SNDL (NASDAQ: SNDL) announced Q3 earnings with record revenues of C$230.5 million, a whopping rise of 1,501% year-over-year.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
However, the cannabis retailer reported a net loss of C$98.8 million versus a net income of C$16.7 million in the same period last year.
Zach George, CEO of SNDL commented, “Our regulated products platform has shown resiliency in the face of stiff industry and macroeconomic headwinds, and our vertically integrated cannabis business is in the early stages of providing the scale and results that we believe are required for SNDL to be a strong member of a future oligopoly in Canada. Our integration work and cost control initiatives will continue into 2023 as we remain focused on opportunities related to the Alcanna assets and look to close the proposed acquisition of Valens in the first quarter of 2023. “