Alcanna Reports Third Quarter Financial Results

EDMONTON, Alberta, Nov. 12, 2021 (GLOBE NEWSWIRE) -- Alcanna Inc. (the "Company" or "Alcanna") (TSX: CLIQ) today reported its financial results for the three and nine months ended September 30, 2021.

Third Quarter Financial Results

   -- For the third quarter of 2021, Alcanna's same-store liquor sales from 
      continuing operations was $145.4 million, 5.1% lower than Q3 2020 but an 
      increase of 7.1% from Q3 2019. 
   -- The operating profit before depreciation, remeasurements and provisions 
      for the Company's Liquor and Corporate Segments for the three months 
      ended September 30, 2021 was $10.4 million compared to $13.9 million in 
      Q3 2020 and $7.2 million for Q3 2019. 

The Company's condensed interim consolidated financial statements and management's discussion and analysis ("MDA") for the three and nine months ended September 30, 2021 will be available in the "Investor Centre -- Financial Reports" section of the Company's website at www.alcanna.com and will be filed on SEDAR and available at www.sedar.com.

FINANCIAL RESULTS

                     Three months ended           Nine months ended 
                        September 30,                September 30, 
---------------  --------------------------  ---------------------------- 
(In thousands 
of Canadian 
dollars except 
per share 
amounts,           2021           2020         2021             2020 
unaudited)           $              $            $                $ 
---------------  ---------   --------------  --------      -------------- 
                             (Restated)((i)                  (Restated)((i) 
                                   ()                                    () 
Sales              184,646          176,965   515,823             498,703 
Operating 
 profit before 
 depreciation, 
 remeasurements 
 and 
 provisions          9,344           15,957    21,441              34,433 
Net (loss) 
 earnings from 
 continuing 
 operations         (3,722)           1,112   (18,896)                121 
---------------  ---------   --------------  --------      -------------- 
Basic and 
 diluted (loss) 
 earnings per 
 share from 
 continuing 
 operations          (0.04)            0.03     (0.37)               0.01 
---------------  ---------   --------------  --------      -------------- 

i) The financial results for the three and nine months ended September 30, 2020 have been restated to exclude the results of the Company's discontinued operations comprised of the British Columbia operations, which have been disposed as part of the Company's coordinated plan to exit the British Columbia convenience-format retail liquor store business.

Since the March 22, 2021 spin out of Alcanna's retail cannabis business into a separate publicly traded company, Nova Cannabis Inc., the Company indirectly participates in the retail cannabis business through its approximately 63% ownership of Nova. As a result of this majority investment, Alcanna must consolidate the financial results of both companies as per accounting practices. For discussion of Nova's financial results, business updates and outlook, refer to Nova's management's discussion and analysis for the three and nine months ended September 30, 2021 at www.novacannabis.ca.

ABOUT ALCANNA INC.

Alcanna is one of the largest private sector retailers of alcohol in North America and the largest in Canada by number of stores -- operating 170 locations in Alberta and British Columbia. The Company's majority-owned subsidiary, Nova Cannabis Inc. (TSX: NOVC), also operates 71 retail cannabis stores in Alberta, Ontario and Saskatchewan.

Alcanna's common shares trade on the Toronto Stock Exchange under the symbol "CLIQ".

Additional information about Alcanna Inc. is available at www.sedar.com and the Company's website at www.alcanna.com.

For Further Information

James Burns

Vice Chair and Chief Executive Officer

Alcanna Inc.

(587) 460-1026