Canadian marijuana company SNDL closed its purchase of five Superette cannabis stores in Ontario as part of a deal arranged through Superette’s proceedings under the country’s insolvency law.
SNDL did not disclose the value of its acquisition of the stores in Ottawa and Toronto.
Calgary, Alberta-based SNDL had put in a stalking-horse bid on Superette’s assets in late August 2022 as part of proceedings under Canada’s Companies’ Creditors Arrangement Act (CCAA).
In addition to the five stores, SNDL gained “intellectual property rights related to the Superette brand,” according to SNDL’s Tuesday news release.
“The Superette retail locations are complementary to SNDL’s current cannabis retail and margin strategy and provide a differentiated retail experience to enhance the company’s market coverage and consumer reach,” the release noted.
The Superette locations are among 26 marijuana stores that will be transferred to Nova Cannabis as part of a deal between SNDL and Nova announced in December 2022, an SNDL spokesperson confirmed to MJBizDaily.
That deal is expected to close in May.
CCAA filings and subsequent acquisitions have become common among distressed companies in the Canadian cannabis industry.
Shares of SNDL trade on the Nasdaq exchange.