EDMONTON, Alberta, Jan. 24, 2020 (GLOBE NEWSWIRE) -- Alcanna Inc. (the “Company” or “Alcanna”) (TSX: CLIQ) today announced the closing of the previously announced purchase by Alcanna of units in the capital of Canadian Liquor Retailers Alliance Limited Partnership (the “Alliance”) from Ace Liquor Corporation ("Ace") in exchange for 2,927,928 common shares in the capital of Alcanna (the “Shares”). The transaction was valued at $13 million, with Alcanna issuing the Shares at a price of $4.44 per Share, which represents the five-day volume-weighted average trading price of the Shares prior to January 22, 2020. The transaction resulted in Alcanna owning, itself or through wholly owned subsidiaries, 100% of the Alliance and Ace owning approximately 7.3% of the Shares.

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.

For Further Information

James Burns
Vice Chair and Chief Executive Officer
Alcanna Inc.
(587) 460-1026
james.burns@alcanna.com