SNDL - Earnings call transcript Q1 2024

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Operator

Good morning, and welcome to the SNDL's First Quarter 2024 Financial Results Conference Call. This morning, SNDL issued a press release announcing their financial results for the year-end and fourth quarter ended on March 31, 2024. 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 be also available on the sndl.com website. SNDL has also posted a supplemental investor presentation in addition to the conference call presentation we will be reviewing today on its smdl.com website. Presenting on this morning's call, we have Zach George, Chief Executive Officer; and Alberto Paredero, Chief Financial Officer.

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

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

remarks, make to analysts' ahead. like then will the Please go call over We questions. prepared move would I will and now George. now turn on to Zach

Zachary George

our Results everyone. morning, Thank Good Conference quarter Operational Financial and joining for you XXXX first us Call. for

our the profitability a SNDL. segments first quarters. with of XXXX, performance revenue reflects a for building of multiyear operating pleased trajectory which includes X improved The in are We on in that is undeniable, our across X quarter trend last positive of in improvement all our

inflect growth and generating scale the into Cannabis Retail just our our We posted a our our benefits in we flow our unadjusted to offerings. a growth. Revenue data are that segment results the label of of diversified beginning organic in on series modest of our and strategy, recently the saw In private showcase expansion of program Columbia. Liquor includes an and commercial In we results. focus cash Retail, quarter with expansion further network acquisitions Cannabis enhancements strong retail and announced Operations to segment, British our the launch record initial at

the our noncompetitive producers in manufacturers see months of our includes inception. cannabis segment cultivation and future to exit the of strongest in are driven report has company's licensed profit just approach for and of validates the Operations to both of operating XX the we over stabilized Cannabis starting capacity of the and the capital integration pleased and of successful acquisition optionality to our utilization decision income we been fact, our We the gross allocation. since profits result that Valens are platform the In first positive for exposure. The last crucial believe benefits This progress by the the industry increased time to Valens products. to Canada and

positioning been to and exciting presence. and reschedule Looking distribution a to ahead, has reform opportunities U.S. network the across capitalize and on well consolidation, credit we free our controlled mature we continued retail flow which a basis. its SNDL federal SNDL's global first prepared a are upon are forma become permissible equitize milestone. North markets of a the global the conversion of MSO USA U.S. and our further U.S. pro marking will long-term to Nasdaq's to the anticipate that optimistic on in to we enhance be a to cannabis SNDL a select stabilized Drug expand of SNDL North The material market its Agency in creates in structure, a days rational compliant deductions. This entire was as rank is reclassify steadfast that Canada. reforms positioned review NASDAQ driving inclusive Two profitability. Last the to Sunstream our USA seeing markets operations as change more time opportunities We're to revenue, pathway legalization, U.S. Enforcement currently cannabis time on market of rights over saturated We SNDL operators its strengthen product will with week, substance, XXXX exercise regulatory Alberta, outlook equitized Germany that create would about as leading improve completion and remains of in SNDL X promises distinct like Sunstream improvement American review Canada. have III regulatory were requirements. American cash credits quarter $XXX portfolio, improves potential move announced exposure. slow to positions potentially on cannabis cannabis top the it of would structured to including SNDL reported Sunstream approximately DDA such where significant a down million, in this restructuring, even profile risk cannabis, profile with manner company. Based completion Florida, if a enterprise that tax written Schedule after under commitment emerging

year. goal ever is XXXX generate cash for free positive in of aggregate free to first positive our flow Following quarters We the for aim consecutive cash clear. XXXX, calendar flow our

seasonal quarter encouraging, outcome path remain in despite year. is confident improvement weakness. exceeded First This our results our and to expectations we this

our now for pass in a mission the and to to the SNDL Our XXXX. QX products team together records and our goals financial deeper people exceptional into Alberto results call dive new bring success through for imply all-time will experiences. I for

