SNDL - Earnings call 3 2023

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Operator

Good morning, and welcome to SNDL's Third Quarter 2023 Financial Results Conference Call. This morning, SNDL issued a press release announcing their financial results for the third quarter ended on September 30, 2023. This press release is available on the company's website at sndl.com and filed on EDGAR and SEDAR as well. The webcast replay of the conference call will also be available on the sndlgroup.com website. SNDL has also posted a supplemental investor presentation on its website.

Cannabis. call, Chief Zach President, Financial and Robson, morning's Officer; Chief Liquor this Tyler Paredero, Alberto Officer; President on we George, have Executive Retail; Presenting Tank Vander,

remind company's that Before differ those investors the today's we detailed materially reports call that could from to answers could anticipated. other are public be or would in Actual constitute start, like forward-looking conference that matters statements. affect discussed and I results certain financial that on in given questions factors made are may Risk SEDAR to results could EDGAR. and filings available

all are Additionally, in indicated. unless otherwise mentioned figures Canadian financial dollars

make questions. on prepared now then and to will we'll analyst move We remarks,

I to now will the call turn over Zach George.

Zachary George

for XXXX Third you Results on Good and Operational and joining [ Call. ] morning Quarter Conference thank our Financial us all,

I the begin This operating quarter generated a for to cash net dedication an of SNDL the the the milestone testament important inception adaptability ] in team both segments. that want milestone first our by team resilience cash flow. is change have and free and our positive we [ and since this business to driving is acknowledging positive activities of as from

company foundation an the Canada. in building have are We a peer potential important with regulated of that products international close not does

and and oversupply competitors [ persistent starfruity are We are price licensing. finding capital driven attractive opportunities for by operational many where is ] improvement in an scarce industry compression amidst over

backdrop. progress against a than are tremendous but of challenging do, are Our macro work we a goals today. We clearer are lot still have [ we far ] making the to

seeking our and shown rate itself preserve with granted trajectory. nothing duration the Although equipped of to market improve flexibility the has aggressively growth much SNDL given has environment recession we navigate resistance, take our efficiencies profitability. for of product the and regulated likely uncertainties current are to business

burden focus I segment, our without on further Our on some undertaken. balance retail interest highlight obligations. Tank us will to helps we that provide and sheet the initiatives delighting but of platform structure wanted material creates consumers color debt-free liquor key recently have strategic cash the optionality

segment structure XXXX. first progress. of is and see the launch of revenue program, data strengthen into expected to of its significant retail quarter. the QX quarter contributed saw margin million compared results $X increase Net cannabis liquor clientele the cannabis segment the from XX% supplier retail substantial and company's a to the year's our licensing In the increase third Enhancements our revenues operational the contribute preceding liquor finalized program quarter Its over quarter, segment. in for we and to growth within a revenues partnerships, expansion recently XX% retail diversification With the to success. previous in We up retail record since the and in data to to XXXX, $X.X XXXX. SNDL's significantly third XXXX, million our marking proprietary demonstrated expect our

is and cannabis a currently are reinforce cannabis consumers. Canada. position enhancing to We presence where to includes delivering retailer This expansion partnerships superior markets limited operations, as refining committed retail our strategy in leading our into products to SNDL's

excellence. sets demonstrates taken our reduce financial and ] footprint to cannabis operations Facilitation to of strides our significant [ procurement our and and further segment We've improvements significant operations costs. streamline processes facility stage in commitment the operational for

Tyler, shortly. President, further cannabis our details operations on provide Our will

SNDL's dollars position XXX the QX financial and long-term in cash, included end investments. in XXXX, unrestricted of marketable of securities CAD million As Canadian

the our streamline value currently SNDL is are underscoring investment to revenue, negative Said our segments. strategy. ability annual of managing to remains materially marketplace. in the our in contrast stands crucial market not operating value another of integral a in equity enterprise. reflect more ascribing profile a billion the segments undervalued is fully approximately $XXX does to cost liquidity exposures credit way, robust These market is and that ever we Our $X intrinsic expanding figure than our million, perspective capitalization our believe to In positioned the where our with than more by that portfolio yield to certain climate securities of potential a divesting

