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Sundial Growers Inc. (SNDL) Stock boomed to 30.85% in premarket – Learn why?

Sundial Growers Inc. (SNDL) jumped to 30.85% in premarket after it announces a share repurchase program. However, the last trading session closed at $0.7199 with an incline of 6.26%.


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Share Repurchase program

SNDL announced on 11th November 2021 that its Board of Directors has approved a new share repurchase program which allows the Company to repurchase up to C$100 million of its outstanding common shares at prevailing market prices from time to time, allowing Sundial to return value to shareholders on a timely basis. Sundial may only acquire a total of 102.8 million shares under the Share Repurchase Program, which represents roughly 5% of the issued and outstanding shares as of the date hereof, regardless of the Share Repurchase Amount.

Third Quarter 2021 Financial Results – What’s going on?

SNDL reported third-quarter 2021 results on 11th November 2021. The company reported net earnings of $11.3 million as compared to the $71.4 million loss that took place in the third quarter of the prior year. For the third quarter of 2021, net revenue from Cannabis divisions was $14.4 million, 57 percent more than the second quarter and 12% up from the third quarter of 2020. Cannabis sectors had a $1.8 million gross margin, including a $1.9 million loss from cannabis cultivation and processing, compared to $19.5 million in the third quarter of 2020.

Now what?

The third-quarter results represent the early effect of Sundial’s team’s business transformation over the previous ten months. The company is committed to long-term profitability and continuous progress in all parts of our business. Despite the continued issues that industry participants face, the company is in better financial shape than it has ever been.

SNDL is in a unique position among its competitors as it strives to satisfy customers and establish itself as a reliable industry partner. The team’s strong balance sheet allows them to avoid short-term constraints while working to enhance the quality of their decision-making. SNDL expects objectives to be met in 2022, resulting in an aggregate base business that generates free cash flow.

US$100 Million Acquisition Facility

On 21st October 2021, Jushi Holdings announced that it has signed for a definitive merger for a US$100 million Senior Secured Credit Facility with a portfolio firm of SunStream Bancorp Inc. The Purchase Facility will be used to cover the cash part of Jushi’s recently completed acquisition of Nature’s Remedy of Massachusetts, Inc. and certain of its affiliates. Additionally, the Company will explore borrowing additional funds under the Acquisition Facility in the future for prospective strategic expansion opportunities in both its core and growing markets.

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