CALGARY, AB, March 17, 2021 /CNW/ - Sundial Growers Inc.
(NASDAQ: SNDL) ("Sundial" or the "Company") reported its financial
and operational results for the full year and fourth quarter ended
December 31, 2020. All financial
information in this press release is reported in millions of
Canadian dollars and represents results from continuing operations,
unless otherwise indicated.
FULL YEAR AND FOURTH QUARTER 2020 FINANCIAL AND OPERATIONAL
HIGHLIGHTS
- Completed financial restructuring and eliminated $227 million aggregate principal amount of debt
during 2020.
- $60.4 million unrestricted cash
on hand at December 31, 2020 and
$719 million unrestricted cash on
hand at March 15, 2021.
- Gross revenue increased by 10% to $73.3
million in 2020 compared to the prior year.
- Branded net cannabis sales increased to 75% of total cannabis
sales in 2020 from 20% in the previous year as Sundial transitioned
from wholesale to branded retail sales.
- Net cannabis revenue for the fourth quarter of 2020 was
$13.9 million, an increase of 8% over
the third quarter of 2020.
- General and administrative costs were reduced by 18% in 2020 as
a result of cost reduction initiatives to $32.0 million compared to $38.9 in the previous year.
- Committed $58.9 million in the
fourth quarter of 2020 and a further $31.5
million subsequent to year-end in strategic cannabis-related
portfolio investments. Generated realized investment income and
fees subsequent to year-end of $9.3
million.
"We entered our second year of commercial operations facing a
number of internal and external challenges, including operational
difficulties, excessive leverage, inadequate cost control, a lack
of focus on our core value proposition, and rapidly evolving
industry conditions," said Zach
George, Chief Executive Officer of Sundial. "In response, we
redefined our strategy and made material changes to position
Sundial for improved performance. We successfully restructured the
entire organization by repaying all outstanding debt, improving our
operating practices, targeting a sustainable cost structure and a
simplified business model. Sundial also curtailed production and
reduced the size of our workforce in response to market demand. We
have raised significant capital, made a number of profitable
investments, and continue to evaluate a robust pipeline of
strategic opportunities. Capital preservation and corporate
stewardship are key priorities for our Board and management team.
While our financial strength has improved materially, we still have
significant work to do in our core operations to achieve the goals
we have established for Sundial and our shareholders. Sundial's
last two quarters have been negatively impacted by the complete
repositioning of our cultivation operations as we focused on
data-driven best practices to drive quality and potency results
that meet evolving consumer preferences. While we are currently
seeing many of our Canadian peers move away from cultivation,
partially or entirely, due to their inability to deliver consistent
cultivation outcomes, Sundial has renewed its commitment to
cultivation in our modular indoor facility and views this core
competency as an opportunity for differentiation going forward.
We are confident that the adjustments made to our cultivation
and processing activities better enable us to delight our consumers
and customers in the coming year."
"Sundial's dedicated team of employees and a corporate culture
focused on leveraging consumer insights, innovation and continuous
improvement have driven increased gross revenue in a dynamic
environment, where the industry has faced a multitude of challenges
including an oversupplied cannabis market along with severe price
compression and a worldwide pandemic. Sundial's high-quality
cultivation and processing facility combined with our team's broad
consumer packaged goods experience and strong financial position
reinforce management's confidence in our ability to generate
continued growth on the path to sustainable profitability."
FULL YEAR 2020 KEY FINANCIAL METRICS
|
Gross
Revenue
|
|
Net
Revenue
|
|
Gross
Margin (1)
|
|
Net
Loss
|
|
Adj.
EBITDA
|
|
Reported
|
73,321
|
|
60,918
|
|
9,178
|
|
(239,944)
|
|
(25,583)
|
|
% Change
2019
|
10%
|
|
-4%
|
|
-46%
|
|
12%
|
|
15%
|
|
(1)
|
Gross margin before
inventory impairment and fair value adjustments
|
YEAR END 2020 BUSINESS & OPERATIONAL RESULTS
Capital raised during 2020 and after year-end provides Sundial
with substantial financial resources to pursue operational goals
and execute on strategic opportunities.
Sundial remains focused and committed to its cultivation and
processing activities and continues to implement critical changes
to enhance results:
- Sundial continues its emphasis on premium inhalable cannabis.
