Delta 9 Responds to SNDL Demand, Explores Strategic Options
WINNIPEG, MB -- May 24, 2024 -- NewsGenie -- Delta 9 Cannabis Inc. (TSX:DN) (OTC:DLTNF) has received a demand letter from SNDL Inc. for repayment of its $10 million convertible debenture, citing alleged defaults under the financing documents. Delta 9 disputes these claims, stating it remains current with all payments and that the alleged defaults are not related to missed principal or interest payments.
Delta 9 believes SNDL's action is linked to Delta 9's discussions with other parties regarding potential strategic transactions, including mergers, acquisitions, asset sales, or financings. The company has formed an independent committee to explore these options, but there is no guarantee any agreement will be reached.
Delta 9 intends to continue exploring strategic alternatives to maximize shareholder value, despite the demand letter from SNDL. The company has had discussions with various parties regarding these strategic transactions. No further details regarding such discussions, including the identity of any potential counterparty, will be disclosed at this time.
Investor & Media Contact:
Ian Chadsey
VP Corporate Affairs
Mobile: 204-898-7722
E-mail: ian.chadsey@delta9.ca
Delta 9 is a vertically integrated cannabis company, producing and selling cannabis products through wholesale and retail channels. It operates a 95,000 square foot production facility in Winnipeg and a chain of retail stores under the Delta 9 Cannabis Store brand.