JWEL: Confirms Unsolicited Acquisition Proposal and Initiates Formal Process

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JWEL: Confirms Unsolicited Acquisition Proposal and Initiates Formal Process

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Ryland Conrad (Analyst)

June 24, 2026

Jamieson Wellness Inc.

Confirms Unsolicited Acquisition Proposal and Initiates Formal Process

TSX: JWEL | CAD 36.39 | Outperform | Price Target CAD 46.00

Sentiment: Positive

Details

Jamieson Wellness announced that following an unsolicited inbound proposal to acquire the company, its Board has initiated a

process to enhance shareholder value and is in discussions with interested parties relating to a potential transaction. There is no

assurance that the process will result in any transaction and the company does not intend to comment further until required.

Implications

Fundamentally, we have been impressed by management's execution across each of the company's key markets since we assumed

research coverage of Jamieson Wellness in late 2024. However, despite solid execution, growing momentum across the U.S. and

China through 2025 into 2026 and structural tailwinds for VMS, the valuation has been largely stagnant at ~10x-11x FTM EV/

EBITDA, below the company's long-term average of 13.5x and precedent transactions on average in the mid-teens. A potential

sale of the company has been a key investor debate, and given the company’s recent execution and valuation levels, we are not

overly surprised by the news, which we view as positive for the shares at current levels. In our view, the pool of potential acquirers

likely includes both private equity and strategics and for context, the shares are currently trading at 10.8x FTM EV/EBITDA (each

multiple point for JWEL equates to approximately $4.50/share).

All values in CAD unless otherwise noted.