While Sundial expects the industry will continue to see volatility,
the Company believes that focusing on cultivation activities and
inhalable products provides the best opportunity for long-term,
sustainable growth. Sundial made significant progress in 2020 in
cultivation and processing activities:
-
- Increased the number of cases delivered monthly from 12,853
cases in January to 24,847 cases in December
2020.
- Cultivation and production costs were reduced by 75% from
$22.4 million in the fourth quarter
of 2019 to $5.7 million in the fourth
quarter of 2020, compared to a 48% reduction in grams harvested in
the comparative quarters, reflecting increased efficiency.
- Sundial has undertaken initiatives to further simplify its
supply chain and rationalize its SKU's across all brands and
formats. The Company is taking a proactive approach with customers
to limit SKU proliferation and maximize shelf space and rate of
sale with an optimized portfolio approach.
- Sundial's commitment to data and science-based decisions has
directed the restructuring of its cultivation practices. These
changes have accelerated improvements in quality, potency, yield,
and cost as Sundial achieved the highest weighted average potency
in its history during the last three months of the year. Sundial
continues to make progress and invest in its commitment to
cultivation excellence.
- Sundial acquired an expanded library of genetics in 2020 to
better serve evolving consumer preferences, cultivate higher
potency products and generate better harvest outcomes. The Company
expects the new genetics will be in market by Q4 2021.
- Sundial was under indexed in the pre-roll format and increased
production by over 200% in the fourth quarter and into 2021 to meet
consumer demand. The Company continues to develop a robust
innovation pipeline.
- Sundial commenced the year with an average of 16% OTIF (On Time
In Full) metrics and averaged above 90% for the majority of the
year.
- Sundial's cultivation and production costs reduced from
$10 million per month to $2 million per month through the year, while the
Company increased output of finished product.
GROSS MARGIN BEFORE FAIR VALUE ADJUSTMENTS
Adjusted
gross margin before inventory impairment and fair value adjustments
for the year ended December 31, 2020
was $9.2 million, compared to
$16.8 million for 2019. This decrease
in gross margin was mainly due to reduced pricing and a shift to a
higher cost product mix. Sundial continues to analyze and adjust
its operations for optimal margin accretion.
GROSS SELLING PRICE
Average gross selling price per
gram equivalent of branded products was $5.05 per gram in 2020, net of provisions,
compared to $6.24 per gram in the
prior year as a result of industry wide price compression and a
shift to value product. Average gross selling price for unbranded
flower of $1.43 per gram reflects the
monetization of winterized oil, trim and shake inventory.
Sundial anticipates continued downward price pressure throughout
the industry in the coming year due to continuing competition and
relative oversupply.
REVENUE BY FORMATS
Sundial remains focused on
delivering premium products with an emphasis on inhalable formats,
including flower, pre-rolls, vape cartridges and
concentrates. Gross revenue by format is as follows:
- Vape Cartridges: Vape cartridge sales were $18.4 million in the year ended December 31, 2020 compared to $0.5 million in the prior year because of the
legalization of cannabis vape cartridges late in 2019.
- Dried Flower: Gross revenue from dried flower sales was
$51.4 million in 2020 representing a
12% decrease from the previous year due to a shift of Sundial's
portfolio from wholesale to branded sales and other formats in
response to consumer preferences.
- Oil: Gross revenue from oil sales was $3.2 million in the year ended 2020 compared to
$8.2 million in 2019.
- Concentrates: The Company continued to diversify its
product mix in 2020 and added solventless extracts late in the
fourth quarter of 2020. Sundial also entered into a licence
agreement with Simply Solventless Concentrates ("SSC") for the
processing and manufacturing of a suite of solventless cannabis
concentrates.
- Edibles: Sundial also added edibles to its portfolio in
the fourth quarter of 2020, through its sales and distribution
agreement with Choklat, an Alberta-based chocolate maker.
REVENUE BY BRANDS
Sundial's portfolio of branded products yielded significant
revenue from the retail marketplace in 2020. Net revenue by brands
is as follows:
- Top Leaf: Sundial's premium inhalable brand was launched
near the end of 2019, generating just $677,000 in sales that year. In 2020, Top Leaf
products generated $16.5 million in
net revenue.
