Canadian marijuana producer SNDL and retailer Nova Cannabis have mutually agreed to terminate the agreement they announced late last year to implement a strategic partnership.
However, the Alberta-based companies said in a news release that they’re committed to their “ongoing partnership under the management and administrative services agreement.”
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SNDL, headquartered in Calgary, is the majority shareholder of Edmonton-based Nova after the 2021 acquisition of Nova’s previous parent company, Alcanna.
In April 2023, the companies amended a 2022 plan, in which SNDL would transfer stores to Nova and return shares to the retail company for cancellation, among other things.
The amended terms aimed to increase the number of stores SNDL would transfer to Nova by an additional six locations, according to a research note written at the time by Matt Bottomley, an analyst for Toronto-based Canaccord Genuity.
The 2022 arrangement had anticipated the transfer of 26 cannabis
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