Adriano Marchese
SNDL and Nova Cannabis have further extended the outside date to close their strategic partnership as they continue to wait for a final regulatory approval.
The two cannabis companies said Monday that the new outside date for the closing of their transaction is now Nov. 30.
“While all other provincial approvals have been received, the continued review by one provincial regulator has necessitated a further extension of the outside date for the closing of the previously-announced strategic partnership,” SNDL said.
SNDL and Nova first announced the strategic partnership in December of last year in which SNDL would transfer 26 cannabis stores to Nova, while SNDL would be responsible for management and administrative services with the retailer.
Part of the transaction also would include replacing a credit facility and returning 14.3 million Nova shares for cancellation.
SNDL and Nova also have extended the maturity date of Nova’s revolving credit facility with SNDL to Nov. 30.
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