SunStream to of joint As this committed has of directed value offering SunStream sponsored the value, independent The the into has by venture been SNBL independent $XXX.X the and joint poised create with SNDL credit development capital of NASDAQ, governance. $XXX.X loans. management with close a a undergo share a controlled by certain to QX governance all platform This SunStream review had compliance aim USA USA to is structure XXXX, Bancorp U.S. with approximately Most SunStream of million. of million set carrying is deployed and venture. a and formation of of dedicated SunStream is U.S. designed attract investments the to the restructuring investors lion's aligning third-party standards. importantly,

has approximately driven XXXX, approximately exceeding of These expenses, SG&A supply in savings annualized million. million and reduction company Valens by million. acquiring achieved of a we largely $XX operational target savings realized efficiencies. January savings, cost $XX have initial of in alone, Since chain in $XX our consolidation enhanced the XXXX been

sales and clear continues will deep held affirmation will is quarter SNDL's Investors asset million cash our proceeds million of D $X to expected the surpass contributing ago, ahead X has that flotation a provide to XXXX, anticipate SNDL from start proceeds. assets of to CCAA financial a none third transformation team years as than change. just run Looking not realize in annually, we driven operation. strategy. and following over metrics its $XX This from not that performance potentially that business underestimate. of more the we XXX% complete additional leadership with SNDL's the XXXX, synergies may evolve in restructuring rate be a that with

increasing, is and culture a on confidence are and building performance. Our in we focused accountability

never has stronger. superior to experiences commitment well-priced, high-quality delivery Our been retail the of consistent and products

deliver results. Once on unadjusted are as work continue again, We to update to you thank fundamental of SNDL. I support to your continued investors excited we for strong our performance

I will further pass the financial to our results. on Alberto call to provide details

Alberto Paredero-Quiros

discussed to please note have you call measures. all denominated remind certain I unless and Zack. Canadian you, dollars, refer analysis today stated. our Definitions in this of these that on SNDL's to that measures, non-GAAP amounts to documents. Thank amounts discussion non-IFRS Please referred otherwise are management and

To compared negative As positive $XX.X it our million the the history, precise, is for we flow financials, million in in we free flow free $XX.X QX in QX have to of dive into XXXX, our to report that we quarter. great achieved in cash reached time be cash XXXX. positive

operations XXXX, in million strategic QX Achieving QX as a is of up from path flow grew a to focus milestones improvements Our our initiatives indicator this cash operational million and in flow on $X.X ambition reinforces future. deliver our much XXXX. in higher from cash a $XX.X the clear

similar $XXX.X targeted XXXX cash million QX XX, capital. at story growth from at balance increase $XXX a in particularly efforts Revenue increase operational at XXXX. of June unrestricted efficiency, to registering This remains tells growth September up X.X% million above for this to million quarter, XXXX. spend optimize our working XX, from Our in $XXX.X steady,

same a in period QX revealed margin million slight the down $XX.X to from X.X% XXXX, gross decrease last reported year. Our

our last by been gross impacted and While efforts inventory a simplify has we're this impairment seeing operations. noncash portfolio improvements, operational margin to quarter the triggered to large charges, reported our by extent,

impairments [ and we margin ] have QX in if of QX to were perspective, over exclude the XXXX, impact and operational would charges inventory grown year-on-year. our For XXXX gross XX%

$XX.X results down In of the quarter, the terms million. adjusted $XX.X slightly we of QX from achieved EBITDA, XXXX million for

in better for segment, XXXX As for been income XXXX comment by gross and to on like the profit operations in higher retail G&A segment. and cannabis investment segment results results more sales details in Liquor will XXXX. Cannabis our Tyler I higher I and about the 'XX has but QX expenses let offset the marketing would provide

XXXX. year. in million, segment revenue $XX healthy as X.X% which a Revenues supported record high XX.X% is Retail the banks Cannabis This XXXX, QX segment growth period sales for versus across all new same-store Gross the million as in growth by of year-over-year stores. last of same was reached QX from margin $XX.X opening the a XX% for have increase well reached

QX the a for an of introduced data earlier and driven XXXX expansion the XX.X% This second million in improvement [ showcasing Poland. the of versus quarter $X.X XX.X% of quarter of or net increase improvements As efficiency program expanded data our year. property to This of continuous compared in revenue of of third program [ million margin in points by the percentage in to XXXX, quarter success $X optimization the in XXXX, revenue, XX% QX from percentage represents license of X.X an third ] XXXX. ] the gross delivered XXXX tariff

into joint our to had million $XXX $X.X million $XXX of financial At XXXX. to highlight QX a share securities XXXX, and increase Finally, portfolio our by company million in investments. estimated the Canada's by the looking investments date, The It addition of any positions through The to health our investment quarter marketable company venues U.S. million. and generated a including $X.X mainly [ has of million to restricted since debt. interest fair in in $XXX raised credit with value ] our to investments And to $X.X capital third strong. of third fee related This important that $XX leading in company's the value stands quarter million, book of net is billion. current of a investments, equity and at also credit XXXX. value cash end is at June the the offerings SunStream the no the is supported revenue cash, in not attributed venture. deployed

