Cannabis LP Sundial closes acquisition of Spiritleaf retail chain
Published on July 22, 2021 by oz. staff
Sundial officially owns Spiritleaf.
The Calgary-based licensed producer completed the $131 million deal this week to acquire Canada’s largest cannabis retail network, Inner Spirit Holdings.
Sundial CEO Zach George says the company will use data collected by Spiritleaf to make key business decisions and help guide its product offerings.
“The acquisition of the Spiritleaf cannabis retail network makes Sundial a stronger and more diverse cannabis company,” says George, adding the deal helps provide a clear path to sustainable profitability for the LP.
Sundial’s brand portfolio includes Top Leaf, Sundial Cannabis, Palmetto and Grasslands.
Spiritleaf has opened more than 100 stores across six provinces.
Meanwhile, Spiritleaf president and CEO Darren Bondar says selling to Sundial is the best path forward for Inner Spirit shareholders.
“I know our brand and our people are in good hands with Sundial and this transaction, along with our loyal customer base, will further entrench the Spiritleaf brand as a leading retailer in Canada while enhancing Sundial’s path to profitability,” he says.
Sundial trades on Nasdaq under the symbol ‘SNDL’.