Canadian retailer Nova Cannabis to issue up to CA$20 million in shares

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Nova Cannabis Inc. is in the business of operating retail cannabis outlets in Canada, with a particular emphasis on the market for cannabis used for recreational purposes. As of the 31st of March in the year 2022, the corporation had 78 cannabis outlets operating across the provinces of Alberta, Ontario, and Saskatchewan.

The company’s headquarters are located in Edmonton, Alberta, Canada.Alcanna Inc. has a wholly owned subsidiary known as Nova Cannabis Inc. Retailer of cannabis products on a nationwide scale, Nova Cannabis Inc. We do the majority of our business under the Value Buds name, which has a straightforward objective: to provide cannabis consumers with attractive value.

By providing high-quality cannabis products, in convenient locations, at everyday cheap rates, our mission is to draw in new customers, expand our existing customer base, and keep our existing customers as loyal as possible. The Canadian marijuana retail chain Nova Cannabis has stated that they will be issuing up to 20 million Canadian dollars ($15.5 million) worth of shares in the future through an offering of shares on the market.

Canadian retailer Nova Cannabis to issue up to CA$20 million in shares

According to a statement made by Nova in a press release, the company’s shares were going to be put up for sale at the prices that were currently being offered on the market. According to a prospectus supplement that was filed on Friday, Nova plans to use the proceeds from any share offerings “to finance future growth opportunities including acquisitions and investments, to finance our capital expenditures, to reduce our outstanding indebtedness, for working capital purposes or for general corporate purposes.”

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Nova has stated that it either owns or operates 81 cannabis outlets across the provinces of Alberta, Ontario and Saskatchewan at the present time. There is only one site of Sweet Tree Cannabis Co. in the province of Saskatchewan. However, the majority of those stores operate under the bargain name Value Buds.

Canadian retailer Nova Cannabis to issue up to CA$20 million in shares

As a consequence of Sundial Growers’ purchase of Alcanna, the retail establishment Nova, which is located in Edmonton, Alberta, is now majority-owned by Sundial Growers. For the fiscal quarter that ended on March 31, Nova reported a net loss of CA$3.5 million, which included CA$1.6 million in expenses linked to the completion of Sundial’s acquisition of Alcanna.

On the Toronto Stock Exchange, Nova’s shares are listed under the ticker symbol NOVC.

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