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SNDL Inc. (NASDAQ: SNDL) reported its financial and operational results for the first quarter of 2024, showcasing increased revenue year-over-year and a record profit margin. The company achieved a gross profit of $50.4 million, representing a 25% gross margin, a significant improvement from the previous year. Despite negative cash flow, SNDL demonstrated a substantial improvement in cash flow and operating loss compared to the same quarter in 2023. With solid results and several growth initiatives, SNDL stands poised for sustainable profitable growth.
SNDL Inc. (Nasdaq: SNDL) and Nova Cannabis Inc. (TSX: NOVC) have completed the assignment of SNDL's rights to own or operate four Dutch Love stores to Nova Cannabis. Nova issued $8.179 million of Nova shares to SNDL as consideration for the assignment. This move aligns with Nova's growth strategy and entry into the B.C. market.
SNDL Inc. announced its joint venture in SunStream Bancorp Inc. intends to acquire equity positions in U.S. cannabis assets with the SunStream USA Group. SNDL satisfied Regulatory Compliance and is set to acquire non-performing credit investments, establishing majority equity positions in select assets of Surterra Holdings, Inc. and Greenpeak Industries Inc. SunStream USA expects to be a majority owner in U.S. cannabis companies operating in five states, with revenue projections placing it among the top 10 MSOs.