SNDL Inc
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2023 · Filed Mar 21, 2024
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Contents
EX-99.3 — 2023 MD&A
EXHIBIT 99.3
SNDL Inc.
Management’s Discussion and Analysis
For the year ended December 31, 2023
Management’s Discussion and Analysis
This Management’s Discussion and Analysis (“MD&A”) of the financial condition and performance of SNDL Inc. (“SNDL” or the “Company”) for the year ended December 31, 2023 is dated March 20, 2024. This MD&A should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the years ended December 31, 2023 and December 31, 2022 (the “Audited Financial Statements”) and the risks identified in the Company’s Annual Information Form dated March 20, 2024 (the “AIF”) and elsewhere in this MD&A. This MD&A has been prepared in accordance with National Instrument 51-102 – Continuous Disclosure Obligations and is presented in thousands of Canadian dollars, except where otherwise indicated. All share amounts in this MD&A have been adjusted retrospectively to reflect the Share Consolidation (as defined herein) unless otherwise noted. See “Liquidity and Capital Resources – Equity”.
MD&A – Table of Contents
| COMPANY OVERVIEW | 1 |
|---|---|
| RECENT DEVELOPMENTS | 2 |
| OTHER DEVELOPMENTS | 2 |
| FINANCIAL HIGHLIGHTS | 4 |
| CONSOLIDATED RESULTS | 4 |
| OPERATING SEGMENTS | 7 |
| LIQUOR RETAIL SEGMENT RESULTS | 8 |
| CANNABIS RETAIL SEGMENT RESULTS | 9 |
| CANNABIS OPERATIONS SEGMENT RESULTS | 10 |
| INVESTMENTS SEGMENT RESULTS | 12 |
| FOURTH QUARTER 2023 | 13 |
| SELECTED QUARTERLY INFORMATION | 15 |
| SELECTED ANNUAL INFORMATION | 16 |
| LIQUIDITY AND CAPITAL RESOURCES | 17 |
| CONTRACTUAL COMMITMENTS AND CONTINGENCIES | 20 |
| SPECIFIED FINANCIAL MEASURES | 21 |
| RELATED PARTIES | 24 |
| OFF BALANCE SHEET ARRANGEMENTS | 24 |
| CRITICAL ACCOUNTING POLICIES AND ESTIMATES | 24 |
| NEW ACCOUNTING PRONOUNCEMENTS | 25 |
| RISK FACTORS | 25 |
| DISCLOSURE CONTROLS AND PROCEDURES | 25 |
| INTERNAL CONTROL OVER FINANCIAL REPORTING | 26 |
| REMEDIATION | 27 |
| CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING | 27 |
| ABBREVIATIONS | 27 |
| FORWARD-LOOKING INFORMATION | 27 |
| ADDITIONAL INFORMATION | 28 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.