SNDL Closing Down $74M Flagship Cannabis Facility To Consolidate Operations & Cut $10M In Costs
Portfolio Pulse from Maureen Meehan
Canadian cannabis producer Sundial Growers (NASDAQ: SNDL) is closing its flagship cannabis cultivation facility in Olds, Alberta, aiming to consolidate operations and cut costs. The company has reported losses surpassing $800 million up to 2022 and estimates an annual saving of about $10 million with this closure. SNDL plans to merge all cultivation at its New Brunswick facility and centralize other operations in British Columbia. The company's stock was trading down 2.76% at $1.41 per share at the close on Monday.
October 24, 2023 | 2:10 am
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Sundial Growers is closing its flagship cannabis cultivation facility to cut costs and consolidate operations. This move comes after the company reported losses surpassing $800 million up to 2022. The company's stock was down 2.76% at the close on Monday.
The closure of Sundial Growers' flagship cannabis cultivation facility is a significant event for the company. It indicates a strategic shift in operations and an attempt to cut costs, which could impact the company's financial performance. The news of the closure, coupled with the company's reported losses, could negatively impact investor sentiment, leading to a potential decrease in the company's stock price.
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