Alberta-based licensed producer Sundial Growers has filed its IPO registration in an attempt to become the second Canadian LP to list solely on the NASDAQ, following Tilray’s (TLRY) listing a year ago. The proposed $100 million offering doesn’t yet have pricing information, but the company has reserved the ticker “SNDL”. Underwriters include Cowen, BMO and Barclays
The company, which received its license in June 2017, has three categories of products, “Heal, Help and Play” and grows a select number of strains that are marketed by characteristics and effects:
Earlier today, the company announced the acquisition in the UK of CBD-focused Bridge Farm Group, its first venture beyond Canada. According to the prospectus, Bridge generated sales of C$20.4 million over the ten months ending March 31st and C$9.1 million in Q1. Earlier this year it lined up a C$30 million credit facility with BMO and followed it up with a C$93 million convertible note offering in May.
Sundial reported its first sales in Q1, generating net revenue of C$1.5 million and adjusted EBITDA of -C$5.5 million. The company reported pro forma cash of almost C$29 million and pro forma equity of -C$106 million as of March 31st.
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