After hours, Sundial Growers’ stock soared 22.88% to reach $0.8846. The company released some new developments that boosted its stock price. SNDL stock traded higher by 27% and 2.03% in the pre-market. The company’s financial highlights for 3Q21, which were released on November 11, showed that it had earned a net profit of $9.02 million, as compared to a loss of $13.89 million for the same period in 2020. SNDL completed the acquisition of all of the issued and outstanding shares of Spirit on July 20, 2021. On October 7, 2021, it also acquired Canada’s largest liquor retailer Alcanna.
Under its share repurchase program, which was approved by the board of directors on November 11, 2021, the company can buy back up to $100 million worth of its common shares. The shares can be purchased through open market purchases or through private transactions. Zach George, the company’s CEO, noted that the company’s third-quarter highlights were its initial impact on the company’s transformation. He also mentioned that despite the various challenges that the industry is facing, the company’s financial condition is strong. Sundial Growers is focused on the production and marketing of inhalable cannabis products for adult-use customers in Canada. The company’s products are under the Sundial, Top Leaf, and Grasslands brands.