<SEC-DOCUMENT>0000947871-23-000669.txt : 20230612
<SEC-HEADER>0000947871-23-000669.hdr.sgml : 20230612
<ACCEPTANCE-DATETIME>20230612163000
ACCESSION NUMBER:		0000947871-23-000669
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230612
FILED AS OF DATE:		20230612
DATE AS OF CHANGE:		20230612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SNDL Inc.
		CENTRAL INDEX KEY:			0001766600
		STANDARD INDUSTRIAL CLASSIFICATION:	MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39005
		FILM NUMBER:		231008502

	BUSINESS ADDRESS:	
		STREET 1:		919 11 AVENUE SW
		STREET 2:		SUITE 300
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2R1P3
		BUSINESS PHONE:		14039485227

	MAIL ADDRESS:	
		STREET 1:		919 11 AVENUE SW
		STREET 2:		SUITE 300
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2R1P3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sundial Growers Inc.
		DATE OF NAME CHANGE:	20190131
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ss2172966_6k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B>Form&nbsp;6-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE&nbsp;13a-16&nbsp;OR&nbsp;15d-16&nbsp;OF
THE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>For the month of June 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Commission File Number&nbsp;001-39005</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B>SNDL INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>(Registrant&rsquo;s name)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B>#300, 919 - 11 Avenue SW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Calgary, AB T2R 1P3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Tel.: (403)&nbsp;948-5227</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address of principal executive offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0">Indicate by check mark whether the registrant files or will file
annual reports under cover of Form&nbsp;20-F&nbsp;or Form&nbsp;40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">Form&nbsp;20-F&nbsp;&nbsp;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Segoe UI Symbol,sans-serif; margin: 12pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 11.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 11.75pt"><B>SNDL INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-top: 12pt; line-height: 11.75pt">Date: June 12, 2023</TD>
    <TD STYLE="width: 6%; padding-top: 12pt; line-height: 11.75pt">By:</TD>
    <TD STYLE="width: 43%; border-bottom: Black 1pt solid; padding-top: 12pt; line-height: 11.75pt">/s/ Matthew Husson</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 11.75pt">&nbsp;</TD>
    <TD STYLE="line-height: 11.75pt">Name:</TD>
    <TD STYLE="line-height: 11.75pt">Matthew Husson</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 11.75pt">&nbsp;</TD>
    <TD STYLE="line-height: 11.75pt">Title:</TD>
    <TD STYLE="line-height: 11.75pt">General Counsel &amp; Corporate Secretary</TD></TR>
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<P STYLE="font: 36pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT</B></P>

<P STYLE="font: 24pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 93%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Description of Exhibit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt">99.1</TD>
    <TD STYLE="padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt">Form 62-103F1 Early Warning Report dated June 12, 2023</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ss2172966_ex9901.htm
<DESCRIPTION>FORM 62-103F1 EARLY WARNING REPORT
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right">Exhibit 99.1<B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>Form 62-103F1 </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><I>Required Disclosure under the Early Warning
Requirements</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Item 1 &#8211; Security and Reporting Issuer</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">1.1</TD><TD><I>State the designation of securities to which this report relates and the name and address of the head office of the issuer of the
securities</I>.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">This report relates to the common shares (&#8220;<B>Common
Shares</B>&#8221;) of Indiva Limited (&#8220;<B>Indiva</B>&#8221;). The address of Indiva&#8217;s head office is:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">Indiva Limited<BR>
333 Preston Street, Suite 710<BR>
Ottawa, Ontario<BR>
K1S 5N4</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt"><I>1.2</I></TD><TD><I>State the name of the market in which the transaction or other occurrence that triggered the requirement to file this report took
place.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">TSX Venture Exchange.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Item 2 &#8211; Identity of the Acquiror</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">2.1</TD><TD><I>State the name and address of the acquiror</I>.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 45pt; text-indent: -27pt">The acquirer is SNDL Inc. (&#8220;<B>SNDL</B>&#8221;).
