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-99.2 · Segment information
Segment information
The Company’s reportable segments are organized by business line and are comprised offour repo rtable segments: liquor retail, cannabis retail, cannabis operations, and investments.
Liquor retail includes the sale of wines, beers and spirits through owned liquor stores. Cannabis retail includes the private sale of adult-use cannabis through owned and franchise retail cannabis stores. Cannabis operations include the cultivation, distribution and sale of cannabis for the adult-use and medical markets domestically and for export, and providing proprietary cannabis processing services, in addition to product development, manufacturing, and commercialization of cannabis consumer packaged goods. Investments include the deployment of capital to investment opportunities. Certain overhead expenses not directly attributable to any operating segment are reported as “Corporate”.
| LiquorRetail | CannabisRetail (1) | CannabisOperations (2) | Investments (3) | Corporate | Total | |
|---|---|---|---|---|---|---|
| Total assets | 320,239 | 206,988 | 208,295 | 717,751 | 19,891 | 1,473,164 |
| Year ended December 31, 2023 | ||||||
| Net revenue (4) | 578,895 | 289,980 | 87,071 | — | (46,940) | 909,006 |
| Gross profit | 137,286 | 73,690 | (20,561) | — | — | 190,415 |
| Operating income (loss) | 24,630 | 4,919 | (112,445) | 11,746 | (91,668) | (162,818) |
| Earnings (loss) before income tax | 19,190 | 1,310 | (112,159) | 8,429 | (88,786) | (172,016) |
(1)
Cannabis retail includes the operations of Superette for the period February 8, 2023 to December 31, 2023 (note 5(d)).
(2)
Cannabis operations includes the operations of Valens for the period January 18, 2023 to December 31, 2023 (note 5(c)).
(3)
Total assets include cash and cash equivalents.
(4)
The Company has eliminated $46.9 million of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retailer subsidiaries for resale, at which point the full retail sales revenue will be recognized. The elimination was recorded in the Corporate segment.
| LiquorRetail (1) | CannabisRetail (1) | CannabisOperations (2) | Investments (3) | Corporate | Total | |
|---|---|---|---|---|---|---|
| Total assets | 351,338 | 200,393 | 163,130 | 825,151 | 19,338 | 1,559,350 |
| Year ended December 31, 2022 | ||||||
| Net revenue | 462,180 | 205,610 | 44,407 | — | — | 712,197 |
| Gross profit | 106,307 | 47,334 | (13,266) | — | — | 140,375 |
| Operating income (loss) | 20,619 | (180,956) | (29,372) | (91,275) | (66,790) | (347,774) |
| Earnings (loss) before income tax | 17,726 | (183,055) | (29,618) | (127,362) | (57,461) | (379,770) |
(1)
Liquor retail includes operations of Alcanna retail stores for the period March 31, 2022 to December 31, 2022, and cannabis retail includes operations of Nova retail stores for the period March 31, 2022 to December 31, 2022 (note 5(a)).
(2)
Cannabis operations includes the operations of Zenabis for the period November 1, 2022 to December 31, 2022 (note 5(b)).
(3)
Total assets include cash and cash equivalents.
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