Sundial Growers Inc. (NASDAQ: SNDL) has announced its Q2 2021 financial and operational results for the period ended June 30, 2021.

Sundial’s Q2 revenue was $9.2 million. 

The company reported net revenue of $9.2 million from the cannabis segment in Q2 2021. In addition, fee and investment revenue of around $5.7 million and the company’s share of equity profits accounted for investees of about $3.7 million for net revenue and equity pickup of almost $18.6 million. Gross cannabis revenue was $12.7 million, an 8% QoQ increase. 

Sundial reported a net loss of $52.3 million compared to $60.4 million in Q2 2020.  Net income could have been $7.7 million in Q2 2021 if a non-cash provision of $60 million provisions for impairment on the Olds facility was excluded. Adjusted EBITDA was $0.2 million in Q2 2021 compared to a loss of $3.9 million a year ago. 

The company ended the quarter with cash and investments of $1.3 billion, and art August 9, 2021, it had cash of $1.2 billion without any outstanding debt.

Sundial acquired Spiritleaf 

During the quarter, the company closed Inner Spirit Holdings Ltd’s acquisition and its Spiritleaf retail store network, making Sundial among the leading vertically integrated cannabis operators in Canada.  

CEO Zach George said, “Following Sundial’s restructuring in 2020, we have been able to rapidly reshape the business model to focus on a two-pillar strategy that we believe will position our shareholders for future success. The first pillar is comprised of our core cannabis operations which are now vertically integrated with the acquisition of the Spiritleaf retail network. Our upstream cultivation results within our indoor modular facility continue to improve amidst the intentional reduction of activity and we are excited about targeted innovation that we plan to introduce later this year. We are focused not only on the challenging and dysfunctional Canadian industry landscape today but are mapping the characteristics of a dominant and stable business model in a healthier environment that we expect within three years.”

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