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Sundial Growers Inc. (SNDL) is a leading private-sector liquor and cannabis retailer in Canada, with retail banners that include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, and Spiritleaf. The company operates as a licensed cannabis producer based in Alberta, utilizing both traditional farming methods and modern horticultural techniques. SNDL focuses on consistency to provide a pure cannabis experience to its customers, targeting modern consumers who seek a natural alternative that complements their active lifestyles.
SNDL comprises four key segments: liquor retail, cannabis retail, cannabis operations, and investments. The liquor retail segment generates the maximum revenue for the company through the sale of wines, beers, and spirits across 171 stores. In cannabis retail, SNDL is the largest private-sector retailer in Canada, with 188 locations under various banners such as Value Buds, Spiritleaf, Superette, and Firesale Cannabis.
The cannabis operations segment emphasizes premium inhalable formats and offers a full suite of 2.0 products. This segment is integral to SNDL's vertical integration strategy, combining cost-effective cultivation and manufacturing with a diverse brand portfolio that includes Top Leaf, Contraband, Citizen Stash, Sundial Cannabis, Palmetto, Bon Jak, Versus Cannabis, and Vacay.
SNDL also maintains a robust investment portfolio to strategically deploy capital through direct and indirect investments and partnerships within the North American cannabis industry. Notable investments include the joint venture SunStream Bancorp Inc., which targets high-return opportunities in the cannabis sector.
Recent updates include the termination of a strategic partnership with Nova Cannabis Inc. and the subsequent extension of Nova's credit facility. The company has also reported strong financial results for the year ending December 31, 2023, including record-breaking revenue and gross profit. SNDL is committed to further expanding its retail network and product distribution, both in Canada and potentially in the U.S. market, as seen with its plans to acquire equity positions in U.S. cannabis assets through SunStream USA Group.
SNDL is publicly traded on the Nasdaq under the symbol 'SNDL'. For more information, visit www.sndl.com.
SNDL has successfully completed the acquisition of the Zenabis Business as part of proceedings under the Companies' Creditors Arrangement Act in Canada. The acquisition includes a 380,000-square-foot indoor growing facility in Atholville, New Brunswick, capable of producing approximately 46,000 kilograms of dried cannabis and 15,000 kilograms for extraction annually. SNDL also acquired over 22 million grams of cannabis inventory, enhancing its international export capabilities. This strategic move aims to strengthen SNDL's market position and drive revenue growth through wholesale and branded product sales.
SNDL Inc. (Nasdaq: SNDL) will release its third quarter financial results for the period ending September 30, 2022, on November 14, 2022. Following the results, the company will host a conference call and webcast at 10:30 a.m. EDT (8:30 a.m. MDT) on the same day. SNDL is Canada's largest private-sector liquor and cannabis retailer, operating under various brands like Liquor Depot and Spiritleaf. The company focuses on strategic investments within the cannabis industry, maintaining a diverse portfolio of brands.
SNDL has successfully completed its first international export of approximately 167 kilograms of premium dried cannabis flower from Canada to Israel in partnership with IM Cannabis Corp. This export is part of a larger agreement to export a total of 1,000 kilograms for distribution in the Israeli medical cannabis market. SNDL aims to expand its international presence and increase revenue from cannabis operations. The collaboration with IMC is expected to enhance the supply chain and product quality in the emerging global cannabis markets.
SNDL has reached a Stalking Horse Agreement to acquire the assets of Superette, a Canadian cannabis retailer, during its CCAA Proceedings. The agreement includes the purchase of six retail locations in Toronto and Ottawa, along with certain intellectual property rights. This acquisition aims to stabilize Superette's operations and bolster SNDL's multi-banner retail strategy. SNDL will provide a total of $6.9 million in financing for Superette, which is crucial for liquidity amid the restructuring process. The Court's approval is pending in September 2022.
SNDL and Valens have entered into an agreement for SNDL to acquire all outstanding shares of Valens, creating a major vertically integrated cannabis platform in Canada. Valens shareholders will receive 0.3334 SNDL shares per Valens share, valuing the deal at approximately $138 million, with a 10% premium based on a recent price. The combined entity aims to leverage operational synergies, with an expected annual cost savings of over $10 million, and aims for a quick adaptation to consumer trends. The transaction is set to close in January 2023, pending shareholder and regulatory approvals.
SNDL Inc. reported record net revenue of $223.7 million for Q2 2022, marking a 2,344% increase from Q2 2021. Liquor retail generated $148.6 million, and cannabis retail brought in $63.5 million. Despite achieving a gross margin of $43.1 million, the company faced a net loss of $74.0 million, up 41% year-over-year. Adjusted EBITDA loss expanded to $25.9 million, impacted by fair value adjustments. With a strong liquidity position showing $900 million in cash and no debt, SNDL continues to pursue vertical integration in regulated products.
SNDL Inc. (Nasdaq: SNDL) will announce its second quarter financial results for the period ending June 30, 2022, after market close on August 12, 2022. A conference call and webcast to discuss these results will take place on August 15, 2022, at 8:30 a.m. EDT. SNDL, the largest private liquor and cannabis retailer in Canada, operates across four segments: Liquor Retail, Cannabis Retail, Cannabis Production, and Investments. The company will also provide details regarding its recent rebranding efforts during the call.
Sundial Growers Inc. (Nasdaq: SNDL) announced on July 25, 2022, that all resolutions put to common shareholders at the reconvened meeting were approved. Key decisions included fixing the number of directors at five, electing directors for the coming year, and appointing Marcum LLP as auditors. Notably, shareholders approved a name change to 'SNDL Inc.' and a share consolidation at a ratio of one post-consolidation share for every ten pre-consolidation shares, effective July 25, 2022. This move aims to maintain a minimum bid price of US$1.00 per share and avoid delisting risks.
Sundial Growers Inc. (Nasdaq: SNDL) has adjourned its 2022 annual and special meeting of shareholders to July 25, 2022, due to insufficient quorum, as only 12.95% of shares were represented. The required quorum is 25%. The board believes that all resolutions have sufficient support. Shareholders attending the adjourned meeting in person or by proxy will constitute a quorum. Previous proxy votes will be counted unless revoked. The record date for voting rights remains June 21, 2022.
Sundial Growers Inc. (Nasdaq: SNDL) will hold its Annual and Special Meeting for shareholders on July 21, 2022, at 1 p.m. MDT. The deadline for submitting proxies has been extended to 12 p.m. MDT on the same day to encourage shareholder participation. Currently, there is supermajority support for all resolutions; however, a quorum has not yet been reached. If there is no quorum, the meeting will be adjourned, leading to additional expenses. Shareholders can participate online, and detailed information is available on the company's website.
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