SNDL Announces Successful Bid to Purchase Indiva CALGARY, AB

SNDL Announces Successful Bid to Purchase Indiva

CALGARY, AB, Aug. 29, 2024 /CNW/ - SNDL Inc.

(Nasdaq: SNDL) ("SNDL" or the "Company") announced today that, in the context of proceedings pursuant

to Indiva Limited's ("Indiva") filing under the Companies' Creditors Arrangement Act (Canada) (the "CCAA")

and the sales and investment solicitation process, the stalking horse bid of SNDL has been chosen as the successful bid in the acquisition

of the Indiva business and assets (the "Transaction"), subject to approval by the Ontario Superior Court of Justice (Commercial

List)(the "Court") overseeing the CCAA proceedings.

SNDL's acquisition includes Indiva's state-of-the-art

facility in London, Ontario and a portfolio of leading owned and licensed brands including Pearls by Gr n, No Future, Wana, and Bhang

Chocolate. The Transaction is expected to enhance SNDL's product offerings and further solidify SNDL's position in the Canadian cannabis

"We are thrilled by the opportunity to partner

with our colleagues at Indiva to deliver high quality products and brands to consumers," said Zach George, SNDL's Chief Executive

Officer. "This transaction will materially improve our market share in the edibles category and is expected to unlock value through

improved capacity utilization, a reduction in aggregate corporate expenses, and the potential sale of redundant real estate holdings."

Indiva is a leading producer of cannabis edibles in

Canada and produces award-winning products across a wide range of brands, with a portfolio of 7 brands and 53 listed SKUs, all manufactured

in the Company's 40,000 square foot production facility on Hargrieve Road in south London, Ontario.

Indiva will seek approval for the Transaction from

the Court on or about September 19, 2024. The Transaction is subject to, among other things, the Court granting an approval and vesting

order and the Transaction receiving the approval of other regulatory authorities. The Transaction is anticipated to close during SNDL's

fourth quarter following the receipt of all such approvals.

McCarthy T trault LLP is acting as legal counsel

for SNDL, Bennett Jones LLP is acting as legal counsel for the Indiva Group, and Osler Hoskin & Harcourt LLP is acting as legal counsel

SNDL is a public company whose shares are traded on

the Nasdaq under the symbol "SNDL." SNDL is the largest private-sector liquor and cannabis retailer in Canada with retail banners

that include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, Spiritleaf, and Firesale Cannabis. SNDL is a licensed cannabis producer

and one of the largest vertically integrated cannabis companies in Canada specializing in low-cost biomass sourcing, premium indoor cultivation,

product innovation, low-cost manufacturing facilities, and a cannabis brand portfolio that includes Top Leaf, Contraband, Palmetto,

Bon Jak, Versus, Value Buds, and Vacay. SNDL's investment portfolio seeks to deploy strategic capital through direct and indirect investments

and partnerships throughout the North American cannabis industry. For more information on SNDL, please go to https://sndl.com/.

Forward-Looking Information Cautionary Statement

This news release includes statements containing certain

"forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward

looking statements in this release include, but are not limited to, the anticipated timing for closing of the Transaction, improvements

to the Company's market share, reduction in corporate expenses, potential sale of redundant real estate holdings, potential expansion

plans of the Company in Canada, the Company's ability to provide uninterrupted supply to its customer, and statements regarding the future

performance of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue",

"expect", "project", "intend", "believe", "anticipate", "estimate", "may",

"will", "potential", "proposed" and other similar words, or statements that certain events or conditions

"may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions

or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based

on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties

and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements,

whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

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For further information: For more information: Tomas Bottger, SNDL

Inc., O: 1.587.327.2017, E: investors@sndl.com

CNW 07:00e 29-AUG-24