to the believe flow. The Board outstanding repurchase company's best to is company's will the the opportunities we XXXX. SNDL's shareholders. extent interest extending continue the be of Management approved to our share XX, program, available of share assess repurchase to to program in our share November utilize continue program Directors it lower

did months the purchase X company not shares September ended cancellation. XXXX, for common the For XX,

compliance. remain also deeply committed intelligence We regulatory and to

excise reflects taxes Our focus on responsible our business strong time on dedication to pay practices. an

communities paid high-protection admitting is central a business for obvious ] paid applications this Even in are in the this our [ total a positive part far impact taxes. of in the we believe sector, responsible financial $XX.X have and So ] conduct Since million create in inception, of. year, though have ]. we company's levels [ challenges we Cannabis we already million $XX excess [

execution X,XXX results strategy, our quarter rigor as financial the solid step business employees. dedication In our summary, improvement of well as our continuous our nearly ] and and third another towards represents this the passion [ of relentless

pleased much we're setting on we're with have the bigger While our targets goals. progress made, we

is future generate that financial rigor. and growth, initiatives our efficiency improve on of additional several our organization, confident As we're our further under initiatives I'm and these working bright. to operational our solidified through determination

Tank results. now to will update on pass I our the call liquor provide to an

Tank Vander

you, Alberto. Thank

liquor strategy quarter also Our results results, margin are successful not guiding and their retail this future for reflects but our initiatives, expansions. only delivering innovations intended which growth

footprint retail Columbia. with locations steady X in stable Same-store remain banners. year-over-year liquor across Our British Alberta primarily all remained have sales in XXX store and

XXXX. and sales quarterly million at approach. quarter only despite headwinds, and the In the process macroeconomic in approximately also prioritizing factors, municipalities. Wine but finalizing [ We first Calgary of the which our stability, new million growth. $XXX of with customers shopping are of Alberta's in the to strong consumer emphasizing of stood in revenues basket downturn the margin spending. This to trends scheduled maintained banner's key is to which are value quality by our optimize and spending in generate operations reflected Despite continue to in stable new annualized Alberta, store is our our metrics, meeting located store fastest-growing needs driven open not Beyond count our a It in customer digital ], year-over-year we to $X.X approach we is and the national success value in one experiences. destination has of in year, and response ensure growth projected a first in sequential is This economic retail

procurement This label XXXX. was margin $XX.X reached of XX.X% XX.X% the mix compared gross our X.X% QX margin management margin of sales gross initiatives product million and mainly is million, improvement Our of by a growth gross where our to meaningful program. is or QX sales. XXXX, The driven representing success private productivity, $XX.X in

increased QX driver sales, percentage sequentially. to from compared the label of significant Private label the sales of comparative margin to gross The growth as X% over period year of XX% sales Private increased in prior X.X% million. from growth a and $X.X XXXX and representing of X.X% a

label private label first private developing To our of launch we a further capitalize are the of currently wine with success in for on to program, the quarter XXXX. plans

continue will initiative designed different ] to at feature banners. [ prices. wine our drive This and build label margin from differentiation various accessible showcasing regions, on varietals retail winemakers liquor SNDL's growth to private notable Our is strategies through

to initiatives, framework to are new program. out licensing the announce we Looking we built data pleased for proprietary have our

paid real this scaling profits. banner reporting also and supports an year. support SNDL the initial have opportunity program revenue weeks Beyond. the in-store significant basket and average the to increase for purchases Wine increase e-commerce. a In We QX compared during observed through click September, stakeholders highlighting This will growth only but initial The The basket efforts collect. XXX% company site spend current post to in launched upcoming through X our online our all and the its liquor in XXXX e-commerce platform not boost launch,

to are seasonally and further we busy anticipate observing throughout to results in accessibility. period. incremental and e-commerce customer to We key XXXX. looking enhance options look However, this during QX how platform We growth continuous and conversion drive different the sales into committed achieving strong remain the forward currently

and offerings ensure Our in-store product to segment. Tyler call focus exceptional now will you, cannabis turn customer our operations and to and I the our tailored experiences. Thank created digital over cover remains to expanding on reach we

