An anonymous director reports

SNDL FILES EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103

Between Feb. 1, 2023, and June 9, 2023, SNDL Inc. disposed of 3,428,000 common shares in the capital of Indiva Ltd.

Between Feb. 1, 2023, and June 9, 2023, SNDL disposed of 3,428,000 common shares through the facilities of the TSX Venture Exchange at an average price of 5.71 cents per share for total consideration of $185,488. Prior to the dispositions, SNDL held 22,663,500 common shares, representing approximately 15.59 per cent of the then issued and outstanding common shares on a non-diluted basis. As a result, following the completion of these dispositions, and together with Indiva's various issuances of common shares from treasury, SNDL's holdings in Indiva decreased by 2.66 per cent. Immediately following this disposition, SNDL now holds 19,235,500 common shares representing 12.93 per cent of Indiva's issued and outstanding common shares on a non-diluted basis as reported to the TSX-V.

The sold shares were sold for investment purposes. SNDL may, depending on market and other conditions, increase or decrease its beneficial ownership in Indiva's securities, whether in transactions over the open market, by privately negotiated arrangements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

This news release is being issued to comply with National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues). An early warning report regarding these transactions has been filed on SEDAR under Indiva's issuer profile and may be obtained directly from SNDL upon request.

About SNDL Inc.

SNDL is a public company whose shares are traded on the Nasdaq under the symbol SNDL.

SNDL is the largest private-sector liquor and cannabis retailer in Canada with retail banners that include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, Spiritleaf, and Firesale Cannabis. SNDL is a licensed cannabis producer and one of the largest vertically integrated cannabis companies in Canada, specializing in low-cost biomass sourcing, premium indoor cultivation, product innovation, low-cost manufacturing facilities, and a cannabis brand portfolio that includes Top Leaf, Contraband, Citizen Stash, Sundial Cannabis, Palmetto, Bon Jak, Spiritleaf Selects, Versus Cannabis, Value Buds, Vacay, Grasslands and Superette. SNDL's investment portfolio seeks to deploy strategic capital through direct and indirect investments and partnerships throughout the global cannabis industry.

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