- Sundial: As the Company continued to diversify its
product mix and shifted its portfolio to include more offerings,
the revenue from the Sundial brand increased to $16.5 million in 2020 compared to $8.4 million in 2019.
- Grasslands: In 2020, the Grasslands brand generated net
revenue of $6.9 million, compared to
$1.1 million in the previous year.
The increase in 2020 revenue was due to the value segment becoming
a preferred choice for consumers.
- Palmetto: Net revenue from the newly introduced Palmetto
brand, launched near the end of 2019 was $3.4 million in 2020, resulting from increased
investments to the brand and products.
KILOGRAMS SOLD
The Company sold 23,500 kilogram
equivalents of cannabis in 2020, a 36% increase over the previous
year sales of 17,293 kilogram equivalents.
NET BRANDED SALES
In 2020, the Company continued to
focus on increasing its branded sales through brand portfolio
penetration coast-to-coast, the addition of new formats and supply
chain optimization. Branded net cannabis sales increased to 75% of
total cannabis sales in 2020 from 20% in the previous year,
representing $55.3 million of sales
up from $13.4 million of sales in
2019.
SALES, MARKETING AND GENERAL AND ADMINISTRATIVE
EXPENSES
SMG&A costs were reduced by 20% from
$47.0 million to $37.8 million in 2020 when compared to the prior
year. A reduction in the Company's workforce in response to market
conditions and a focused review of all spending drove this
improvement. Targeted spending on marketing costs was increased in
the second half of 2020.
NET LOSS
Net loss from continuing operations for 2020
was $206.3 million in 2020 compared
to $142.7 million in 2019. The 2020
net loss included impairment charges related to inventory
($45.9 million) and asset impairments
($79.1 million) for a total of
$125.0 million.
ADJUSTED EBITDA
Adjusted EBITDA from cannabis operations was a loss of
$25.6 million for 2020 compared to a
loss of $30.1 million for the
previous year. The decreased loss was primarily due to reduced
general and administrative expenses relating to cost reduction
initiatives during the year, partially offset by lower net revenue
and higher cost of sales.
FOURTH QUARTER 2020 KEY FINANCIAL METRICS
|
Gross
Revenue
|
|
Net
Revenue
|
|
Gross
Margin (1)
|
|
Net
Loss
|
|
Adj.
EBITDA
|
|
Reported
|
16,865
|
|
13,853
|
|
3,215
|
|
(64,144)
|
|
(5,633)
|
|
% Change Q3
2020
|
9%
|
|
8%
|
|
23%
|
|
10%
|
|
-28%
|
|
% Change Q4
2019
|
4%
|
|
-6%
|
|
723%
|
|
-128%
|
|
69%
|
|
(1)
|
Gross margin before
inventory impairment and fair value adjustments
|
FOURTH QUARTER 2020 BUSINESS & OPERATIONAL
RESULTS
NET REVENUE
Net revenue for the three months ended
December 31, 2020 increased by 8%
over the third quarter of 2020 from $12.9
million to $13.9
million.
GROSS MARGIN BEFORE FAIR VALUE ADJUSTMENTS
Adjusted
gross margin before inventory impairment and fair value adjustments
for the three months ended December 31,
2020 was $3.2 million,
compared to $2.6 million for the
previous quarter as a result of higher revenue and improved margin
mix.
GROSS SELLING PRICE
Average gross selling price per
gram equivalent of branded products was $4.14 per gram in the fourth quarter of 2020,
including net provisions, compared to $5.53 per gram in the prior quarter. The decrease
in the average gross selling price on branded products was the
result of industry price compression. Average gross selling price
for unbranded products in the fourth quarter of $0.65 per gram equivalent was realized on the
monetization of winterized oil, trim and shake
inventory.
REVENUE BY FORMATS
- Vape Cartridges: Gross revenue from vape cartridge sales
was $4.3 million in the fourth
quarter of 2020 representing a 19% increase over the previous
quarter.
- Dried Flower: Gross revenue from dried flower sales was
$11.9 million in the fourth quarter
of 2020 representing a 3% increase from the previous quarter.
- Oil: Gross revenue from oil sales remained stable with
the previous quarter at $317 thousand
in the fourth quarter of 2020.
