CLIQ Alcanna Inc

Alcanna Inc. ("Alcanna" or the "Company") (TSX: CLIQ) announced today the final results of its substantial issuer bid to purchase from the holders of the common shares of the Company (the "Common Shares") up to $30 million of Common Shares (the "Offer"). The Offer expired at 5:00 p.m. (Toronto time) on May 12, 2021.

Based on the final count by AST Trust Company (Canada), as depositary for the Offer (the "Depositary"), the Company has taken up and paid for 3,846,150 Common Shares at an aggregate purchase price of $29,999,970, or $7.80 per Common Share, excluding fees and expenses relating to the Offer. The "specified amount" for the purposes of subsection 191(4) of the Income Tax Act (Canada) in respect of each Common Share is $7.75. All Common Shares purchased by the Company under the Offer will be cancelled by the Depositary. The Common Shares purchased under the Offer represent approximately 9.6% of the Common Shares issued and outstanding before giving effect to the Offer. After giving effect to the cancellation of the Common Shares purchased by the Company under the Offer, there will be 36,204,449 Common Shares issued and outstanding.

The Company has made payment for the Common Shares tendered and accepted for purchase by tendering the aggregate purchase price to the Depositary in accordance with the Offer and applicable laws, and payment to the shareholders will be completed by the Depositary in due course. Payment for the Common Shares will be made in cash, without interest. Any Common Shares invalidly tendered or tendered and not purchased will be returned to the tendering shareholder promptly by the Depositary.

The full details of the Offer are described in the Company's offer to purchase and issuer bid circular dated April 7, 2021, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on Alcanna's profile at www.sedar.com. All documents referenced here are also available at Alcanna's website at www.alcanna.com.

This news release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any Common 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 in excess of 170 locations in Alberta and British Columbia. The Company's majority-owned subsidiary, Nova Cannabis Inc. (TSXV: NOVC), also operates 53 cannabis retail stores in Alberta, Ontario, and Saskatchewan. Alcanna's common shares trade on the Toronto Stock Exchange under the symbol "CLIQ". Additional information about Alcanna Inc. is available at www.sedar.com and the Company’s website at www.alcanna.com.

Forward-Looking Information

This news release contains forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "continue", "anticipate", "will", "should", "plan", "intention", and similar words suggesting future events or future performance. All statements and information other than statements of historical fact contained in this news release are forward-looking statements. In particular, this news release contains forward-looking statements pertaining to the timing of payment for, and cancellation of, the Common Shares by the Depositary; and the number of Common Shares that will be issued and outstanding after the Common Shares to be repurchased under the Offer are cancelled.

With respect to forward-looking statements contained in this news release, the Company has made various assumptions in drawing conclusions or making the projections contained in the forward-looking statements in this news release. Although the Company believes that the expectations reflected in the forward-looking statements, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations and assumptions will prove to be correct. Readers should not place undue reliance on forward-looking statements included in this news release.

The forward-looking statements contained in this news release are made as of the date hereof. Except as expressly required by applicable securities legislation, Alcanna does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

For further information, please contact James Burns, Vice Chair and Chief Executive Officer, Alcanna Inc., (587) 460-1026.