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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.

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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


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