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Here are 1-2 brief analogies for SNDL:

• It's like Total Wine & More but for both alcohol and cannabis.
• Imagine a Canadian Molson Coors that also produces and sells cannabis.

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• Cannabis Products: Manufactures and distributes a diverse range of cannabis products for both adult-use and medical markets, including dried flower, pre-rolls, vapes, and edibles.
• Cannabis Retail: Operates a network of retail stores that sell various cannabis products directly to consumers.
• Liquor Retail: Operates a large network of private liquor retail stores, offering a wide selection of alcoholic beverages.
• Strategic Investments: Manages a portfolio of investments in cannabis and related companies, providing capital and strategic support.

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SNDL Inc. primarily sells its products and services to individuals through its extensive retail networks in both the cannabis and liquor sectors. While it also engages in wholesale cannabis sales to provincial distributors (government entities), its retail operations form a significant and growing portion of its customer base.

The up to three categories of individual customers that SNDL serves are:

• Recreational Cannabis Consumers: Individuals purchasing a wide range of cannabis products (e.g., flower, edibles, vapes, concentrates) for personal recreational use. These customers are served through SNDL's significant ownership in Nova Cannabis Inc. (TSX: NOVC), which operates various cannabis retail banners like Value Buds and Spiritleaf.
• Liquor Consumers: Individuals purchasing alcoholic beverages (e.g., beer, wine, spirits) for personal consumption. These customers are served through SNDL's wholly-owned liquor retail segment, which includes well-known banners such as Wine and Beyond, Liquor Depot, and Ace Liquor.
• Value-Oriented Consumers: A significant portion of SNDL's customer base across both its cannabis and liquor retail segments consists of individuals who prioritize competitive pricing and value. This focus is evident in the strong performance of its discount retail banners like Value Buds (cannabis) and Ace Liquor (liquor).

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Zachary George, Chief Executive Officer
Zachary George joined SNDL as Chief Executive Officer in January 2020. He has over 20 years of experience in alternative investments and evaluating opportunities across the capital structure of North American companies, with a focus on real assets. Mr. George has worked in management and board capacities on restructurings and operational turnarounds, affecting corporate action and implementing governance policies to maximize shareholder value. He co-founded the alternative investment platform FrontFour Capital Group LLC in 2006. Mr. George also served as a trustee and director on the boards of Cominar REIT and Trez Capital Junior MIC, and previously chaired the boards of FAM REIT and Huntingdon Capital Corp. He has guided turnarounds and restructuring of a number of public entities and focused on operational turnarounds within the alternative investment industry. His role at SNDL initially involved a significant restructuring effort.

Alberto Paredero-Quiros, Chief Financial Officer
Alberto Paredero-Quiros joined SNDL as Chief Financial Officer in July 2023. He brings over 25 years of management experience in the consumer goods and pharmaceutical industries. Mr. Paredero-Quiros has held senior management roles at global organizations such as Mondelez International Inc., Novartis, Newell Brands Inc., and Procter & Gamble Company. His expertise includes public company reporting, mergers and acquisitions, internal controls, and general financial and operational management.

Tyler Robson, President of Cannabis
Tyler Robson is the President of Cannabis at SNDL. He co-founded Valens in 2012 and served as its CEO from 2017, demonstrating expertise in plant genetics and extraction processes. Valens was subsequently acquired by SNDL.

Ryan Hellard, Chief Strategy Officer
Ryan Hellard joined SNDL in March 2018 as Chief Marketing and Product Officer and became Chief Strategy Officer in May 2021. He has overseen the development of the company's brand and product portfolio. Before joining SNDL, Mr. Hellard was President of AppColony, a digital marketing and product development agency, for five years.

Matthew Husson, General Counsel & Corporate Secretary
Matthew Husson serves as General Counsel & Corporate Secretary for SNDL.

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Key Business Risks for SNDL

1. Regulatory and Strategic Uncertainty in the U.S. Cannabis Market: SNDL faces significant external regulatory risks, particularly concerning the U.S. cannabis market. The lack of U.S. cannabis regulation contributes to weak investor sentiment and keeps stock prices low. The company is undergoing a strategic review of its U.S. platform and current exchange listings to better position its SunStream investments and increase exposure to potential U.S. cannabis market opportunities, which creates a period of strategic uncertainty for investors. Changes in U.S. drug policies can also create uncertainty for SNDL's operations. Additionally, the execution of SNDL's inorganic growth strategy, such as the acquisition of retail stores, faces regulatory delays.
2. Volatility and Net Losses from Investments: SNDL is at risk of reporting ongoing net losses from its SunStream investments. Operating losses are frequently driven by negative valuation adjustments of equity-accounted investees, particularly the SunStream portfolio. These non-cash adjustments significantly impact the company's operating income and overall profitability.
3. Stock Price Volatility and Potential for Share Dilution: The price of SNDL's common shares has experienced significant volatility. Historically, management has acted aggressively to conduct stock offerings when the share price rises, which can lead to dilution for existing investors and limit potential returns. This volatility is also influenced by weak investor sentiment in the broader cannabis market.

