SNDL Inc. brought in $228.1 million in net revenue in the second quarter of 2024, a gross profit of $58.1 million, and a $4.6 million loss in adjusted operating income, announced in their most recent quarterly report ending June 30, 2024.

The Alberta company, which operates liquor and cannabis retail stores as well as cannabis production, saw the bulk of its revenue from its liquor stores, followed by cannabis retail and cannabis production. 

Adjusted operating income from SNDL’s liquor retail was $8.2 million, while its cannabis retail was $2.3 million. Its cannabis operations showed an adjusted operating loss of $13 million.

Net revenue from SNDL’s cannabis retail was $76 million, up from $71.9 million in the same quarter in 2023. The company attributes this increase to newly opened and acquired stores and an increase in “proprietary licensing arrangements,” and brought in $3.8 million from its proprietary data licensing program.

It also reported same-store sales growth of 2.3% year-over-year.

As of  August 1, 2024, SNDL has 82 Spiritleaf stores (20 corporate and 62 franchise stores), 100 Value Buds stores, four Superette stores, and one Fireside Store. SNDL owns 65% of Nova Cannabis, which operates Value Buds. SNDL’s 187 stores across Canada represent 10% of private cannabis stores in the country. 

SNDL also manages several investments, which include Canadian cannabis companies like Indiva, Delta 9, and Nova Cannabis, along with several US cannabis companies. 

Its brand portfolio in the Canadian cannabis market includes Top Leaf, Contraband, Palmetto Vacay, Versus, Value Buds, Grasslands, and Bonjak. It operates a cannabis processing facility and an edibles facility in BC, a cannabis beverages facility in Ontario, and a cultivation facility in New Brunswick. 

Net revenue for SNDL’s cannabis operations was $25 million for the three months ended June 30, 2024, up from $20.9 million in the same quarter in 2023. Gross profit after cost of sales was 12.7%, or $$3.2 million, from bulk and packaged sales. 

The company says the increase in net revenue is from increased distribution and operational efficiencies. 

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Featured image via SNDL.com