Alberto Paredero-Quiros

Zach. call want Certain to amounts you, remind Thank Canadian you non-IFRS discussed referred stated. non-GAAP on today this are that denominated in otherwise to dollars, measures. are I all amounts unless and

document. analysis For these management SNDL's please to definitions of measures, discussion and refer

in an was quarter breakeven reflection our year-over-year. we'll productivity X% highlights first significant and led mainly overheads, reached and anticipated metrics million XXX our in basis represents the Liquor increases income X adjusted growth, XX% profitability of posted flow $XX.X priorities: to margin in points corporate XX% and by good income XX%, in are people. a while margin of our reduction X% impressive Retail driven in combined remained the the XXXX with by close X operating cash a that Cannabis and stay. in or respectively. gross These despite free financial improvements and seasonality. Gross of growth driven million a Growth coupled which were Operations year-over-year initiatives that improvements of outlining profitability later other growth our presentation. This revenue profit be segments, Looking investment and and XXXX of Net improvement, improvement, at gross this to a QX growth, $XXX.X quarter strategic

performance a you business much more in we're is adjusted or other focusing have EBITDA to financial flow better on KPIs transparent the of flow. metrics and on. As have our free that evolved We with focusing noticed, contrast adjusted and way we cash cash may like financial monitor the free income operating believe

restructuring, adjust impairments. For clarity, write-offs note intangible that restructuring-related and for we asset income operating only

to Moving KPIs, profitability QX we at QX of financial this tracking improvement the XXXX the lower first see tends specifically cash improvement free than see is to half revenue we by second it's terms generation. to can we be driven of historical close capital significant look represents, year phasing to the at in flow, cash the and clearly When free of encouraging build. context, working breakeven that and particularly flow main half, so in and a XXXX the year-over-year. that In see quarterly

a into contributed each our it's is but see growth to minutes, how look net few priorities. Starting each particularly the of revenue growth, at segment and profitability good revenue, will sales them small Cannabis Cannabis Cannabis segment Operations to to and elimination our in own the segments. related retail. Operations We $X.X with each our The in is for negative contributing Corporate the to Retail our million segment

is is elimination. of amount revenue so this amount the As growing,

initiatives. out terms good across the clearly point is key retail all result are in like profit segments, quarter. in segment organization. to seeing growth is segments productivity stability contributed to The margin highlights a the entire which is of of improvement would embedded gross our million gross from the also also I our of significant profit as our priority In have the showing $XX.X growth. profit, as a This improvement one Cannabis Operations

Investment Moving our how of as or by improvement to Cannabis are adjusted Retail also million segment improvement million Operations this We $XX.X $X.X operating income. driven as well Liquor $X.X improvement. see quarters with is the million segment. X contributing with

in need the free is million result, first which of XXXX income Investment that of reported as put first of $X.X business of million QX $X in asset a versus quarter, the management. in in to understand free fact, by important XXXX, cash flow impairment is QX And period disciplined quarter the the flow in XXXX saw drivers half seasonality. quarter, we In believe significant than to in cash charge a Sunstream. of driven free second encouraged a million of the segment first recorded context XXXX, from ahead profitability, cash more while working operating of a We're also so, flow our our the the but same approach to in shows our $X posted of operating improvement improvement initial a driven lower $XX.X out positive quarter. valuations Coming by Retail, XXXX. Free negative in result the doing delivering also quarter. million. negative is of by expectations an cash improved flow the capital of fixed our of our it XXXX, Cannabis in mainly $X.X income it million for QX We

and inventory revenue impacted As we that it know by both was seasonality.

can is has have retail of on the which $X.X quarter, page, lowest first on the an of no in we can the X, smaller right-hand year, previous XXXX million, although the limited always far profitability by obviously As the year, time, in see At Slide impact chart, the same the the you quarter. in the of as level middle level see the this has quarter for sales we in of seen have first the particularly we only side than much amount exception, half. half years. historically of in in to inventory buildup inventory build second this in following first reduction a a the

demonstrate one of ability our and goals profitability deliver our cash XXXX within positive of pillar to to flow the the discipline, main Within free is financial year. for

results the The path right for are first this. on us we quarter gives confidence

competitors would a reached basis sales for XXXX, and start is XXXX. with quarter the first initiatives, through into growth productivity the Retail. including the point I X XX% segment. like good QX QX the like This of highlight would the revenues Liquor Looking This XXXX was with industry of a of compared I stable first quarter same in was decline. private improvement liquor seeing period operating $XXX is the XX% profitability result multiple data monetization. to Gross headwinds considering segments, this and to Net of revenue achieved the label, our many XXXX. procurement of margin-accretive facing, million, XXX to our a versus in improvement manufacturers results margin

