Less than two weeks after acquiring a debt position in Delta 9 Cannabis and entering a stalking-horse agreement to purchase distressed edibles maker Indiva, Canadian operator SNDL is enacting a restructuring plan.
The Canadian cannabis and alcohol company, seeking to reduce corporate expenses and improve efficiencies, will eliminate 106 positions as part of wide-ranging cost-cutting measures, according to a Tuesday news release.
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The restructuring is expected to generate more than $20 million in annual cost savings, though it will require a one-time investment of $11 million over the next 18 months, SNDL said.
The company projects annualized savings by mid-2025, though it could see earlier benefits by the third quarter of 2024.
As part of the reorganization, SNDL is consolidating its cannabis business
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