Sundial Growers up 20% after a series of announcement

Sundial Growers Inc (NASDAQ: SNDL) increased by 20% and recently reported its third-quarter operational and financial results for 2021. The company also announced that a new and innovative share repurchase program had been approved by its BoD (Board of Directors).

This program allows Sundial to repurchase a limit of $100 million of the company's outstanding common shares. This will enable the company to opportunistically give value back to its shareholders. 

Senior management statements 

Sundial's Chief Executive Officer, Zach George, said:

Mr. George also said:

Business operations highlights 

Besides the Inner Spirit acquisition, Sundial also reported three Cannabis operating segments: retail, production, and cultivation. These business segments did extremely well in the third quarter, recording $14.4 million net revenue. 

The company is also set to acquire Alcanna after executing an arrangement agreement on October 7 of this year. According to the agreement, Sundial is to pay a total consideration of roughly $346 million to acquire all of the company's outstanding and issued common shares. 

Alcanna's longstanding liquor customer base will help provide Sundial Growers with a stable stream of revenue via a proven and mature business model. Alcanna is a liquor retailer based in Canada and operates mainly in Alberta under three specific names; Ace Liquor, Liquor Depot, and Wine and Beyond. 

As far as the share repurchase program is concerned, Sundial's management will be allowed to purchase shares at their discretion.