SNDL Inc.

SNDL Inc., formerly known as Sundial Growers Inc., is a major Canadian operator in the regulated products sector, specializing in liquor and cannabis retail, as well as cannabis cultivation and processing. Headquartered in Calgary, Alberta, the company operates through four distinct business segments: Liquor Retail, Cannabis Retail, Cannabis Operations, and Investments. The company generates the vast majority of its revenue from its retail operations. The Liquor Retail segment is the largest contributor, accounting for approximately 60% of total net revenue (generating over CAD 550 million in 2024). This segment operates over 165 locations primarily in Alberta under the Wine and Beyond, Liquor Depot, and Ace Liquor banners. The Cannabis Retail segment is the second-largest revenue driver, contributing roughly 30% of total revenue through a network of over 180 corporate-owned and franchised stores under banners like Value Buds, Spiritleaf, and Superette. Beyond retail, SNDL's Cannabis Operations segment (representing roughly 10% of revenue) focuses on the cultivation, processing, and distribution of premium cannabis products for the adult-use and medical markets. The company's brand portfolio includes Top Leaf, Palmetto, Grasslands, and Contraband. Additionally, SNDL's Investments segment deploys capital across the North American cannabis industry, primarily through its SunStream Bancorp joint venture, generating interest and fee income. SNDL's strategic pivot from a pure-play cannabis cultivator to a vertically integrated retail powerhouse was accelerated by key acquisitions, including Alcanna Inc., Inner Spirit Holdings, and The Valens Company. This diversification has allowed SNDL to mitigate the volatility of wholesale cannabis prices while capturing margins across the entire supply chain, from production to point-of-sale.