Sunday, December 5, 2021

Sundial Growers Inc. (SNDL) Stock Surging in Aftermarket, Here’s Why

Sundial Growers Inc. (SNDL), a company engaged in the production and marketing of cannabis products, has surged 16.74% in aftermarket trading session and was trading at $0.76 when last checked. The reason for the increase could presumably be the acquisition of Alcanna Inc. by Sundial. On Thursday, SNDL stock closed the day at $0.65 after increasing 2.13% during regular trading hours.  


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SNDL acquisition of Alcanna

SNDL announced on Thursday that it had entered into an agreement with Alcanna Inc. According to the details of the agreement, Sundial would acquire all of the issued and outstanding common shares of Alcanna through a statutory plan of arrangement for total consideration of about $346 million. Alcanna has experience of more than 25 years in retailing regular products. Sundial said that the agreement would provide it with stable cash generation and enhanced market exposure. Besides, the robust corporate support function at Alcanna would supplement Sundial’s Spiritleaf retail operations. Under the agreement, the shareholders of Alcanna would be able to participate in and help create the future for Sundial. The Alcanna shareholders would receive 10.69 common shares of Sundial for each Alcanna common share held. The purchase price was set at $9.12 per Alcanna share.

Q2 2021 financial results


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On 12th August, SNDL reported the financial results for the second quarter of the fiscal year 2021, which ended on 30th June. The gross cannabis revenue for three month period was $12.73 million as compared to $24.34 million for an equivalent period of 2020. The cost of sales remained at $9.53 million as compared to $17.33 million for an equivalent period of 2020. The company bore a loss of $71.02 million from the operations, while during the equivalent period of 2020, it was $30.21 million. The net loss suffered by the company was $52.28 million, while for an equivalent period of 2020, it was $60.34 million. The net loss per basic and diluted share remained at $0.03, while for an equivalent period of 2020, it was $0.57. The company has cash and cash equivalents of $885.41 million on 30th June. The company had total assets of $1.41 billion.

What’s ahead for SNDL?

A detailed look at statistics reveals that SNDL stock has shown remarkable performance during the last year. It has increased by 194% during the period. But during recent months, i.e. during the last half-year, the stock has mostly seen a negative trend, partially because Cannabis is a high-risk business to get involved in. So, analysts believe that potential investors should think before making long term investments in SNDL stock.

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