Tyler Robson

strengthen QX, manufacturing, the In initiatives processing our implemented Kelowna. strategic to all Tank. to testing segment. activities you, included we This Thank centralization and significant have of production cannabis

in at the the [ all Following saw our of end, we cultivation quarter ]. Ativan streamlining facility activities

on this to that the achieve our bulk including for to our portfolio maneuver offerings quarter. and innovation, also position top on set focus SKUs growth line profitability top-performing rationale of us new way cannabis completed within These the make drive past have to pivotal XX operating course We and segment.

million all. cannabis the attributed XX% the $XX margin $X.X XXXX, our to increase primarily net to quarter, Valens. impairment This million Gross compared from for the at largely ] acquisition substantial marking the is the generated in strategic a quarter period revenue in XXXX. was This inventory to segment negative company's due growth same of [ quarter healthy million with $X.X associated changes third of

its recreation phase This the lay margins adult fixed footprint cash flow operational constraints are achieve these annual in happy the impact now causing of and cannabis SNDL expects our quarter's of to result segment. footprint segment. facility material efficiency. to positive majority I'm report its transitional power vital was facility the for steps over the reorganization, operations reflects and behind expand us. in outcome [ essential through million This to trains in These optimizing by cost, our financial a labor reduced cannabis ] overhead efficiencies. $XX groundwork in savings from segment

those production to the The has our Moving will [ immense in improvements key ] and which expect to PHC in [ has our are we by average stability compared improvements continue increase capacity categories XX% in moving prepared to place, costs quarters. revenue cultivation yield Aptiv also nearly our to through total forthcoming in forward. per drive materially our we cut Aptiv facility, old facility margin reorganization both XXXX. in scale made [ which increase gram and to ], ] team With

Following this can on better we focus product lift, heavy growth.

of enables Key us in product market The the operations ] meeting This offerings segment of the is portfolio and hyper categories elevating optimized to revenue depth to In enhance capturing versus margin XX% consumer high-performance by increased brands. of on growth, [ to share. market brand rationalization and [ cannabis all focused breadth. Looking move train goal the primary focusing innovations, profitability innovation. ] total on across SNDL its tax portfolio nearly be fees. QX,

our in substantial tightening quarters, processes rigorous increase planning production in a to demand are we capacity and platform. well positioned a integration coming vertical of fully the our Through leverage

BXB Finally, opportunities. to update an provide on and international our

Our BXB segment healthy. is

We for are targets already QX. our exceeding

This us We most to our are [ ensure empowers not bigger, compromising partnerships we quality approach partners better to for focus scale our focused a consistent reliable BXB on and partners. ]. out fewer, with while our exceptional total deliver to refined

the Germany, We emerging we opportunities. opportunities expanding and assets, potentially to BXB exceeding inter see our like where are or to matching markets domestic U.K. looking committed growth

cannabis measures quarters We firmly sustain strategic the the establish confident in that and we ahead. our are decisive segment will implemented profitability growth have

with deep Essent operations platform, Place strong streamlined [ by XXXX production insights consumer ] and in robust our our all Our operating capabilities, a in realize to beyond. cost-effective and position objectives and

remarks. now to will I back Zach the pass for closing call

Zachary George

effort flow sustainable considerable acknowledge value. dedication ahead the as We know my to past cash want and free colleagues on has strive realizing Reflecting shareholder that the light and that quarter, been I essential towards work we an of increase progress.

Our and to enabling for in and improved growth their a focus thank to strong set I us team commitment our want claims. short-term apart support. than rather and fixes competitive strategic operations aspirational SNDL long-term balance trust shareholders you. or for Thank sheet market, on our their

Operator

[Operator Instructions].

from Gomes Markets. Our first Capital question of comes ATB Frederico

Frederico Yokota Gomes

Congrats segment. on flow your first question generation this free liquor My retail on is quarter. the cash

obviously, even have you're substantial. segment. data retail your year, And the as I'm you the private efficiency as you material, that guess, just licensing to very in program. that a in I you mix, mentioned well do very could going that margins. forward, could on launching support And areas label be from strong cannabis that curious, then this of program X higher think the going that a point have So forward lot margins those those what segment quarter. and achieved next base taking to procurement, margins sales of seems impact

the on licensing So retail. just legal of program curious for data that magnitude

Zachary George

Hi, the ], for thanks Brian [ question.

our of XXXX now heads We in process. down budgeting midst are the really right

programs. margin we are say that improvement budgets when And to it able as our be too basis XXX much guidance get granular our XXXX going on points. our So and liquor comes north segment, for approved we're But finalize by to that process seeking more would of to we individual detail I not we'll have on Board. give

Frederico Yokota Gomes

Perfect.

