SNDL Inc.(NASDAQ: SNDL), in its regulatory filings, said it purchased 5.4% shares of High Tide on March 10, 2019. The purchase was disclosed in a Form Schedule 13G that stated SNDL had purchased 4,35,000,000 shares of Canadian retailer High Tide.
The first to report the transaction was StratCann.
Raj Grover of High Tide acknowledged the deal in a blog post published on X, on 13 March.
The filing by SNDL today confirms that our stock is undervalued and further validates our superiority in the market compared with our competitors.
The board of directors and the management team are committed to acting for the shareholders’ best interest. “We will closely monitor this situation and take any necessary action to enhance and protect shareholder value.”
Grover’s message prompted a number of users to respond with concerns that SNDL might be attempting a takeover.
SNDL, Canada’s leading private cannabis retailer, is Canada’s largest by number of locations. Value Buds operates in 187 stores across multiple provinces under Spiritleaf, Superette and Value Buds brands. Last reported earnings were in September 2024 with revenue totals in the third-quarter of C$236.9 million.
The time has come. Green Market Report SNDL announced to investors on October 21, that they had acquired the remainder of Nova Cannabis for C$40,000,000. In August, SNDL also told the market that its stalking horse bid was chosen in the acquisition of the Indiva Group‘s business and assets, a deal that SNDL said on Nov. 4, 2024, successfully closed for approximately C$22.7 million.
Reporting of the fourth quarter and annual results is expected to take place on 18 March.
High Tide, with over 190 Canna Cabana locations in Canada, is Canada’s largest cannabis retailer. In January the company reported its last earnings. Revenue for the fourth-quarter was C$138.3million, an increase sequentially of C$131.7million.
Green Market Report High Tide, in a letter to the editor, reported that same-store revenue increased by only 0.4% from year-to-year. High Tide stated that it could have had a positive net income of C$1.2M if “non-cash” impairment charges were not taken.
High Tide will report its results for the first quarter on 17 March.