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SNDL Inc. (SNDL) operates in several key segments, primarily focusing on liquor retail, cannabis retail, and cannabis operations within Canada. The addressable markets for their main products and services are as follows:

• Liquor Retail: The Beer, Wine & Liquor Stores industry in Canada was valued at approximately $25.5 billion (CAD) in 2025. Total sales of alcoholic beverages by liquor authorities and other retail outlets in Canada reached $26.2 billion (CAD) for the fiscal year ending March 31, 2024. Canadian beer, wine, and liquor store revenue was also forecast to be $29.2 billion (CAD) in 2023.

• Cannabis Retail and Operations: The overall legal cannabis market in Canada was valued at USD 3.25 billion in 2024 and is projected to reach USD 5.79 billion by 2030. The Canadian Cannabis Production industry is estimated at $13.0 billion (CAD) in 2025. Recreational cannabis sales in Canada were worth $5.07 billion (CAD) in 2023, and total cannabis sales hit $5.2 billion (CAD) in 2023–2024.

  Specific product categories within the Canadian cannabis market include:

  • Cannabis Edibles: The edibles market alone is estimated to be worth at least $1.6 billion (CAD) per year in Canada, with cannabis-infused beverages adding a further $529 million (CAD) per year, according to Deloitte's projections. The revenue in the edible cannabis market in Canada is expected to reach USD 1.3 billion in 2025. In 2023-2024, solid edibles represented 4.3% of total cannabis sales, amounting to $224 million (CAD).
  • Cannabis Beverages: The Canada CBD-Infused Beverages Market reached US$580.01 million in 2023 and is expected to reach US$894.21 million by 2031. Cannabis-infused beverages made up 1.6% of total cannabis sales in Canada in 2023-2024, totaling $83 million (CAD). As of December 2021, cannabis-infused beverages constituted 2.1% of the total Canadian market.
  • Cannabis Extracts and Concentrates: Inhaled cannabis extracts, including vape pens, hash, rosin, wax, and shatter, generated $1.52 billion (CAD) in sales in Canada in 2023–2024, representing 29.3% of total sales. Sales of cannabis extracts and concentrates in Canada reached approximately $324 million (CAD) in 2020. The market share for concentrates in Canada increased from 2.9% to 3.8% of total cannabis sales between June 2021 and May 2022.

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SNDL (NASDAQ: SNDL) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Continued Expansion of Cannabis Retail: The company's cannabis retail segment has shown strong performance, consistently outperforming the Canadian recreational cannabis market. Growth is expected to be driven by robust same-store sales increases and the opening of new retail locations, contributing to market share gains.
2. International Market Penetration for Cannabis Operations: SNDL is actively pursuing and experiencing growth in international sales within its cannabis operations segment. This expansion, particularly for products like edibles, is identified as a significant driver of future revenue, with international demand increasing.
3. Strategic Acquisitions and Investments: Acquisitions, such as that of Indiva and One Centimeters, have already contributed to expanding SNDL's cannabis retail footprint and product offerings. The company, benefiting from a strong balance sheet and no debt, is strategically positioned to pursue further organic and inorganic growth opportunities through high-return investments and M&A activities.
4. Loyalty Programs and Customer Engagement: Initiatives like the "Rise Rewards" loyalty program are expected to enhance customer retention and drive sales within its retail segments. Such programs contribute to strong performance and build consumer trust.
5. New Product Development and Innovation in Cannabis: SNDL is focused on creating additional momentum in its cannabis business through the introduction of new products and ongoing innovation. This strategy aims to meet evolving market demand and strengthen its competitive position.

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Share Repurchases

• SNDL's board approved the renewal of its share repurchase program on November 14, 2024, authorizing the repurchase of up to C$100 million or approximately 13.2 million common shares, representing 5% of its issued share capital, with the program commencing on November 21, 2024, and expiring on November 20, 2025.
• As of November 14, 2024, under its previous share repurchase program (which began on November 21, 2023), the company had repurchased an aggregate of 727,829 shares for cancellation at a weighted average price of approximately US$1.97 per share.

Share Issuance

• During the first half of 2021, SNDL issued over 1 billion new common shares to raise capital primarily for cannabis-related equity investments.
• On July 26, 2022, the company completed a 10:1 share consolidation, which significantly reduced the number of issued and outstanding common shares.

Inbound Investments

No information available.

Outbound Investments

• SNDL completed the acquisition of Alcanna Inc., a liquor retailer, on March 31, 2022, which included consideration of 32.1 million SNDL common shares valued at $287.1 million.
• The company finalized its acquisition of The Valens Company on January 17, 2023, through an exchange of common shares and the assumption of debt, amounting to over $100 million.
• In October 2024, SNDL completed the acquisition of the remaining approximately 35% of common shares of Nova Cannabis Inc. not already owned by the company for an aggregate consideration of approximately $40 million.

Capital Expenditures

• SNDL reported capital expenditures of -$8.73 million in the last 12 months from a recent reporting period.
• In the third quarter of 2025, CAPEX investments totaled $5.2 million, primarily focused on preparing for new Liquor and Cannabis Retail store openings scheduled for the fourth quarter.
• In the second quarter of 2025, SNDL approved $9.5 million in CAPEX and working capital investments for the organic expansion of its Cannabis and Liquor retail footprints, with store openings planned over the subsequent nine months.