KILOGRAMS SOLD
The Company sold 7,247 kilogram
equivalents of cannabis in the fourth quarter of 2020, a 25%
increase over the previous quarter sales of 5,819 kilogram
equivalents.
SALES, MARKETING AND GENERAL AND ADMINISTRATIVE
EXPENSES
SMG&A costs increased by 6% from $8.3 million to $8.8
million in the fourth quarter of 2020 when compared to the
prior quarter. Sundial is fully committed to investing in its
brands, and as a result, sales and marketing expenses were
increased to $2.3 million from
$1.1 million in the previous quarter.
In 2021, Sundial will continue to invest in its marketing and sales
departments to accelerate distribution and customer
acquisition.
NET LOSS
Net loss from continuing operations for the
three months ended December 31, 2020
was $64.1 million compared to a net
loss of $71.4 million from the
previous quarter. The net loss decrease was impacted by lower
non-cash charges for inventory and asset impairment, partially
offset by an increase in finance costs and a loss on cancellation
of contracts.
ADJUSTED EBITDA
Adjusted EBITDA from continuing
operations was a loss of $5.6 million
for the three months ended December 31,
2020 compared to a loss of $4.4
million from the previous quarter due primarily to higher
sales and marketing expenses and foreign exchange changes,
partially offset by higher net revenue.
LIQUIDITY AND CAPITAL RESOURCES
Through a combination of cash repayments, asset dispositions,
equity and equity-linked issuances and debt-for-equity conversions
in 2020, Sundial has eliminated its entire outstanding debt while
establishing an unrestricted cash position of $60.4 million and a term loan receivable of
$51.9 million at December 31, 2020. As of March 15, 2021, the Company had an unrestricted
cash balance of approximately $719
million. Sundial has engaged in several capital investments
program in 2020, including:
- Completed financial restructuring and eliminated $227 million debt principal balance in 2020.
- During the fourth quarter, issued 398.4 million common shares
for gross proceeds of $208.8 million
pursuant to at-the-market equity programs and warrant
exercises.
- Subsequent to year end, issued 740.5 million common shares for
gross proceeds of $693.8 million
pursuant to at-the-market equity programs, registered direct
offerings, and warrant exercises.
- Closed strategic cannabis related portfolio investments for
$58.9 million in the fourth quarter
and $31.5 million subsequent to year
end, generating $9.3 million in
realized gains, interest income and fees in the first quarter of
2021 to date.
- Subsequent to year-end, regained compliance with the Nasdaq
minimum bid requirement based on closing share bid prices.
- Entered into an agreement to form a 50/50 joint venture through
a new corporation, SunStream Bancorp Inc. The partnership will
focus on cannabis related opportunities and investments, in
Canada and internationally.
STRATEGIC AND ORGANIZATIONAL UPDATE
Sundial remains focused on building sustainable, long-term
shareholder value through the accretive deployment of cash
resources while optimizing the utilization and output of its
production facilities.
CULTIVATION
- Sundial's ability to consistently deliver premium inhalables
continues to be a key component of the Company's success. The
Company is emphasizing the development of new strains, the
utilization of data insights and continuous improvement inside the
Olds facility to achieve high potency and consistent quality
metrics. In late 2020, the Top Leaf brand has improved key quality
processes including hang dried, hand manicured and hand bottled
products along with THC potency metrics of 24% or greater and
terpene percentages above 2%. Following the cultivation
restructuring efforts commenced in mid-2020, potency metrics have
continued to increase into 2021. In February
2021, Sundial harvested its highest potency flower since the
facility's inception.
SALES AND MARKETING
- The Company emphasizes continued expansion in existing cannabis
retailers and net new opportunities presented by store front
expansion especially in key markets such as Ontario, British
Columbia, and Alberta.
Increasing points of distribution to facilitate consumers' access
to Sundial products is a key priority. Subsequent to the quarter
end, Sundial added new members to the sales and marketing teams,
increasing the Company's commercial coverage across key
markets.
- Sundial is currently in the process of building out its own
internal sales force for all provinces – except for Quebec – and signed a distribution agreement
with ROSE LifeScience to represent Sundial's portfolio of brands
across Quebec.
- The Company increased its rate of marketing investment during
the second half of 2020 and has begun to realize positive results
in the areas of distribution and customer acquisitions for its key
brands and SKU's.
