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Alcanna Responds to Recent Trading Activity

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EDMONTON, AB, Sept. 15, 2021 /CNW/ - Alcanna Inc. (the "Company" or "Alcanna") (TSX: CLIQ) is issuing this press release in response to a request received from The Investment Industry Regulatory Organization of Canada ("IIROC"), on behalf of the Toronto Stock Exchange, based on recent trading activity in the common shares of the Company. While it is the Company's policy not to comment on market activity, Alcanna confirms that it is in early-stage discussions with another company with respect to a potential transaction.

Alcanna regularly reviews and evaluates strategic opportunities, whether acquisitions, divestitures, partnerships or other business combinations, that management believes could be in the best interest of Alcanna's stakeholders. The evaluation of such opportunities may involve discussions with partners, industry players, investors and/or financial advisors. This is an ongoing process in keeping with management's mission to deliver value for shareholders.

Alcanna has not entered in to an agreement to effect any particular transaction, and there can be no assurance that the current discussions will result in a decision to enter into any business combination.

As a matter of company policy, Alcanna does not comment on unusual market activity, rumours or speculation and only comments on material corporate developments in accordance with relevant securities legislation. Alcanna does not intend to make any further public announcement about a potential transaction unless it determines that disclosure is required by applicable securities laws.

ABOUT ALCANNA

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

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 "continue", "anticipate", "will", "should", "plan", "intend", 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 a possible strategic business combination.

Readers should not place undue reliance on forward-looking statements included in this news release. Forward-looking statements are not guaranteeing 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 possibility that a potential transaction will not be entered into or completed; if a transaction is entered into, the terms and conditions of any such transaction; and whether the potential benefits of any transaction would be realized. In addition, if and when any transaction is consummated, there will be risks and uncertainties related to the ability of the combined company to successfully integrate the respective businesses, execute on the strategic opportunity, as well as the ability to ensure continued performance or market growth of its products; the duration and severity of the COVID-19 pandemic on the business, operations and financial condition of the Company; the risk that Alcanna will be unable to execute its strategic plan and growth strategy, including the capital allocation and retail cannabis strategy, as planned without significant adverse impacts from various factors beyond its control; dependence on suppliers; potential delays or changes in plans with respect to capital expenditures and the availability of capital on acceptable terms; risks inherent in the liquor retail and cannabis industries; competition for, among other things, customers, supply, capital and skilled personnel; changes in labour costs and markets; incorrect assessments of the value of acquisitions; general economic and political conditions in Canada (including Alberta), and globally; industry conditions, including changes in government regulations; fluctuations in foreign exchange or interest rates; unanticipated operating events; failure to obtain regulatory and third–party consents and approvals when required; changes in tax and other laws that affect us and our security holders; the potential failure of counterparties to honour their contractual obligations; stock market volatility; 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 require 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.

SOURCE Alcanna Inc.

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View original content: http://www.newswire.ca/en/releases/archive/September2021/15/c2862.html

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