Nova Provides Business and Growth Updates

CANNANNEW REPORT

EDMONTON, AB, June 2, 2021 /CNW/ – Nova Cannabis Inc. (the “Company” or “Nova“) (TSXV: NOVC), today announced several business developments intended to accelerate the Company’s growth, including:   Entering into two conditional asset purchase agreements to acquire a total of six retail cannabis locations in Ontario, which will be operated under the “Value Buds” banner; Acquiring the Queen Street West “Nova Cannabis” store and converting it to the “Value Buds” banner; Opening two additional “Value Buds” stores in Toronto; Is in the process of applying to graduate to the Toronto Stock Exchange (“TSX“) from the TSX Venture Exchange (“TSXV“); Adopting an equity incentive plan to tie management compensation to the performance of the common shares of Nova (“Shares“); and Retaining new investor relations and marketing advisory firms.   Growth in Ontario: On Track to open at least 30 Value Buds stores in 2021 Nova has entered into 21 lease agreements for new retail locations across Ontario that will serve the communities where the value-conscious cannabis consumer works, shops, and lives. Nova anticipates all of these locations will be built and ready to open by the end of 2021 (with stores operating as soon as Retail Store Authorizations (“RSAs“) and approvals have been obtained from the Alcohol and Gaming Commission of Ontario (“AGCO“)).  An additional 30 plus locations in Ontario are in various stages of due diligence and negotiation with landlords.   Nova has also signed two asset purchase agreements to acquire a total of six retail store locations in Ontario from two separate entities (the “Transactions“). All six of these stores have received RSAs from the AGCO and will open to the public upon receiving approval to open from the AGCO.   “We are aggressively executing against our plan to expand the Value Buds banner this year and the acquisition of these six locations in Ontario provides us greater speed to market and compliments our organic expansion plans,” said Darren…

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