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Sundial Growers Shares up 20% on News of Alcanna Deal

Dow Jones Newswires ·  Oct 8, 2021 06:50

By Stephen Nakrosis

Shares of cannabis company Sundial Growers Inc. are trading higher in Thursday's after-hours market, following news the company agreed to acquire Alcanna Inc. in an all-stock deal with a total consideration of about C$346 million.

Alcanna is a liquor retailer operating 171 locations predominantly in Alberta whose majority-owned subsidiary is Canadian cannabis retailer Nova Cannabis Inc.

At 6:43 p.m. ET, Sundial shares were trading 20% higher, at 77 cents a share. Volume at the time topped 8.7 million shares.

The stock finished the day's regular session on the Nasdaq with a 2.13% gain, closing at 64 cents a share.

Year to date, the stock is up more than 36%.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

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