a million income positive this of $X.X $X improvement segment quarter same million, a As over result, XXXX. the operating versus delivered

as driven net improvement which this segment, our increase mentioned. factor income well expansion a million Ontario, million, Moving write-off, $X XXXX a profit to gross compared asset Retail, versus million, double-digit [indiscernible] QX the gross basis XXX previously Cannabis as was to of as of XX% growth in of $XX.X sales the a saw revenue products. by Operating growth QX is XXXX. the main mainly $X.X for contributing are impacted points enabling margin we to in QX XXXX, by Data X% negative

and this growth Cannabis at most of and segment in quarter where segment. This improvement this profitability. our of knowledgeable increase revenues the footprint, million largest segment including is of from positive program, improvement million, of is an to The first Finally, million, our In improvements, XXXX, XXXX. net by XXXX. the XX% posted segment to productivity looking delivered highlights an Operations Driven profitability. extensive of the in the of $X.X profit cultivation compared both the of QX gross $XX.X see a rationalization we clearly savings QX $XX.X terms compared the

improvement As in the the QX $X.X QX of $XX improved million segment million cash a a significant XX.X% XXXX. margin positive with in positive revenue a continued was a free a adjusted strong growth, And XX% year. In XXXX to loss prior operating record quarter a from income negative the result, very gross of in flow. summary, and profitability gross and to margin compared a in

ambitious biggest We our is driving continue to in asset, leverage our profitability growth, have us we what agenda people. of and front believe an improve

encouraging our been the in knowing we're The first has quarter for right XXXX team, path. of

and million Let's additional also this, XX, an that to the a debt. With marketable mic for I back like the company at quarter. $XXX million cash, few no had in March and to mind securities investments share Zach operational pass $XXX of would in more to unrestricted keep outstanding the XXXX, highlights

Zachary George

Alberto. Thank you,

approach the of pillars discussion, around year. X Each to is set strategic these priorities growth, the core our to last on end pillars: structured continue and people. I we our of profitability We fundamental want long-term at success. today's reflect we As

first new decisions. Starting As of Alberta. a sustainable key the with and the our mentioned, in Through and have strategies store and our one market reach Spiritleaf opened BC first segments. of capabilities. In of aim actions the community defined our strategies to we've drive we clear operational communities within and enhance a core several the is to market deepen added Whistler, to we new coveted implemented Alberto each within growth, in our growth store Wine fastest-growing quarter XXXX, guide in quarter, resort Airdrie, Beyond our

BC of expand expect market Dutch we in retail to As locations. acquisition the mentioned Lov our Nova's also presence earlier, to

grew within in we and program specifically coming Operations label weeks. be expand and We to new our the value offerings, our by continue new segment Cannabis XX introducing segment approximately private liquor the adding we'll SKUs our innovations in

to Moving profitability. on

Our flow XXXX cash objective is for clear: achieve the free to calendar positive year. aggregate

procurement We on reducing and million. optimizing $XX established and approximately have efficiencies have focused our unnecessary operations expenditures of

we We midst the a is plan a our reduction are of million in approximately strategic achieved savings. and to in closure have cost $X facility exercise corporate material drive the currently further in Olds, expenses. Through expected in of

driving Retail culture past We've from We in made have revenue million segments. monitoring Liquor performance a quarter, in and also licensing data generated approximately accountability. progress this of and $X substantial both Cannabis our business

strategic around rigorous conducting in We competencies operating and aimed the will planning priorities half as the reduction at actions Looking second core a performance of a forward, our believe further expenses. capital significantly developing improve of well conviction we exercise financial these are as year.

people talent organization. our across is our a performance developing and about Lastly, culture pillar fostering

include engagement This at and retention alignment. These plan. several enhancing quarter, we and investment initiatives succession launched in aimed employee

priorities We core behaviors the and out our ensuring Unity. have organization, across strategic rolled

framework We will community focused mental also engagement launch physical and wealth. a on

I year are this actionable in bigger. pursuing The are to to I aspirations. ability team's forward to a and are achievements There am about paths momentum, commitment these we our Our strategic our to maintain goals. that the our progresses. sharing look with progress priorities made the in is as we've more quarter confident first testament not merely

questions. your We are to investors back SNDL. operator belief lies confident support our are our excited continued in now call in and about what value the for and analyst will the to I partners. Thank deliver ahead to for ability you and pass

Operator

the Capital of [Operator Instructions] Frederico The from Markets. ATB first comes line with question Gomes

Frederico Yokota Gomes

question cannabis on just is international First the opportunity.