- Sundial continues to focus on the development of inhalable
formats through new and unique strains, differentiated product
formats and improved efficiencies in manufacturing methods.
STRATEGIC INVESTMENTS
- Sundial continues to explore strategic opportunities to deploy
capital with a focus on maximizing shareholder value. This strategy
may include a potential merger or other business combination,
direct or indirect investments in other cannabis companies both in
Canada, in the United States and internationally,
optimizing its assets (including the potential sale of its
Rocky View and Merritt facilities), selling limited
quantities of inventory at or below cost, entering into long-term
supply agreements with other licensed producers, licensing or other
strategic transactions or any combination of the foregoing.
COVID-19 UPDATE
The Company continues to monitor daily developments in the
COVID-19 pandemic and actions taken by government authorities. In
accordance with the guidance of provincial and federal health
officials to limit the risk and transmission of
COVID-19, Sundial continues to implement mandatory
self-quarantine policies, travel restrictions, enhanced cleaning
and sanitation processes and frequency, and social distancing
measures. Sundial believes that it can maintain safe
operations with these pandemic-related procedures and protocols in
place. The Company has not experienced a material impact
on its production and processing activities to date related to
COVID-19.
NON-IFRS MEASURES
Certain financial measures in this news release, including
adjusted EBITDA from continuing operations, and gross margin before
fair value adjustments are non-IFRS measures. These terms are not
defined by IFRS and, therefore, may not be comparable to similar
measures provided by other companies. These non-IFRS financial
measures should not be considered in isolation or as an alternative
for measures of performance prepared in accordance with
IFRS.
ADJUSTED EBITDA
Adjusted EBITDA is a non-IFRS measure which the Company uses to
evaluate its operating performance. Adjusted EBITDA provides
information to investors, analysts and others to
aid in understanding and evaluating the Company's operating
results in a similar manner to its management team.
Adjusted EBITDA is defined as net income (loss) before finance
costs, depreciation and amortization, accretion expense, income tax
recovery and excluding change in fair value of biological assets,
change in fair value realized through inventory, unrealized foreign
exchange gains or losses, share-based compensation expense, asset
impairment, gain or loss on disposal of property, plant and
equipment and certain one-time non-operating expenses, as
determined by management.
|
Q4 2020
|
Q3 2020
|
% Change
|
Q4 2019
|
% Change
|
Net loss from
continuing operations
|
(64,144)
|
(71,397)
|
10%
|
(28,159)
|
-128%
|
Adjustments
|
|
|
|
|
|
Finance
costs
|
28,438
|
(18,197)
|
-256%
|
3,923
|
625%
|
Loss on cancellation
of contracts
|
2,471
|
—
|
0%
|
—
|
100%
|
Depreciation and
amortization
|
1,297
|
1,480
|
-12%
|
184
|
605%
|
Change in fair value
of biological assets
|
(579)
|
(194)
|
-198%
|
(5,799)
|
90%
|
Change in fair value
realized through inventory
|
214
|
2,447
|
-91%
|
3,121
|
-93%
|
Unrealized foreign
exchange (gain) loss
|
672
|
(243)
|
-377%
|
478
|
41%
|
Share-based
compensation
|
1,501
|
3,118
|
-52%
|
4,553
|
-67%
|
Asset
impairment
|
13,532
|
60,000
|
0%
|
—
|
0%
|
Loss on disposition of
PP&E
|
—
|
—
|
0%
|
(12)
|
100%
|
Cost of sales non-cash
component (1)
|
1,632
|
1,289
|
27%
|
1,621
|
0%
|
Inventory obsolescence
and impairment
|
8,275
|
19,897
|
-58%
|
—
|
0%
|
Restructuring
costs
|
280
|
1,108
|
-75%
|
—
|
0%
|
Transaction costs
(2)
|
825
|
364
|
127%
|
2,166
|
0%
|
Government
subsidies
|
(47)
|
(4,081)
|
0%
|
—
|
0%
|
Adjusted EBITDA
from continuing
operations
|
(5,633)
|
(4,409)
|
-28%
|
(17,924)
|
69%
|
(1)
|
Cost of sales
non-cash component is comprised of depreciation expense
|
(2)
|
Transaction costs are
non-recurring costs related to financing
|
|
2020
|
2019
|
% Change
|
Net loss from
continuing operations
|
(206,317)
|
