Delta 9 Cannabis Inc. (DLTNF), a Canada-based marijuana grower and retailer, just closed a deal to acquire 17 stores in Alberta from Sundial Growers Inc. (SNDL).
Delta 9 paid $12.5M CAD in cash, plus roughly 6.7 million Delta 9 common shares, for the stores that operate under the Uncle Sam’s Cannabis and Discounted Cannabis banners.
In a statement, Delta 9 CEO John Arbuthnot said that the company now owns 34 cannabis retail locations. In addition, the company is pursuing “an aggressive growth strategy to actively acquire cannabis retail stores that will provide meaningful revenue growth and positive adjusted EBITDA.”
He added that the newly closed credit facility “improves Delta 9’s financial position, lowers our cost of capital, and provides funds for the purchase of the 17 Uncle Sam’s cannabis retail store acquisition.”