EU I was impression under First, GMP the Atholville. already that had you

terms And that? you consider that of M&A just international become could in the can comment soon your And So financials? of opportunities they have, you any terms that you on front? then would material in on how more

Zachary George

Frederico, question. thanks the for

correct. You're

opportunities So that of to the team Atholville be Europe, are in And on repermitting export is end expect the a region. but permits recently. by we're heavily there through the We've is at right deploy place. opportunity giving where capital POs assess looking highest-quality may process guidance summer. it. we partners on focused now, growth But work into going we completed received really we our we're the And to were with. export a the few trying specific best and to in not the of

Frederico Yokota Gomes

you Perfect. there. ramping still then And Atholville, mentioned cultivation you're up within

well the remind you ramp you're So And how pretty a that margins this much currently us can just quarter. what's margin expect you had to up as you the then because good there that capacity that? using as impact up, as, expansion you and

up production? as that, that think can you you ramp continue do So that

Zachary George

It's Thanks. a great question.

demand. early Cannabis, our meet reset -- at XX% Robson, today. team we're do They're results a very And we as to cultivation SOPs and than through and terms on cultivation with those with of it's of are of so to in improve, pleased cost has they're costs market operating thorough our So in gone marginable. President the cash to but Tyler slowly we capacity we're the competitive, yes, of sitting. methodically operations less ramp, where going expect And there.

Frederico Yokota Gomes

And additional terms end. mentioned distribution secured after XXX your in you of then you points distribution, quarter an

any of there? specifically opportunity see do is comment provinces, to you And that here? at where different enter market? if right that in plan the are you a Quebec, penetration presence on where you And not, do where terms So now, could have you across in

Zachary George

Yes.

different So thanks, Frederico. few that A there. unpack elements of question to

partnerships We have that sales driving outside as in inside and distribution. resources data both as assist well

Our largely result total the a aggregate points over store are independent as time. changing behavior distribution in of shifts

that of remind today, just line you our give guidance should question, terms And to improvements your top of part direct we the profits. me? don't expect second then and both gross do can want impact I on So that but in

Frederico Yokota Gomes

Yes.

any Quebec Just if you to... you have and plan if distribution in

Zachary George

Yes.

that In weight our would Quebec, improve obviously, opportunities, it. strong say terms presence looking continue a a key in in. punching strides Columbia, to but provincial-based are we have we Ontario market is of to I that And British below are in make

Operator

The question Kang next comes with from line Jean of Canaccord the Genuity.

Unknown Analyst

is King John This on for [indiscernible].

with to of improvements Cannabis coming from the see nice So side margin Operations profile in sequential expansion gross things. the in

all some that behind get was to the prepared addition In of color was the part I to this. as more items mentioned hoping remarks, of

terms asset the be of this profile further impact assume be rationalization is the completed cultivation will future fair is there it of margin margin? Would most cannabis steady to least that in forward? ops that that cannabis at could variables the Now footprint, in going

Alberto Paredero-Quiros

a question. additional productivity initiatives be Thank you, your in for the Yes. rest year. and [indiscernible], very of have speak that of throughout Actually, kicking we the we as should strong pipeline

profile still in in first The the of closure Olds Obviously, of the quarter is behind, improved cultivation are in the of we So the capacity margin following fully that quarters. ramp-up already Atholville, it's in expecting XXXX, that happened quarter. it's fourth underway. embedded the numbers in the facility the

to elements well as the well capacity in going side of automation but our a both reductions. productivity one So initiatives, of as be improved initiatives as margins manufacturing we forward, is long that do overhead X.X going initiatives of for have

is continuous as the margin improvement. continue well plan year, to our throughout So seeing

Unknown Analyst

me And here. one just for another

consolidating there. the permit with essentially USA news on noticed to not Just due the would III financial assets you telegraphed being of Sunstream be I results U.S. want to of ask [indiscernible] the Schedule that previously are you coming Nasdaq out guys guys having that

the news exchange, there's wondering change about the of if sentiment coming a been out week has that was now a Fed or so. I for out been So

Zachary George

Just the plant -- be of is entities NASDAQ on for you're U.S. to restrictions the there of related clear, news accounting on rescheduling? asking touching to consolidation change if a or the post

Unknown Analyst

Yes.

