Sundial Growers Inc. (SNDL) has experienced an incline of 16.57% in the aftermarket. However, the last trading session closed at $0.648 with an increase of 2.13%.
SKYMINT Acquires 3Fifteen Cannabis
On 21 September 2021, SKYMINT announced today the merger of 3Fifteen Cannabis, as well as the closure of its simultaneous $70 million Senior Secured Term Loan from Tropics LP. It is an affiliate of SunStream Bancorp Inc., a strategic partnership action plan endorsed by Sundial Growers Inc., and its $8 million equity investment from Merida Capital Holdings.
These deals solidify SKYMINT’s leadership position in the nation’s third-biggest cannabis market. Moreover, it also provides the company with a robust financial sheet to pursue accretive opportunities both inside and outside of Michigan. With the purchase of 3Fifteen Cannabis, SKYMINT now has the potential to serve almost 90% of adult Michigan citizens in a $3.2 billion market. SKYMINT now has 27 retail outlets in Michigan, giving it the largest cannabis retail footprint in the state.
SNDL Files Early Warning Report Issued Pursuant to National Instrument 62-103
SNDL stated on 21st September 2021 that it had repurchased more than 10% of The Valens Company Inc’s shares. The company paid $300,000 for 100,000 Common Shares. SNDL held 18,571,300 Common Shares accounting for roughly 9.99 percent of the Shares on a non-diluted basis. Sundial now holds 18,671,300 Common Shares, which represent approximately 10% of the issued and existing Common Shares on a non-diluted basis.
The securities listed above were purchased by the Company for the purpose of investing. Moreover, the Company may increase or decrease its ownership interest in Valens’ securities. This can either be done through open market transactions, private placement arrangements, or otherwise, depending on the market and other circumstances.
Second Quarter 2021 Financial Results
SNDL reported second-quarter 2021 financial results on 12th August 2021. The cannabis sector of the company generated $9.2 million in net sales. Total net revenue and equity pickup for the quarter was $18.6 million. This included $5.7 million in investment and fee income and $3.7 million in Sundial’s share of profit of equity-accounted investees. The company made $12.7 million in gross cannabis sales, up 8% from the prior quarter. In the second quarter of 2021, the company lost $52.3 million, compared to $60.4 million the previous year. Furthermore, the fair market value of cannabis-related credit facilities and marketable securities on June 30, 2021, was $354.5 million.
