Why Sundial Growers Inc (SNDL) stock is going up?

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Sundial Growers Inc (SNDL) stock price is going up continuously. In Todays’s March 18, 2021, pre-market it has gained 4.55% as of this writing. The stock went up yesterday as well by 1.99% and closed at $1.54.

Latest news of SNDL

On March 17, 2021, SNDL announced its financial results for the full year and the fourth quarter ended December 31, 2020. All the financial figures are given in Canadian dollars

Q4 Financial Highlights

  • SNDL Net revenue was $13.9 million for the three months ended December 31, 2020 
  • The adjusted gross margin was $3.2 million for the reported quarter.
  • SMG&A expenses were $8.8 million in the fourth quarter of 2020.
  • Net loss from continuing operations was $64.1 million for Q4.
  • Adjusted EBITDA from continuing operations was a loss of $5.6 million 

Full-year 2020 Highlights

  • SMG&A expenses were $37.8 million for full-year 2020.
  • For 2020 Net loss from continuing operations was $206.3
  • Adjusted EBITDA was a loss of $25.6 million for 2020
  • SNDL gross revenue was $73.3 million for the year 2020 and net revenue was $60.9 million.
  • As of December 31, 2020 SNDL, has $60.4 million unrestricted cash on hand and $719 million unrestricted cash on hand on March 15, 2021.

New Venture with SAF

On Monday, March 15 2021, SNDL announced a 50/50 joint venture with SAF Opportunities LP and the new venture will be called SunStream Bancorp. The joint venture will focus on making cannabis-related debt and equity investments in Canada and international markets.

Conclusion:SNDL stock is likely to do better as the cannabis market is growing. Moreover,SNDL recent financial results beat all the estimates and their recent partnership with SAF make them an attractive option for the investors.

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