Clark Wilson Advises Alcanna Special Committee on Arrangement Agreement with Sundial Growers


Clark Wilson represented the special committee of Alcanna Inc.’s board of directors on Alcanna’s recently announced transaction whereby Sundial Growers Inc. will acquire Alcanna for total consideration of approximately $346M.

The transaction delivers near term value creation for Alcanna shareholders and an opportunity to be part of a larger and significantly more liquid company. It also provides the opportunity to improve Sundial’s cash flow profile with expansion into liquor; enhances Sundial’s retail cannabis exposure with indirect investment in Nova Cannabis Inc,. a pure-play cannabis retail operator which is Alcanna’s TSX-listed controlled subsidiary; and provides synergies from a larger retail operation.

Alcanna (TSX: CLIQ) is Canada’s largest private sector liquor retailer operating 171 locations predominantly in Alberta. Alcanna’s strategic partner, in which it holds an approximately 63% equity interest, Nova Cannabis Inc (TSX:NOVC)., is one of Canada’s largest cannabis retailers. Sundial (NASDAQ: SNDL) is a licensed producer that crafts and cultivates small-batch cannabis using state-of-the-art indoor facilities.

The Alcanna special committee is comprised of Alcanna independent directors and was advised by a Clark Wilson team made up of Craig Hoskins, Ethan Minsky, Jun Ho Song, and Mani Saggu.