Following the completion of this transaction, Alcanna will own, itself or through wholly owned subsidiaries, 100% of the Alliance and Ace will own approximately 7.3% of the Shares of Alcanna. The transaction has been 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 price of trading of the Shares prior to January 22, 2020. Vander, Karan Vander, Nab Dhaliwal and Jerry Dhaliwals’ interests in the Alliance (held via their indirect ownership in Ace Liquor Corporation ('Ace')) with that of all Alcanna shareholders, Ace will exchange its units in the Alliance for 2,927,928 common shares in the capital of Alcanna (the “Shares”).

Don Bobey has been named Chief Operating Officer of Liquor for all of Alcanna’s liquor brands – the same role he held with the Alliance. In addition, Karan Vander, Nab Dhaliwal and Jerry Dhaliwal have each been promoted to Vice President roles, responsible for operations, merchandising, and marketing & purchasing, respectively, for all Alcanna liquor brands roles similar to their roles within the Alliance. Vander was previously CEO of the Canadian Liquor Retailers Alliance Limited Partnership (the “Alliance”) which owned Alcanna’s discount banners Ace, Solo and Deep Discount Liquor. Taranvir (Tank) Vander is now President of Liquor responsible for the operations of all Alcanna liquor brands. (the “Company” or “Alcanna”) (TSX: CLIQ) today announced that it has promoted five individuals to oversee the Company’s liquor division.

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