Sundial Growers Inc. Common Shares - SNDL STOCK NEWS

Sundial Growers announced an agreement to acquire Zenabis Global Inc. and its assets under a "stalking horse bid" as part of the Companies' Creditors Arrangement Act proceedings in Canada. The acquisition includes a 380,000 sq. ft. indoor cultivation facility in Atholville, New Brunswick, capable of producing approximately 46,000 kgs of dried cannabis annually, with EU GMP certification for international exports. The deal also encompasses a decommissioned facility in Stellarton, Nova Scotia. Zenabis contributed $11.1 million to consolidated net revenue in Q2 2022, with international revenues from Zenabis accounting for 54% of HEXO's total international sales.

Sundial Growers reported a 78% increase in net revenue to $17.6 million for Q1 2022, bolstered by the acquisition of Alcanna. The cannabis cultivation segment generated $8.8 million, while cannabis retail contributed $7.5 million. Despite challenges, gross margin improved to $3.4 million, compared to a loss in the previous year. The net loss narrowed to $38 million, a 72% improvement year-over-year. The company holds $1 billion in cash and investments with no debt, positioning itself strongly in a challenging market.

Sundial Growers (Nasdaq: SNDL) is set to release its first quarter financial results for the period ending March 31, 2022, on May 16, 2022, after market close. Following the results, a conference call and webcast will take place on May 17, 2022, at 10:30 a.m. EDT. Sundial operates in various sectors, including cannabis production and retail, liquor retail, and investments. The company, now the largest private sector cannabis and liquor retailer in Canada, utilizes a unique 'craft-at-scale' approach in its cannabis production.

Sundial Growers (NASDAQ: SNDL) reported its 2021 financial results, with net revenue of $56.1 million, an 8% decline year-over-year. The fourth quarter saw a 63% increase in revenue, totaling $22.7 million. Despite gross margin loss improvements, the company posted a net loss of $230.2 million for the year, up from $206.3 million in 2020. Adjusted EBITDA reached $32.1 million, compared to a loss of $25.6 million in 2020. Sundial emphasized ongoing efforts to enhance sustainability and supply chain efficiency and aims for positive cash flow in 2022.

Sundial Growers will participate in the Benzinga Cannabis Capital Conference on April 20-21, 2022, at Fontainebleau Miami Beach. CEO Zach George is scheduled to speak at 11:50 a.m. ET on April 20, and a livestream of his interview will be available. The company will also conduct one-on-one investor meetings throughout the event. Sundial operates in three segments: Cannabis Operations, Cannabis and Liquor Retail, and Investment Operations. It is the largest private sector cannabis and liquor retailer in Canada, with shares traded on Nasdaq under the symbol SNDL.

Sundial Growers (SNDL) announced that its external auditor expects to complete the audit and issue the financial statements for the year ended December 31, 2021, by April 29, 2022. This delay is attributed to new requirements for an auditor attestation report on internal controls due to the company’s growth. Sundial will also provide updates regarding a Management Cease Trade Order (MCTO) issued on April 1, 2022, that restricts trading for its CEO and CFO until filings are complete. Sundial remains committed to satisfying regulatory guidelines and ensuring no material undisclosed information exists.

Sundial Growers (SNDL) has received a Management Cease Trade Order (MCTO) from the Alberta Securities Commission due to a delay in filing its audited financial statements for the year ended December 31, 2021, beyond the March 31, 2022 deadline. This order restricts the CEO and CFO from trading the company's securities until the financial statements are filed, although other shareholders remain unrestricted. Sundial expects to complete the filings by April 14, 2022, and confirms no material changes or defaults since its previous announcement.

Sundial Growers Inc. (Nasdaq: SNDL) announced the completion of its acquisition of Alcanna Inc. for approximately $320 million. The acquisition strengthens Sundial's position as the largest private sector cannabis and liquor retailer in Canada, with a combined retail network of over 180 locations. Alcanna's liquor segment generated $25 million in operating cash flow, enhancing Sundial's cash flow stability. Following the acquisition, Sundial holds a 63% equity interest in Nova Cannabis, further expanding its cannabis retail footprint.

Sundial Growers announced its plan to finalize the acquisition of Alcanna on approximately March 31, 2022. All regulatory requirements have been met, pending only customary closing conditions. Additionally, the company is facing a delay in filing its audited financial statements for 2021, now expected by April 14, 2022. Despite the delay, Sundial anticipates reporting record adjusted EBITDA from continuing operations. The delay is due to increased audit requirements under the Sarbanes-Oxley Act, aimed at improving corporate governance.