced Producer
partners and industry stakeholders in providing the products our
customers want at every-day low prices.
ABOUT NOVA CANNABIS INC.
Nova Cannabis Inc. (TSX: NOVC) is one of Canada's largest and fastest growing cannabis
retailers with a goal to disrupt the cannabis retail market by
offering a wide range of high-quality cannabis products at
every-day best value prices. The Company currently operates
seventy-four (74) locations across Alberta, Ontario and Saskatchewan primarily under its Value Buds
banner.
Additional information about Nova Cannabis Inc. is available at
www.sedar.com and the Company's website at
www.novacannabis.ca.
FORWARD LOOKING STATEMENTS
This news release contains information that, to the extent that
they are not historical fact, may constitute "forward-looking
information" or "forward looking statements" within the meaning of
applicable securities legislation (collectively "forward-looking
statements"). Forward-looking statements are typically,
but not always, identified by the use of words such as "continue",
"anticipate", "will", "expect", "project", "to be", "objective",
"should", "plan", "intention", and similar words, including
negatives thereof, or other similar expressions concerning matters
that are not historical facts. All statements and information other
than statements of historical fact contained in this news release
are forward-looking statements.
With respect to forward-looking statements contained in this
news release, the Company has made assumptions regarding, among
other things: the Company's ability to identify locations for,
construct and open, new stores and the costs related thereto; the
availability of hardware and equipment for those stores; government
regulations and applicable laws will not change in a manner adverse
to the Company; receipt of necessary regulatory approvals to open
new stores; the Company's ability to obtain leases for new sites
and attract the necessary personnel to operate new stores; demand
for the products the Company sells; other factors that will drive
sales growth in the Value Buds banner; availability of acquisition
opportunities; sustainability of competitors' businesses and
competition in the retail cannabis industry, including from the
illicit cannabis market; consumer demands; and factors that
influence consumer behaviour.
Although the Company believes the expectations reflected in the
forward-looking-statements, and the assumption on which such
forward-looking statement are made, are reasonable, especially
given the unprecedented uncertainty of the full extent and impact
of COVID-19, there can be no assurance that such expectations and
assumptions will prove to be correct. Readers should not place
undue reliance on forward-looking-statements included in this news
release. Forward-looking statements are not guarantees of future
performance and involve a number of risks and uncertainties that
may cause actual performance and financial results to differ
materially from any estimates, forecasts or projections. These
risks and uncertainties include, among other things, the duration
and severity of the COVID-19 pandemic on the business, operations
and financial condition of the Company; the risk that Nova will be
unable to execute its strategic plan and growth strategy as planned
without significant adverse impacts from various factors beyond its
control; dependence on suppliers; potential delays or changes in
plans with respect to capital expenditures and the availability of
capital on acceptable terms; risks inherent in the retail cannabis
industry; competition for, among other things, customers, supply,
capital and skilled personnel; changes in labour costs and markets;
incorrect assessments of the value of acquisitions; general
economic and political conditions in Canada (including Alberta, Saskatchewan and Ontario), and globally; industry conditions,
including changes in government regulations; fluctuations in
foreign exchange or interest rates; unanticipated operating events;
failure to obtain regulatory and third-party consents and approval
when required; changes in tax and other laws that affect us and our
shareholders; the potential failure of counterparties to honour
their contractual obligations; stock market volatility; and the
other factors described in the Company's public filings available
at www.sedar.com. Readers are cautioned that this list of risk
factors should not be construed as exhaustive.
The forward-looking statements contained in this news release
are made as of the date hereof. Except as expressly required by
applicable securities legislation, Nova does not undertake any
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. The forward-looking statements contained in this news
release are expressly qualified by this cautionary statement.
SOURCE Nova Cannabis Inc.