CALGARY, Oct. 9, 2019 /CNW/ - We want to address erroneous
media coverage regarding the class action lawsuits filed against
our company alleging violations of the U.S. securities laws. While
we cannot comment on specific customer relationships due to
contractual confidentiality and normally would not respond to
pending legal matters, we are compelled to issue this
statement.
The lawsuits stem from a single online article, which
erroneously described a since-resolved commercial dispute. All of
our customer agreements include provisions to replace or return
product under certain conditions. The amount of product returned
was a fraction of the 554 kilograms erroneously quoted in the
article. The return represented a minimal percentage of our total
production to date, had no impact on our second quarter financial
results and is expected to have a negligible impact on our third
quarter earnings.
Sundial has always been compliant with Health Canada regulations
in our world-class facilities, including the most recent inspection
of our flagship facility in Olds,
Alberta in September 2019.
Sundial's products and quality processes continue to follow Good
Production Practices (GPP) in accordance with Health Canada
standards. At no point have our facilities stopped producing and
selling our high-quality cannabis products.
Torsten Kuenzlen, CEO of Sundial says, "We strongly believe that
Sundial did not mislead investors and disclosed all material
information to investors in our IPO. We are therefore confident
that the class action lawsuits filed against Sundial are completely
without merit and intend to vigorously defend our company in these
matters."
We remain focused on what has made us successful: the
sustainable growth of our business through a commitment to
producing safe, innovative and high-quality products that consumers
desire.
About Sundial Growers Inc.
Sundial proudly crafts pioneering cannabis brands to Heal, Help
and PlayTM:
- Heal - cannabis products used as prescription medicine
- Help - cannabis products that strive to promote health and
wellness through CBD
- Play - cannabis products to enhance social, spiritual and
recreational occasions
Sundial has facilities in Canada and the United Kingdom and provides quality and
consistent products consumers can trust.
In Canada, we grow
'craft-at-scale' cannabis using purpose-built modular facilities
and award-winning genetics. Sundial's flagship production facility
is located in Olds, Alberta with a
second facility in Rocky View,
Alberta. We have commenced
construction of our next purpose-built facility in Merritt, British Columbia.
In the United Kingdom, we grow
high-quality traceable plants, including hemp, ornamental flowers
and edible herbs, in over 1.5 million square feet of
state-of-the-art environmentally friendly, indoor facilities.
Bridge Farm has three facilities in Spalding with another currently
under construction.
We employ nearly 1,000 employees globally, full-time and
seasonal, bringing economic benefits to the local communities in
which we operate.
Forward-Looking Information Cautionary Statement
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward looking
statements in this release includes, but is not limited to, the
potential expansion plans of the Company in Canada, and statements regarding the future
performance of the Company. Forward-looking statements are
frequently characterized by words such as "plan", "continue",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"may", "will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
These statements are only predictions. Various assumptions were
used in drawing the conclusions or making the projections contained
in the forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Company is
under no obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable law.
SOURCE Sundial Growers Inc.