At the beginning of the year, there was considerable excitement about the marijuana sector and it was no surprise when the Sundial Growers (NASDAQ:SNDL) stock soared to a new high in February.
However, since then the Canadian marijuana grower has seen its stock tank by as much as 75%. The Q1 2021 performance proved to be another blow for Sundial as sales dropped by 32.9% year on year to only CA$9.9 million. Some of Sundial’s products like oils, pre-rolls, and flowers among others have not managed to maintain their popularity.
That being said, the company did manage to record positive operating income for the first time in history. It had invested as much as CA$96 million into cannabis growers in the Canadian pot industry and that helped in bring in CA$15.7 million in the form of non-cannabis revenues. The company is now looking to become a financier of cannabis growers rather than being a major operator in the industry. Additionally, it should be noted that in addition to a cash pile of CA$746 million, Sundial has no debts.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.