Alberta-based licensed producer Sundial Growers has filed its IPO registration in an try to turn out to be the second Canadian LP to record solely on the NASDAQ, following Tilray’s (TLRY) itemizing a 12 months in the past. The proposed $100 million providing doesn’t but have pricing data, however the firm has reserved the ticker “SNDL”. Underwriters embody Cowen, BMO and Barclays
The corporate, which obtained its license in June 2017, has three classes of merchandise, “Heal, Assist and Play” and grows a choose variety of strains which are marketed by traits and results:
Earlier right this moment, the corporate introduced the acquisition within the UK of CBD-focused Bridge Farm Group, its first enterprise past Canada. Based on the prospectus, Bridge generated gross sales of C$20.four million over the ten months ending March 31st and C$9.1 million in Q1. Earlier this 12 months it lined up a C$30 million credit score facility with BMO and adopted it up with a C$93 million convertible word providing in Might.
Sundial reported its first gross sales in Q1, producing internet income of C$1.5 million and adjusted EBITDA of -C$5.5 million. The corporate reported professional forma money of just about C$29 million and professional forma fairness of -C$106 million as of March 31st.
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