(142,698)
|
-45%
|
Adjustments
|
|
|
|
Finance
costs
|
16,814
|
24,216
|
31%
|
Loss on cancellation
of contracts
|
2,471
|
—
|
100%
|
Loss on financial
obligation
|
—
|
60,308
|
-100%
|
Depreciation and
amortization
|
4,711
|
595
|
692%
|
Income tax
recovery
|
—
|
(3,609)
|
100%
|
Change in fair value
of biological assets
|
(5,432)
|
(30,340)
|
82%
|
Change in fair value
realized through inventory
|
18,566
|
10,685
|
74%
|
Unrealized foreign
exchange (gain) loss
|
(757)
|
671
|
213%
|
Share-based
compensation
|
8,566
|
38,698
|
-78%
|
Asset
impairment
|
79,191
|
162
|
0%
|
Loss on disposition of
PP&E
|
(488)
|
(8)
|
0%
|
Cost of sales non-cash
component (1)
|
5,250
|
2,693
|
95%
|
Inventory obsolescence
and impairment
|
45,913
|
—
|
100%
|
Restructuring
costs
|
6,470
|
—
|
100%
|
Transaction costs
(2)
|
3,587
|
8,481
|
-58%
|
Government
subsidies
|
(4,128)
|
—
|
0%
|
Adjusted EBITDA
from continuing operations
|
(25,583)
|
(30,146)
|
15%
|
(1)
|
Cost of sales
non-cash component is comprised of depreciation expense
|
(2)
|
Transaction costs are
non-recurring costs related to financing
|
GROSS MARGIN BEFORE FAIR VALUE ADJUSTMENTS
Gross
margin before fair value adjustments is a non-IFRS measure which
the Company uses to evaluate its operating performance. Gross
margin before fair value adjustments is defined as gross margin
less the non-cash changes in the fair value adjustments on the sale
of inventory and the growth of biological assets. Gross margin
before fair value adjustments is comprised of net revenue less cost
of sales and inventory obsolescence and impairment.
CONFERENCE CALL
Sundial will host a conference call and webcast at 10:30 a.m.
EDT (8:30 a.m. MDT) on Thursday, March 18, 2021. A current
investor presentation is available on
http://sndlgroup.com/investors.
WEBCAST ACCESS
To access the live webcast of the call,
please visit the following link:
http://services.choruscall.ca/links/sundialgrowers20210318.html
REPLAY
The webcast archive will be available for three
months via the link provided above.
A telephone replay will be available for one month. To access the
replay dial:
Canada/USA Toll Free: 1-800-319-6413 or International
Toll: +1-604-638-9010
When prompted, enter Replay Access Code: 6336#
ABOUT SUNDIAL GROWERS INC.
Sundial is a public company with Common Shares traded on Nasdaq
under the symbol "SNDL".
Sundial is a licensed producer that crafts cannabis using
state-of-the-art indoor facilities. Our 'craft-at-scale' modular
growing approach, award-winning genetics and experienced growers
set us apart.
Our Canadian operations cultivate small-batch cannabis using an
individualized "room" approach, with 448,000 square feet of total
available space.
Sundial's brand portfolio includes Top
Leaf, Sundial
Cannabis, Palmetto and Grasslands.
Our consumer-packaged goods experience enables us to not just
grow quality cannabis, but also to create
exceptional consumer and customer experiences.
We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds, AB,
and Rocky View County, AB.
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"), including, but not
limited to, statements regarding the Company's cost-cutting
initiatives, the cost savings expected to be achieved, operational
goals, demand for the Company's products, the Company's ability to
achieve profitability, the development of the legal cannabis
market, performance of the Company's investments and the
maintenance of production levels, including during the COVID-19
pandemic. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate",
"estimate", "likely", "outlook", "forecast", "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. Please see "Item
3D Risk Factors" in the Company's Annual Report on Form
20-F, which was filed with the Securities and Exchange Commission
("SEC") on March 17, 2021, and the
risk factors included in our other SEC filings for a
discussion of the material risk factors that could cause actual
results to differ materially from the forward-looking information.
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.
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SOURCE Sundial Growers Inc.