{"id":11388,"date":"2023-12-13T19:48:19","date_gmt":"2023-12-13T19:48:19","guid":{"rendered":"https:\/\/lendingsensibly.com\/investment\/sndl-nova-cannabis-mutually-terminate-implementation-deal-for-strategic-partnership\/"},"modified":"2023-12-13T19:48:19","modified_gmt":"2023-12-13T19:48:19","slug":"sndl-nova-cannabis-mutually-terminate-implementation-deal-for-strategic-partnership","status":"publish","type":"post","link":"https:\/\/lendingsensibly.com\/?p=11388","title":{"rendered":"SNDL, Nova Cannabis Mutually Terminate Implementation Deal for Strategic Partnership"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"MW-BT-CO-20231117-708075\" role=\"document\">\n<p>By Stephen Nakrosis<\/p>\n<pre><\/pre>\n<p>SNDL and Nova Cannabis said Friday they have mutually agreed to terminate the implementation agreement concerning their previously-announced strategic partnership.<\/p>\n<p>The companies also said they reaffirmed commitment to their ongoing partnership under a management and administrative services agreement.<\/p>\n<div class=\"paywall\">\n<p>The terms of the deal, which was announced in December of last year, called for SNDL to vend into Nova&#8217;s cannabis retail business 26 cannabis retail stores located in Ontario and Alberta which operated under the Spiritleaf and Superette banners. Nova would have been permitted to use SNDL&#8217;s brands&#8217; intellectual property and other intangible property in exchange for a license fee, the companies said.<\/p>\n<p>Other terms included the elimination of a $15 million revolving credit facility by SNDL, and the return of about 14.3 million common shares by SNDL to Nova&#8217;s treasury for cancellation.<\/p>\n<p>&#8220;In connection with the termination of the Implementation Agreement, SNDL and Nova have extended the maturity date of Nova&#8217;s credit facility with SNDL to March 31, 2024,&#8221; the companies said.<\/p>\n<p>They also said a previously planned distribution of Nova common shares to SNDL shareholders will not proceed at this time.<\/p>\n<pre><\/pre>\n<p>Write to Stephen Nakrosis at stephen.nakrosis@wsj.com<\/p>\n<pre><\/pre>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/sndl-nova-cannabis-mutually-terminate-implementation-deal-for-strategic-partnership-3e33918b?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Stephen Nakrosis SNDL and Nova Cannabis said Friday they have mutually agreed to terminate the implementation agreement concerning their previously-announced strategic partnership. The companies also said they reaffirmed commitment to their ongoing partnership under a management and administrative services agreement. The terms of the deal, which was announced in December of last year, called for SNDL to vend into Nova&#8217;s cannabis retail business 26 cannabis retail stores located in Ontario and Alberta which operated under the Spiritleaf and Superette banners. Nova would have been permitted to use SNDL&#8217;s brands&#8217; intellectual property and other intangible property in exchange for a<\/p>\n","protected":false},"author":1,"featured_media":322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-11388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SNDL, Nova Cannabis Mutually Terminate Implementation Deal for Strategic Partnership | LendingSensibly<\/title>\n<meta name=\"description\" content=\"By Stephen Nakrosis SNDL and Nova Cannabis said Friday they have mutually agreed to terminate the implementation agreement concerning their\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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