Loblaw Cos. Ltd. announced it is ready to sign Canada's Grocery Code of Conduct after months of delay and previous concerns.

In a statement released on Thursday, Loblaw President and CEO Per Bank said the company had "worked intensively and collaboratively with industry groups so that the Code is clearly drafted and fair for all industry participants."

"We believe in the value of a code of conduct for the industry and are happy with the progress made," he stated.

"The Code now requires the participation of all major retailers and suppliers to help bring in a new era for Canada's grocery industry, enhancing the relationship between retailers and suppliers, who both exist to best serve customers."

The Grocery Code of Conduct is a significant step toward improving the resiliency and efficiency of the grocery supply chain. The primary objective is not to directly rebalance market power, regulate fair dealing, or set the level of retail fees but rather to improve supply chain relationships through principles of predictability, transparency, and fair dealing.

Loblaw previously shared concern that the Code would raise grocery prices and said it wouldn't be able to sign on at the time.

"We have ongoing concerns that the Code, as currently drafted, will increase food prices for Canadians and impact grocers' ability to have the right products on store shelves to meet customers' demands," Catherine Thomas, the vice president of communication at Loblaw, said to Daily Hive in a previous statement.

Loblaw said its decision to support the Code came after a number of discussions its higher-ups had with the Code's interim board and working group over the past six months.

"The final part of this process will be for all major industry participants to sign the Code," said Loblaw in Thursday's statement.

The company said it will continue to work with industry leaders as it is finalized and put into practice.

With files from Imaan Sheik