CALGARY, Alberta, Aug. 29, 2024 – PRESS RELEASE – SNDL Inc. announced that, in the context of proceedings pursuant to Indiva Limited's (Indiva) filing under the Companies' Creditors Arrangement Act (Canada) (CCAA) and the sales and investment solicitation process, the stalking horse bid of SNDL has been chosen as the successful bid in the acquisition of the Indiva business and assets (the "transaction"), subject to approval by the Ontario Superior Court of Justice (Commercial List)(the "court") overseeing the CCAA proceedings.
SNDL's acquisition includes Indiva's state-of-the-art facility in London, Ontario, and a portfolio of leading owned and licensed brands including Pearls by Grön, No Future, Wana, and Bhang Chocolate. The transaction is expected to enhance SNDL's product offerings and further solidify SNDL's position in the Canadian cannabis market.
"We are thrilled by the opportunity to partner with our colleagues at Indiva to deliver high quality products and brands to consumers," SNDL CEO Zach George said. "This transaction will materially improve our market share in the edibles category and is expected to unlock value through improved capacity utilization, a reduction in aggregate corporate expenses, and the potential sale of redundant real estate holdings."
Indiva is a leading producer of cannabis edibles in Canada and produces award-winning products across a wide range of brands, with a portfolio of seven brands and 53 listed SKUs, all manufactured in the company's 40,000-square-foot production facility on Hargrieve Road in South London.
Indiva will seek approval for the transaction from the court on or about Sept. 19, 2024. The transaction is subject to, among other things, the court granting an approval and vesting order and the transaction receiving the approval of other regulatory authorities. The transaction is anticipated to close during SNDL's fourth quarter following the receipt of all such approvals.