Zachary George

Okay. And not the to no, answer that changed. that has is

the were close the But closings transfer we of legal towards U.S. its on cases the part. in to are in federally both but a And today structure, the those is most Everything that license current in so restructurings those we and really the review, are not NASDAQ waiting and our so. and completed else to of working U.S. are activities underway order, close finally as do the business for Parallel Skymint in engaging have in under still will It's we be no have in intention pleased plant-touching U.S. the

And so figures for forward. on structures we operating but value I restructurings into to consolidated delineate our will provide to information those the financials going capital not and be entities expect as be able the their some close, would

Operator

comes of the Our from next Pablo Zuanic question & Zuanic line with Associates.

Unknown Analyst

me I And part start you the that just acquisition Valens Sunstream ask also first. the to share, market aspirations cannabis USA, on Look, want X. think how of still top When are time? let about we you're the then not about Canadian of over terms with there? but you What think about recreational despite among another in market, should

Zachary George

Pablo. you, Thank

producer it full cannabis to Our of products, market be top X licensed is comes to recreational and when aspirations a stop. Canadian manufacturer the

revenue the the streams the of with that a there our basis. legacy were not would in point one out undeniably and combination business away cultivation Now it on the for revenue degree trajectory that go-forward has want that look certain point cases would Valens, you manufacturing was stabilized and an when unattractive you SNDL We that move revenue you had been time, that of high-cost from I business. over are loss. some appears right to of out at positive

more all seen that, the organization, So with that would can in slightly posture we'll do And profitable line making growth, profitable growth not So -- we cost. progress. are are any else. We above LPs means right? we smaller top run rather on working prioritizing case other conservative -- it at the that we more are a being a with that of some you've really

but expansion our should kind of the our our goals You not to look at of really we just a also and our product -- today. activities distribution, of BXB cry stand us have far have branded where

Unknown Analyst

your the cap more right? then I Canada. very continues We consolidation. And Flower. of retail your arm there? cannabis? the opportunities room right? a is it XX% cannabis The think to to Ontario, about in aggressive, acquisitions. retail obviously, was You that expansion Nova? transaction lifted for goes? understand, now. side plan see similar on a bought How trying I'm steady as what's being Is still Understood. Tide They High in strategy do there to Or indirectly to make FICA That for question back the should right [indiscernible] in mean, get we it creates own just there for on with

Zachary George

selectively to of We saturation expand distressed that sizes. reached and tried markets changed possible. a bit as as asset portfolio. most looked a the disciplined continue point. shapes We've many have at portfolios We've as the has sales say be to analysis and would I provincial

versus buy of the build have has sort lot estate And of where locations taken. real been best flipped a so the balance

the that, that seeing so their are bottom being other quartile welcoming for And look a portfolio. high-quality to and of assets locations. And competitors paid in into terms cases, are multiples lift bottom retail we're of valuations unwilling sort in we're off at

these So in fit very large we XX-day add of standing number cleanly of mean show did opportunities growth boxes not obviously, are locations. kind -- doesn't we QX, into that do rates. difficult We have were to that not we to and have a individual a But it's pipeline. quarterly still sequential

would I expect So growth.

addition in terms priorities, in further to Retail Cannabis be We top investments select opportunities international have, in the of would of list. capital

to more come there. So

Unknown Analyst

the Nova, transaction case you there? in we hold there? do XX%? clear, what's the I expect just What to do again? do Or the can of to plan on the try mean But to be you

Zachary George

will actually, our Love stake increase Dutch We with transaction, beyond XX%. the

to for We create that are a working instance. strong are stakeholders sponsor And value in vehicle. of all the

Unknown Analyst

think, the keep my equitize will at you questions you But try loans, of but to Bancorp, on consolidate it's U.S. moving it, just all assets. Now a once Look, present, consolidate, you not brief Sunstream, the said, to right? but and Understood. I you Sunstream there. JV, I'll Okay. you

just trying understand change view? a reporting what's going I'm of So from to to point

Zachary George

Right.

