Business
Sundial Reports Second Quarter Results as Operations Ramp Up
CALGARY, Aug. 14, 2019 /PRNewswire/ - Sundial Growers Inc. (Nasdaq: SNDL) ("Sundial" or the "Company") today reported its financial results for the second
About this update from Sndl Inc.
[{"type":"text","content":" CALGARY, Aug. 14, 2019 /PRNewswire/ - Sundial Growers Inc. (Nasdaq: SNDL) (\"Sundial\" or the \"Company\") today reported its financial results for the second quarter ended June 30, 2019. Sundial is an international cannabis company with state-of-the-art facilities in Canada and the United Kingdom, providing quality and consistent products consumers can trust. This is Sundial's inaugural quarterly earnings release as a public company following its listing on Nasdaq on August 1, 2019. \n\n \n\"Sundial accomplished great things this past quarter and our team's solid execution across key areas of our business resulted in significant revenue growth,\" said Torsten Kuenzlen, Chief Executive Officer of Sundial. \"We are very confident in our go-to-market strategy, our strengthened balance sheet and our ability to execute upon organic growth opportunities. With the completion of our initial public offering and Bridge Farm acquisition subsequent to the second quarter, we are well on our way to becoming a leading international cannabis company. We are working diligently to craft high-quality cannabis products that consumers can trust.\"\nAll information in this press release is in Canadian dollars unless otherwise indicated. Sundial will host a conference call and webcast at 8:30 a.m. EDT (6:30 a.m. MDT) on August 14, 2019, during which management will discuss financial results and provide a general business update. Dial-in details can be found below.\nA complete copy of Sundial's unaudited interim consolidated financial statements and related Management's Discussion and Analysis (\"MD&A\") for the three and six months ended June 30, 2019 can be obtained through the Company's website at www.sndlgroup.com, EDGAR at www.sec.gov and SEDAR at www.sedar.com.\nSUCCESSFULLY COMPLETED IPO ON NASDAQ\nSubsequent to quarter end on August 1, 2019, Sundial successfully completed its initial public offering (IPO) on Nasdaq under the symbol SNDL. Sundial issued 11,000,000 common shares at a price of US$13.00 per share, for gross proceeds of US$143,000,000.\nSundial intends to use the net proceeds from the IPO, in combination with cash on hand, other anticipated sources of financing and expected cash flow from operations, to complete the construction, expansion and transition of its cultivation and processing facilities. The remainder of the net pr...