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Pacific Canada  + Alberta & Prairies + Canada + Ontario  + Retail  | 
Nova Cannabis is looking to expand in B.C. after gaining control of four Dutch Love stores in the province.

Nova Cannabis Looking to Expand in B.C.

Nova Cannabis is looking to expand in B.C. after gaining control of four Dutch Love store locations in the province.

Calgary-based SNDL assigned the stores to Edmonton-based Nova in early April for $8.12 million in Nova shares. SNDL also extended the maturity date of a $15-million credit facility that the company provides Nova by another two years to March 2026.

Now, Nova intends to grow its B.C. presence.

“Our agreement with SNDL to own or operate four Dutch Love stores marks our entry into British Columbia, paving the way for Nova to open our first Value Buds locations in the province and further highlights the benefits of our partnership with SNDL,” said Marcie Kiziak, Nova’s CEO, in a news release that accompanied the firm’s quarterly report.

“This move strengthens our store footprint in an impactful way, and we are excited to spread the Value Buds experience to consumers across the country.”

Nova is looking to capitalize on a potential B.C. government policy change that could allow a cannabis licensee to operate more than the current maximum eight stores.

The company is also focused on expanding in Ontario, where the provincial government has doubled its cap on the number of cannabis stores that a licensee can operate to 150 from 75.

“Nova continues to pursue opportunities based on the quality of the real estate and the potential of attractive economic returns while avoiding unsustainable valuations,” said the company.

As a result of the acquisitions, Nova now owns and/or operates 99 stores in Alberta, Ontario, B.C. and Saskatchewan. The shops do business mainly under the company’s Value Buds and Firesale Cannabis banners.

Photo: Dutch Love/SNDL

(Connect CRE will hold its inaugural Canada Kick-off Event in Toronto on June 11. This will be Connect’s first commercial real estate industry conference in Canada. Panelists will include Syl Apps, managing director and co-country head for Hines; Lindsay Brand, chief investment officer at Concert Properties; Mark Kenney, CEO of Canadian Apartment Properties REIT; and, Marie-France Benoit, Avison Young’s director of Canadian market intelligence. Come and gain insights from industry leaders on such matters as market sentiment amid a lower interest-rate environment, cross-border commercial real estate trends, and the outlook for 2024 and beyond. Register today.)


Inside The Story

Marcie KiziakNova Cannabis

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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