a put case researched the together structure the So well Canopy Pablo, and both think that sort on cousin Sunstream-USA of in of I you're structure USA. been very has also

issue the while are credit those or at positions legal, And and cannot is So similar be control that that roles cannot comes over companies. those serving we it businesses of vote SNDL federally Nasdaq-listed at We a to of actually vehicle. seen equity officers company, exercising subject would when in directors still have that get as influence equitized. that the

exchangeable So and you SNDL, federal are upon held of have option that legalization. equity exercised can ring-fenced that we an a series be exchange from where have really that in structures share only

Alberto Paredero-Quiros

accounting Pablo. on the thing from One

So have operations event. in that we CAD value see from in thing the first trigger unless not quarter. legalization we'll consolidate future. financial future going We asset we're those and U.S. perspective, an of today, them from end of is of payments, you an the and consolidating to the to the as be What million is not we're will at do which statements foreseeable same our the financial investment today, there XXX the the have the recognize the in do to that plan

asset, but the do P&Ls. we have the do not have consolidation we the of So

Zachary George

delineation more understand And to investors there Pablo, analysts in that portfolio. desire is that we a see from and

intention we well the detail a capital move granular entities. itself restructurings, to on close And of structures forma pro towards more lot these our provide as close the as is the the quickly as restructured for on so portfolio

in comes that And through going so move to, a we're shift it portfolio. when coming in to significant the transparency months,

Unknown Analyst

just you terms I the would of have line on litigation close to helpful. restructuring to when That does close be have in yes? settled Can been restructuring and will for sight And have litigation pending, the the do timing? so all very -- of

Zachary George

to Yes. I our careful be statements want here. with

XXXX, started So a put to months. U.S. case these if would slog. has Parallel, which, have to bankruptcy likely in like efforts early availed in of in a the a companies resolved X you're have okay? the X-year context, Just of at courts, of X themselves in Pablo, looking have this could period restructuring been the would been And federal process this

that You line. with other can legal friction with cost imagine would items and that correlate the time

was transfers. there seen so in states, here we've it license wish ahead different. some surprised. been transfers But and And not We've been positively really license of there are a waiting of number time. And received in what on we've control. in issues delay, taken schedule. are it's more others, has our We that that well And

a time is now right not summer, expectation our in close completely end to to we're So control restructurings in But be those again, position fall. these of early with lines.

Unknown Analyst

are in I fine. argument they've expanding, where a case things the with make Parallel, running the the well. the the quarter businesses that But challenges, question, funding been coming their despite for Skymint Michigan, I financial Florida, other And stuck that the in in were to at question, XX last while could ballot and fourth competitors it. the something up. think were conference in Got Were Florida stores call, my now you said especially like of their states, in Parallel

disadvantage, be there So could a right?

once completed, restructuring So the them how is the guess I'm I just understand, the let's trying directly, if to you the has but entities position say, capital? do cannot That's they mean restructuring would third businesses understand to helpful those in of is on there raise their would be some to capital be been done? finalized, to all. just restructuring by I color quarter, own, raise just but the you those outlook a once help fund better

Zachary George

helpful specifically would the remarkable state of in actually that the in And ability what's Florida fact a doors. -- number but question, and Pablo, data available great aggressive been statistics to share It's from this a actually in I case. product that's has is have Surterra's despite opening and take been new in actually the of they the share maintain segments case, not quite

getting in those of the has so the priority house and improving to operations so teams. speak, And order, been

have they which -- pointing it comes ability SNDL growth capital, parties, the including capital when And of capital the in from I number a future. to to, think to source different you're

on in there a be million. the expect side wouldn't X so well. But -- right put on And be free this to business come context, breakeven. flow expect more that the that I will be was over just year, cash on we of we years Parallel for entity This as -- suggest to $XXX lost effect that the right front we side ago, to

work turnaround a opportunity. to structure you to is the not X looking can't Yes. But in when more frame a to any way. negative Florida. a happened. that's player there that's a manage? So in how disadvantage Yes. this the in operator that's overstate I'm And difficult Is top there really of you're light it magnitude do? at sure a Is great

Operator

concludes comments. I conference This for over to Zach turn any back the closing Q&A would George to like the session.

Zachary George

Thanks, to forward Great. look on We our near Thank updating you. everyone, joining for progress us you in future. today. the

Operator

call. This concludes conference today's

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

SNDL (SNDL) 9 May 242024 Q1 Earnings call transcript