RapidEye
SNDL (NASDAQ:SNDL) has decided to acquire Indiva Limited (OTCPK:NDVAF), a leading Canadian producer of cannabis edibles that is currently undergoing a court-cleared process to structure its business under bankruptcy protection.
Late Friday, SNDL announced a purchase agreement with the London, Ontario-headquartered firm under which it will purchase “all of the issued and outstanding shares of Indiva and the business and assets of the Indiva Group.”
Consideration comprises cash, ownership of certain Indiva Group liabilities, and legal costs related to the company’s ongoing court proceedings regarding its business arrangement.
The transaction made as part of a sales process linked to the business arrangement will be finalized by the court if there are no other bidders for the business. The sales process is expected to conclude by September 30, 2024.
Concurrently, SNDL (SNDL) announced Friday the acquisition of debt owned by Delta 9 Cannabis (OTCPK:DLTNF), a Vancouver, Canada-based vertically integrated cannabis company, for C$28.1M.
Following the deal dated July 5, the company became Delta 9’s senior secured creditor, and its total indebtedness, owing to SNDL (SNDL), reached C$40.7M.