The address of SNDL is:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">SNDL Inc.<BR>
#300, 919 - 11 Avenue SW<BR>
Calgary, AB<BR>
T2R 1P3</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">2.2</TD><TD><I>State the date of the transaction or other occurrence that triggered the requirement to file this report and briefly describe the
transaction or other occurrence.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">Between February 1, 2023, and June 9, 2023, SNDL disposed
of 3,428,000 Common Shares through the facilities of TSX Venture Exchange (the &#8220;TSXV&#8221;) at an average price of $0.0571 per
Indiva Share for a total consideration of $185,488 (the &#8220;<B>Transaction</B>&#8221;). The Transaction together with Indiva&#8217;s
various treasury issuances of Common Shares, has resulted in SNDL&#8217;s beneficial ownership of the total issued and outstanding Common
Shares of Indiva decreasing by 2.66%.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">2.3</TD><TD><I>State the names of any joint actors.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">Not applicable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Item 3 &#8211; Interest in Securities of the Reporting
Issuer</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">3.1</TD><TD><I>State the designation and number or principal amount of securities acquired or disposed of that triggered the requirement to file
this report and the change in the acquiror&#8217;s securityholding percentage in the class of securities.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">See item 2.2 above. Prior to the Transaction, SNDL held beneficial
ownership of 22,663,500 Common Shares of Indiva, representing approximately 15.59<B>% </B>of the then issued and outstanding Common Shares
of Indiva on a non-diluted basis. Upon the completion of the Transaction, SNDL held beneficial ownership of 19,235,500 Common Shares of
Indiva representing approximately 12.93% of the issued and outstanding Common Shares of Indiva. The Transaction together with Indiva&#8217;s
various issuances of Common Shares from treasury, represents a change of 2.66% in SNDL&#8217;s beneficial ownership in the issued and
outstanding Common Shares of Indiva.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">3.2</TD><TD><I>State whether the acquiror acquired or disposed ownership of, or acquired or ceased to have control over, the securities that triggered
the requirement to file this report.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 21.3pt">See Item 2.2 above. SNDL disposed of its beneficial ownership
of 3,428,000 Common Shares (which, together with Indiva&#8217;s various issuances of Common Shares from treasury, caused a change in approximately
2.66% of the then total issued and outstanding Common Shares beneficially owned by SNDL).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">3.3</TD><TD><I>If the transaction involved a securities lending arrangement, state that fact.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 45pt; text-indent: -27pt">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">3.4</TD><TD><I>State the designation and number or principal amount of securities and the acquiror&#8217;s security holding percentage in the
class of securities, immediately before and after the transaction or other occurrence that triggered the requirement to file this report.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 21.3pt">See item 3.1 above.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">3.5</TD><TD><I>State the designation and number or principal amount of securities and the acquiror&#8217;s security holding percentage in the
class of securities referred to in Item 3.4 over which</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD><I>the acquiror, either alone or together with any joint actors, has ownership and control,</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.35in">See Item 3.1 above.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD><I>the acquiror, either alone or together with any joint actors, has ownership but control is held by persons or companies other than
the acquiror or any joint actor, and</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.35in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD><I>the acquiror, either alone or together with any joint actors, has exclusive or shared control but does not have ownership.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.25in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">3.6</TD><TD><I>If the acquiror or any of its joint actors has an interest in, or right or obligation associated with, a related financial instrument
involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms
of the related financial instrument and its impact on the acquiror&#8217;s security holdings. </I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 45pt; text-indent: -27pt">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">3.7</TD><TD><I>If the acquiror or any of its joint actors is a party to a securities lending arrangement involving a security of the class of
securities in respect of which disclosure is required under this item, describe the material terms of the arrangement including the duration
of the arrangement, the number or principal amount of securities involved and any right to recall the securities or identical securities
that have been transferred or lent under the arrangement.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 45pt"><I>State if the securities lending arrangement is subject to
the exception provided in section 5.7 of NI 62-104.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.25in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">3.8</TD><TD><I>If the acquiror or any of its joint actors is a party to an agreement, arrangement or understanding that has the effect of altering,
directly or indirectly, the acquiror&#8217;s economic exposure to the security of the class of securities to which this report relates,
describe the material terms of the agreement, arrangement or understanding.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Item 4 &#8211; Consideration Paid</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">4.1</TD><TD><I>State the value, in Canadian dollars, of any consideration paid or received per security and in total.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 45pt; text-indent: -27pt">See item 2.2 above.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">4.2</TD><TD><I>In the case of a transaction or other occurrence that did not take place on a stock exchange or other market that represents a
published market for the securities, including an issuance from treasury, disclose the nature and value, in Canadian dollars, of the consideration
paid or received by the acquiror.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 45pt; text-indent: -27pt">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">4.3</TD><TD><I>If the securities were acquired or disposed of other than by purchase or sale, describe the method of acquisition or disposition.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 45pt; text-indent: -27pt">Not applicable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Item 5 &#8211; Purpose of the Transaction</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><I>State the purpose or purposes of the acquiror and any joint
