Canadian marijuana producer SNDL will buy the remaining shares of retailer Nova Cannabis Inc. for about 40 million Canadian dollars ($29.1 million), the Alberta-based companies announced Tuesday.
SNDL’s newly acquired shares amount to about 34.8% of Nova’s stock.
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Nova shareholders can receive either $1.75 in cash or 0.58 of a common share of SNDL for each of their Nova shares, subject to proration and a maximum of 50% of the aggregate consideration payable in SNDL shares.
Shares of SNDL trade on the Nasdaq.
In November 2023, SNDL and Nova announced they had canceled a strategic partnership that would have seen SNDL offload 26 stores to Nova.
Instead, Calgary-based SNDL retained majority ownership in Edmonton-based Nova and retained a “an administrative services agreement”
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