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Sundial Growers Closes CDN 131m Acquisition of Spiritleaf Retail Cannabis Network
Thursday 22 July 2021

Alberta-based cannabis company Sundial Growers Inc. (NASDAQ: SNDL) has closed the acquisition of all issued and outstanding shares of Canadian recreational cannabis company Inner Spirit Holdings Ltd. (CSE: ISH) (OTCQB: INSHF) and its Spiritleaf retail network for a total consideration of approximately CDN 131m (USD 107.5m), the company said.

Under the terms of the deal, Inner Spirit's shareholders will receive, for each Inner Spirit common share held, USD 0.30 in cash and 0.0835 of a Sundial common, for total consideration of USD 0.39 per Inner Spirit common share.

The purchase price of USD 0.39 per Inner Spirit common share represents a premium of 54.8% to the 10-day VWAP of Inner Spirit common shares on the Canadian Securities Exchange and a premium of 62.5% to the closing price of Inner Spirit common shares on the CSE on May 4, 2021.

The combination will enable Inner Spirit to further expand its position as a retail cannabis brand for customers and communities and will open up new market opportunities.

ATB Capital Markets is acting as financial advisor to Sundial. McCarthy Tétrault LLP is acting as legal counsel to Sundial. Echelon Capital Markets is acting as financial advisor to Inner Spirit. Burstall LLP is acting as legal counsel to Inner Spirit.
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Date Published: 22/07/2021

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