Canadian cannabis operator SNDL paid 32.2 million Canadian dollars (roughly $23 million) for 32 stores in three provinces.
SNDL, which also owns liquor brands, will acquire 27 1CM stores in Ontario, three in Saskatchewan and two in Alberta, according to a Thursday news release.
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The deal is subject to conditions that include court and regulatory approval, the release noted, and 1CM shareholders must approve the acquisition at a special meeting expected to be held in June.
If all the required approvals occur, the deal is expected to close by the end of the third quarter.
SNDL’s acquisition of 1CM comes only weeks after the company acquired a roughly 5.4% stake in High Tide, which operates Canada’s largest cannabis retail chain.
The 1CM
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