U.S. Looking about at guess, news and the I cannabis. investment that of potential exposure how your and have thinking your, -- about just risk

that curious impact there? [ does capital and how to your more So just that in strategy allocate ] market your bit

Zachary George

That's a question. great

really rescheduling, of generated the of have flow to entities. free more impact those impact we're on we're But balance cash the that lot now, terms in by we've a will our our ensuring operations. willingness material efficiencies on on cognizant of deploy our terms got cash We're current and a also being In it of and right plate focused sheet. the capital, optimizing on bringing

So never. I what's say of have on work our But we would lot do a plate in terms never today. to of

Frederico Yokota Gomes

last NASDAQ? on for just of your outside And long process that's could have assets? Or take? that already you the U.S.A. meanwhile, under complete, any The that do one the is your [ does And then review day-to-day and ] sensing then me. impact think by Is that finally, structure. being not the parallel how while operations

Zachary George

here support completed, there transactions publicly terms expect So license NASDAQ. exchange be going have by all are review these still of my stated restructuring comments few that and transfer that are the We've been and both subject required. precedent. are approvals minor conditions to to while And we a

QX. this their currently. of we'll operations. that And able So progress to to And the a are to any we transformed operations. Both to been sometime in businesses believe made don't of that we terms be have improve impact process has being lot expect negative bring material in resolution

Operator

Juan [ of from Canaccord Genuity. comes ] question Kang next Our

Unknown Attendee

throughout million ]. is more net consolidated Could the [ $XX to provide Dylan in ask specific under this. or charge about related that revenues. color This of you which corporate in happened granularity under terms And to Madame quarter wanted behind ] on behalf was operations was [ King operations of charge I to the that events led business what to? what it relation

Zachary George

one? do Alberto, this you take want to

Alberto Paredero-Quiros

Yes, absolutely. question, the Thank for Dale. you

produced an it we into stepping revenues between So cannabis have in where that actually, them. that operations retail of of intercompany, the overlap operations we our being as in cannabis charge the as end up as that and size We paying X of the being to there revenue. is in cannabis they through go were the ] quarter certain level related start revenue we retail, our provincial those our the the noticed just is to third was we eliminating in boards as materiality, business we decided that well of after sold intercompany double in could expand call business. [ count we size And

that this we're So that quarter first is entry. doing the

financial much We statements will continue well this related And adjusted how And cannabis have through shows through purely our that for year. we as as I amounts segment QX, have being at our that up of go QX provided [ forward. through well as doing that table it's be after they as going our retail it the the would well ] by we to the revenue end said, that and volumes the cannabis ratio goes in Boards. segment sold

Tamy Chen

margins be forward on efficiency same implementing QX. to under until all with improvement Got Gross territory kind have it. And we being margins XXXX? initiatives you operational in into in initiatives a show that, cannabis of add to of seem remain just up now QX these could completed, going been continuing expect and rising these related to But to guys negative and other to specifically operations there. asset initiatives to the and segment that

Zachary George

Yes.

of to in we're bar a position and if cultivation seeing impact to those revaluations. expecting in biomass the So the reduced you're still processing And rationalize eliminated not have with materially, XXXX. be footprint,

But see as noise so we're results. that in impact And much on noise to are trying -- forward still operations cleaner likely a much presenting we'll and view to of our XXXX a in QX behind much looking XXXX. some leave

Operator

[Operator Instructions].

Our Pablo Zenec comes next of question from Associates. Zuanic

Unknown Attendee

brands some of buying of very in Canadian has beer right, the U.S., liquid peers, at of the in Zack. you Just your acquisitive and assets. first been on one When segment, them liquor LP look terms

the outside -- part line brands wine, that you would now it Canada of be with or buying build I beer understand grow or business? now, or it's retail to business, for as you're label of outside be I in the liquor but Canada going the strategy brands suppose, producing to continue seems your you buying, private As own right start

Zachary George

were Good creating But for possibility doing the of and it's we're restrict would outside retail consumer experiences. thanks and and regulations so inside other Tide on Canada strong [ we a from of given Pablo, morning, us if House the ] Look, owning very question. focused that Canada.

nothing And at or on ] unprecedented suggest so hard in U.S. our [ brands there's that taking plan today would we're look acquiring abroad. liquor a that the

Unknown Attendee

Village filings tell in you thinking it's where become in especially of just up, comments Farms. Okay. to about operations, And want to to I outside stake own scale on [ then you that EFF a I to in on you're just major need do Any from mean, couldn't right? the You're update still give to talking if me a about sheet M&A. the But scale ], Obviously, trying that? player. cannabis you becoming so. moving know you to have if to balance ] the the don't need the [ player relevant an I RB up international.

