Tuesday, September 16, 2025

SNDL Finally Acquires Zenabis Assets Via CCAA Process

It may have taken a bit of time, but SNDL Inc (NASDAQ: SNDL) has finally completed the task of acquiring Zenabis Global. The acquisition follows the firm obtaining the assets of the company via the Companies Creditors Arrangement Act.

The saga between SNDL and Zenabis began at the tail end of 2020, when SNDL, then operating as Sundial Growers, acquired $58.9 million in Zenabis’ debt, which it obtained via a cash transaction. Just days later, the company issued a notice of default to Zenabis, with the company beginning the process of ultimately acquiring the assets via debt defaults.

After plenty of drama in a short amount of time, Hexo Corp (TSX: HEXO) ultimately elected to acquire Zenabis for $235 million in an all-stock transaction, which closed in June 2021. This move resolved little of the debt problems faced by Zenabis however, and a year later, Hexo’s Zenabis subsidiaries were forced to enter the CCAA process as a result of its overwhelming debt – equating to a massive loss for Hexo investors within just a years time.

With the closing of the asset acquisition, SNDL has obtained a 380,000 square foot indoor cultivation facility, cannabis inventory, and non-core real estate assets. Notably, the facility has EU GMP certification, while cannabis inventory amounted to 22,000 kg of cannabis, while the non-core asset consists of a 255,000 square foot facility that is already under discussions for a potential sale. Lastly, certain brands were also acquired via the CCAA process.

SNDL last traded at $2.46 on the Nasdaq.


Information for this briefing was found via Sedar and Sundial Growers. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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