actors for the acquisition or disposition of securities of the reporting issuer. Describe any plans or future intentions which the acquiror
and any joint actors may have which relate to or would result in any of the following: </I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt"><I>(a)</I></TD><TD><I>the acquisition of additional securities of the reporting issuer, or the disposition of securities of the reporting issuer;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt"><I>(b)</I></TD><TD><I>a corporate transaction, such as a merger, reorganization or liquidation, involving the reporting issuer or any of its subsidiaries;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt"><I>(c)</I></TD><TD><I>a sale or transfer of a material amount of the assets of the reporting issuer or any of its subsidiaries;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt"><I>(d)</I></TD><TD><I>a change in the board of directors or management of the reporting issuer, including any plans or intentions to change the number
or term of directors or to fill any existing vacancy on the board;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt"><I>(e)</I></TD><TD><I>a material change in the present capitalization or dividend policy of the reporting issuer;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt"><I>(f)</I></TD><TD><I>a material change in the reporting issuer&#8217;s business or corporate structure;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt"><I>(g)</I></TD><TD><I>a change in the reporting issuer&#8217;s charter, bylaws or similar instruments or another action which might impede the acquisition
of control of the reporting issuer by any person or company;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt"><I>(h)</I></TD><TD><I>a class of securities of the reporting issuer being delisted from, or ceasing to be authorized to be quoted on, a marketplace;
</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt"><I>(i)</I></TD><TD><I>the issuer ceasing to be a reporting issuer in any jurisdiction of Canada;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt"><I>(j)</I></TD><TD><I>a solicitation of proxies from securityholders;</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt"><I>(k)</I></TD><TD><I>an action similar to any of those enumerated above.</I></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">SNDL disposed of the securities in the Transaction for investment
purposes. SNDL intends to review its investment in Indiva on a continuing basis and may purchase or sell Common Shares in the future,
either on the open market or in private transactions, in each case, depending on a number of factors, including general market and economic
conditions and other factors and conditions SNDL deems appropriate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">SNDL may formulate other purposes, plans or proposals regarding
Indiva or any of its securities or may change its intention with respect to any and all matters referred to in this Item 5.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Item 6 &#8211; Agreements, Arrangements, Commitments or
Understandings With Respect to Securities of the Reporting Issuer</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><I>Describe the material terms of any agreements, arrangements,
commitments or understandings between the acquiror and a joint actor and among those persons and any person with respect to securities
of the class of securities to which this report relates, including but not limited to the transfer or the voting of any of the securities,
finder&#8217;s fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or
withholding of proxies. Include such information for any of the securities that are pledged or otherwise subject to a contingency, the
occurrence of which would give another person voting power or investment power over such securities, except that disclosure of standard
default and similar provisions contained in loan agreements need not be included.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Term Loan</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">In connection with its strategic investment in Indiva dated
February 23, 2021, and pursuant to the terms of a Subscription Agreement dated February 16, 2021 between SNDL and Indiva, SNDL advanced
a secured non-revolving term loan facility to the Corporation in the principal amount of $11,000,000 (the &#8220;<B>Term Loan</B>&#8221;).
A second advance of $8,500,000 was executed on October 4, 2021.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">The Term Loan matures on February 23, 2024 (the &#8220;<B>Maturity
Date</B>&#8221;) and bears an interest rate of 15% per annum. Interest is due monthly.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Investor Rights Agreement</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">Pursuant to its strategic investment in Indiva on February
23, 2021, SNDL and Indiva entered into an investor rights agreement (the &#8220;<B>Investor Rights Agreement</B>&#8221;) whereby SNDL
was granted participation rights in future equity financings and top-up rights entitling SNDL to maintain its pro-rata ownership in the
Corporation, and registration rights, subject to customary limits and exceptions. The Investor Rights Agreement will terminate upon the
Term Loan being repaid in full.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Item 7 &#8211; Change in Material Fact</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><I>If applicable, describe any change in a material fact set
out in a previous report filed by the acquiror under the early warning requirements or Part 4 in respect of the reporting issuer&#8217;s
securities.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">Not applicable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Item 8 &#8211; Exemption</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><I>If the acquiror relies on an exemption from requirements
in securities legislation applicable to formal bids for the transaction, state the exemption being relied on and describe the facts supporting
that reliance.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">Not applicable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Item 9 &#8211; Certification </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in"><B>Certificate</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">I, as the acquiror, certify, or I, as the agent filing this
report on behalf of an acquiror, certify to the best of my knowledge, information and belief, that the statements made in this report
are true and complete in every respect.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">Dated June 12, 2023</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: justify"><B>SNDL INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-bottom: 10pt; font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-bottom: 10pt; font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify"><I>/s/ &#8220;Zachary George&#8221;</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD>
    <TD>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Name: Zachary George</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Title: Chief Executive Officer</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P></TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">6</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


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