Calgary, Alberta-based SNDL reported a net loss of 372.4 million Canadian dollars ($275 million) for 2022, up substantially over 2021’s CA$226.8 million, due partly to asset impairments in its cannabis retail division.
ADVERTISEMENT
SNDL, which operates separate cannabis and alcohol retail channels, as well as marijuana production, said noncash inventory and asset impairments amounted to CA$203 million last year, compared with CA$77 million one year earlier.
The company said that despite improving fundamentals for Nova Cannabis, a marijuana retailer it acquired last year, the share price declined by more than half since the acquisition, causing an CA$88 million noncash charge.
Full-year net revenue for SNDL was CA$712.2 million, up more than 1,100% over the previous year, thanks largely to its acquisition of Alcanna.
SNDL bought Edmonton, Alberta-headquartered Alcanna for approximately CA$320 million in cash and shares on March 31, 2022.
That deal included Alcanna’s 78 cannabis outlets
Read full article on Marijuana Business Daily