Zachary George

question. Yes, it's a great

I still think SNDL contracting in air. for quality, acquire [ ] is requirements to the long-term or the of ownership somewhat up reasonable biomass in terms

volatility You very at attractive compression made any opportunities. eliminating we're high-cost opportunity look see to procurement for cultivation. may committed And Canadian us. market. certainly in a other exposure to the a has Price lot of

in opportunities exited all we've disclosed continue the low-cost, look future. have that investments, our material equity high-quality to for but of potential will at we We producers strong

Unknown Attendee

all mentioned last mean, SunStream you XX% I And that But and be, If Skayman think would sponsored equitizing, one that ], I I still of question ownership owns how USA. just Got many the taking in of, hear the of suppose. right, you SunStream one portfolio are parallel guess, It's I million, right? I terms the it. by [ you're SNDL in $XXX.X obviously, So not SunStream, assets then but SNDL. right? are of

back -- important terms color you you own trying has end, growth NASDAQ-listed, you in hit if we $XXX.X assets them in can if to be in selling more million. helpful books, that, that those just in and how rules? look forth in gone the plans to the of them some with end, for would there, USA, would can their cannabis if a than when And of give comply terms at and But of you your having terms wall to in equitizing the NASDAQ consider be

Zachary George

Obviously, Thanks, that. is regardless this confident through scenario. participant has environment issues we have market, But we of on in counsel So working we're highly just case, seller's an these all NASDAQ okay? we Pablo. worked the start with let's have reputable are a -- that with approval that not very structured sought joint SunStream and that want noncontrol we activities as received the are in and and venture remind structures. I the audience you States. our to that similar just touching any does such is in under engage plant SunStream. a SNDL in United required, And not

of is the arrangement, So that and SNDL SAP owners LP but SNDL think the general scenario. of it partner where as partnership, limited a conventional sort of or partner, GP LP, in both sole general

structure credit out we the report would ton individual detail And marketplace. based would And see on of a on to broken reason, positions. we any a similar in portfolio that alternative that you that so be for haven't

we the have see dedicated X out, the at through should where that of coming you that going again, U.S., months. over to equitization for fair also next you'll would that resolution which, will cases we balance, in actually be total balance been other half processes. are us point principal that be the written look of value market filings adjusted Over available the you it If where has down. we And that likely balances back to large have positions see are as that in

us of today. back principal these are amortizing Some to things

exposure Canopy where don't as some ones that MSO, Canopy. sort The for SunStream the get really for different -- is their don't we example, cash differences of an just in one's be So in if operators. would businesses to very done. SSO, both take the And that this parallel, that us you a are we than the have, of I right? reference started vertically to we of aren't X types is to live these acquiring integrated your [ So we ] a in point able between would future. see scenario

or well. the focus a for same as Canopy not So brand been or which edible product as vape categories, tackling producer has in a

the our from that and So will support had exchange all trodden, we have we one is the would regulators path that believe include been NASDAQ. and well consent requisite and that

So forward steps transactions some to in take few support a wrapping QX, from again, the we to up have and close this but NASDAQ. more look to and finalize closing still these and chop to wood

Unknown Attendee

in Nova. it there. to of add color issue Good keeps obviously, ] being If [ may, parties have helpful. extended, I very the on That's mean one but But terms I motor about regulatory going the do I'm and owning to as you do deal, outside the is one. Canada you issue? to That's the this being now chain. in that with want And a deal implanting how agreed the Is that? retail and right? last more

Alberto Paredero-Quiros

delays a [ the Pablo, it, reaching in regulatory Look, just fitting by both can who tolerance and the is in question. understands it's within by terms parties, its state ] how be. operates province, of or further game great for this our state industry anyone province limits studies ground

time, in this future. not we make investors comments are to updating but forward going at the we're looking So to near additional

Operator

for question-and-answer I Zach the session. conference remarks. to any turn like concludes back the over to closing would This

Zachary George

all call. for conference in you quarter third Thanks the attending future. Thanks. to updating forward our Look

Operator

This concludes today's conference call.

you and Thank for day. pleasant lines. your participating, disconnect a have may You

SNDL (SNDL) 13 Nov 232023 Q3 Earnings call transcript