Alcanna Changes Liquor Division Management and Reorganizes Corporate Structure by Purchasing the Canadian Liquor Retailers Alliance Interest From Ace Liquor - Seite 2

“My partners in Ace and I are excited to be able to participate in all of Alcanna and be totally aligned with our now fellow shareholders in the company," added Tank Vander. "Obviously, we would not have agreed to this transaction if we didn’t have a strong belief in the future of the industry in general and Alcanna especially.”

Over the course of 2019, Mr. Vander led the successful development of the Alliance's discount liquor business, which included the re-branding of stores contributed to the Alliance by an Alcanna subsidiary and the acquisition of 28 stores and 2 leased locations from Solo Liquor via a court-appointed receiver. 

The Board of Directors of the Company has reviewed and unanimously approved the terms of the Exchange Agreement and the transactions contemplated thereby.  

The completion of the transaction is subject to receiving approval from the Toronto Stock Exchange to list the Shares to be issued to Ace.

Concurrent with the closing of the transaction, Ace and Alcanna will enter into a lock-up agreement pursuant to which Ace will agree not to dispose of any of the Shares for a period of two years, subject to certain exceptions. 

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 254 locations in Alberta, British Columbia and Alaska. The Company also operates cannabis retail stores under the “Nova Cannabis” brand, with locations in the Provinces of Alberta and Ontario. With revenues in excess of $700 million per year, Alcanna processes over 20 million individual retail transactions of beverage alcohol and cannabis.

Alcanna's common shares and convertible subordinated debentures trade on the Toronto Stock Exchange under the symbols "CLIQ" and "CLIQ.DB", respectively.

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

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “believe”, “intend”, “anticipate”, "will", "should", “plan”, “expect” and similar words suggesting future events or future performance. All statements and information other than statements of historical fact contained in this news release are forward-looking statements. In particular, this news release contains forward-looking statements pertaining to the anticipated closing of the transaction to acquire Ace's partnership interests in the Alliance in consideration for the Shares, the TSX's approval of the listing of the Shares and the entering into of the lock-up agreement.  Although the Company believes that the expectations reflected in the forward-looking statements, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations and assumptions will prove to be correct. Readers should not place undue reliance on forward-looking statements included in this news release. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that may cause actual performance and financial results to differ materially from any estimates, forecasts or projections. These risks and uncertainties include, among other things, the risk that the necessary approval from the TSX will not be obtained, and the other factors described in the Company’s public filings (including the Annual Information Form) available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking statements contained in this news release are made as of the date hereof. Except as expressly required by applicable securities legislation, Alcanna does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.