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Record revenues for SNDL

Published on April 4, 2025 by Pat Bulmer

Photo: File photo/the oz.

Growth in pot sales drove cannabis and liquor company SNDL to hit record revenues in 2024.

In its final quarterly financial statement of the year, the Calgary-based company reported net revenue was $257.7 million for the quarter and $920.4 million for the full year of 2024.

“Both the quarter and the full year represent new records for the corporation, driven by strong growth from our combined cannabis business of +16.5% in the fourth quarter and +10.6% over the full year,” the statement said.

In the last quarter, the company completed the privatization of Nova Cannabis by buying up the remaining shares, and acquired the assets of Indiva Inc., “positioning SNDL as the largest manufacturer of infused edibles in Canada.”

“Our strong balance sheet, including $218.4 million of unrestricted cash … gives us the flexibility to thoughtfully deploy capital into organic and inorganic investments with attractive returns,” the statement said.

SNDL is Canada’s largest private sector liquor retailer with 165 locations, mostly in Alberta, under the retail banners Wine and Beyond, Liquor Depot and Ace Liquor.

SNDL operates 185 retail cannabis locations as Value Buds, Spiritleaf and Superette.

The company’s investment in a Florida cannabis company suffered a setback when Floridians voted against cannabis legalization.

SNDL now owns 5.4% of rival High Tide after buying four million shares.

High Tide earnings are a mixed bag

Speaking of High Tide, the Calgary-based owner of Canna Cabana stores and other brands, reported a record revenue of $142.5 million for the quarter ending Jan. 31. That was up 11% over the same period a year ago.

Other financial results were mixed.

“The company generated a net loss of $2.7 million during the three months ended January 31, 2025, which compared to break even in the prior year,” the statement said.

Adjusted earnings were $7.1 million for the three months, representing the 20th consecutive positive quarter, but down from the previous quarter and the same quarter a year earlier.

Canna Cabana stores recently opened in Collingwood and Cambridge, Ont., bringing the total to 194 stores across Canada. Same-store sales increased 5% year over year, the company reported.