SNDL

Cannabis and Liquor Retailsndl.com

SNDL Inc. is a Canadian vertically integrated cannabis and liquor company operating Canada's largest private-sector retail network of 360 locations across multiple banners, serving cannabis and liquor consumers with owned brands, franchise expansion, and international medical exports.

Company typePublic
Founded2019
HeadquartersCalgary, Canada
Headcount501–1,000
GTM typeB2C
OfferingServices

What SNDL does

SNDL Inc. (formerly Sundial Growers Inc.) is a Calgary, Canada-based vertically integrated cannabis and liquor company that operates Canada's largest private-sector cannabis and liquor retail network, with 360 locations as of Q1 2026: 193 cannabis stores across banners including Value Buds, Spiritleaf (corporate and franchise), and Cost Cannabis, plus 167 liquor stores under Ace Liquor, Wine and Beyond, and Liquor Depot. The company sells a portfolio of more than a dozen owned and licensed cannabis brands (Top Leaf, Contraband, Pearls by Grö [Grön], Bhang Chocolate, No Future, Wana, etc.) and operates cultivation and manufacturing capabilities acquired through Inner Spirit (2021), Alcanna (2022), and Indiva (2024). It reports through four segments: Liquor Retail, Cannabis Retail, Cannabis Operations, and Investments, with an investment vehicle (SunStream Bancorp) providing exposure to U.S. medical cannabis markets. The company generated record FY2025 net revenue of CAD 946.4 million, up 2.8% year-over-year, with zero outstanding debt and CAD 213.4 million in unrestricted cash as of Q1 2026.

SNDL's business model combines direct-to-consumer retail (B2C) with selective B2B international cannabis exports to the UK, EU, and other markets. Distribution is anchored by corporate-owned retail locations supplemented by a Spiritleaf franchise model enabling asset-light expansion. Revenue mechanics rely on per-transaction retail sales across price-point-diversified banners and wholesale/white-label production. Customer-facing technology includes the Rise Rewards loyalty program launched in Q2 2025 at Value Buds with planned cross-banner rollout. The company operates an ERP consolidation initiative for operational visibility and process efficiency, but no AI/ML capabilities are disclosed. SNDL is publicly listed on NASDAQ and CSE under the ticker SNDL, with 1,001-5,000 employees, and has been actively repurchasing shares (over 15 million since Q4 2024) while pursuing disciplined M&A.

SNDL firmographics

Firmographics

Name: SNDL
Legal name: SNDL Inc.
Website: https://sndl.com
Company type: Public
Founded year: 2019
Operating status: Operating
Headcount range: 501–1,000 employees
Short description: SNDL Inc. is a Canadian vertically integrated cannabis and liquor company operating Canada's largest private-sector retail network of 360 locations across multiple banners, serving cannabis and liquor consumers with owned brands, franchise expansion, and international medical exports.
Ownership category
akta.pro rank

SNDL industry classification

Industry

Product category: Cannabis and Liquor Retail
NAICS: Beer, Wine, and Liquor Retailers (44532)
SIC: Wholesale-Beer, Wine & Distilled Alcoholic Beverages (5180)
akta.pro primary industry: Cannabis Accessories & Smoke Shops (Pipes, Papers, Grinders) (CRANAHAG)

Keywords

Cannabis retail
Liquor retail
Cannabis cultivation
Cannabis edibles
Retail banners

Where SNDL is headquartered

Location

Headquarters

HQ city: Calgary
HQ country: Canada
HQ region: North America

Markets served

SNDL business model

Business model

GTM type: B2C
Offering type: Services
Cost components: Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure

Distribution channels7 records

Marketing channels4 records

SNDL product offering

Product offering

Core offering

SNDL cultivates, produces, distributes, and retails cannabis products through a vertically integrated platform of company-owned and franchise retail banners in Canada. It also operates a multi-banner liquor retail network (predominantly in Alberta) and exports branded cannabis products to international medical markets. The company sells its own house brands and third-party cannabis products directly to consumers through 360 retail storefronts across Canada.

Product overview

SNDL operates a vertically integrated cannabis and liquor platform consisting of multiple retail banners and cannabis brands. The company operates Canada's largest private-sector liquor and cannabis retailer with six liquor retail banners (Ace Liquor, Wine and Beyond, Liquor Depot) and five cannabis retail banners (Value Buds, Spiritleaf, Cost Cannabis, Firesale Cannabis). SNDL's cannabis brand portfolio spans from value to premium offerings including Top Leaf, Contraband, Palmetto, Bon Jak, Versus, No Future, Pearls by Grön, Bhang Chocolate, Grasslands, Vacay, and La Plogue. The company reports through four segments: Liquor Retail, Cannabis Retail, Cannabis Operations, and Investments.

Differentiator

Problem solved

Functional benefit

Brands

Top Leaf: Premium cannabis brand focusing on inhalable formats
Contraband
Palmetto
Bon Jak
La Plogue
Versus
Grasslands
Vacay
Pearls by Grön
No Future
Bhang Chocolate
Value Buds
Spiritleaf
Rise Rewards

Products and services

Value Buds

Companies that use SNDL

Customer profile

Segments3 records

Ideal customer profiles3 records

SNDL technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

SNDL partnerships and signals

Strategic signal

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

SNDL competitors and assessment

Company assessment

Direct peers

High Tide Inc. High Tide operates Canna Cabana, one of Canada's largest cannabis retail networks. It is the most direct peer to SNDL's cannabis retail segment (Value Buds, Spiritleaf, Cost Cannabis) given its comparable multi-banner retail strategy and Canadian geographic focus.
Fire & Flower Holdings: Fire & Flower operates a chain of licensed cannabis retail stores across Canada. Directly comparable to SNDL's cannabis retail banners on footprint, regulatory exposure, and consumer base, with similar focus on premium in-store experience and loyalty programs.
Nova Cannabis Inc. Nova Cannabis is a Canadian cannabis retailer in which SNDL holds a significant ownership stake following the Alcanna acquisition. Directly overlaps with SNDL's cannabis retail strategy and serves the same value-conscious consumer segment.
Tilray Brands: Tilray is a vertically integrated Canadian cannabis company with cultivation, processing, and branded product sales across multiple international markets. Comparable to SNDL's vertically integrated cannabis operations segment and shares exposure to international medical cannabis and branded consumer products.
Canopy Growth Corporation: Canopy Growth is one of Canada's largest cannabis producers with a portfolio of brands including Tokyo Smoke. Comparable to SNDL across cannabis cultivation, branded products, and Canadian retail footprint, with a broader international and category presence.
Aurora Cannabis Inc. Aurora is a Canadian licensed cannabis producer with cultivation, processing, and medical/recreational branded product sales. Overlaps with SNDL's cannabis operations segment on production scale, brand portfolio strategy, and Canadian regulated market exposure.
OrganiGram Holdings Inc. OrganiGram is a Canadian cannabis producer focused on premium flower, pre-rolls, and edibles. Comparable to SNDL's cultivation and branded products segment, particularly on premium brand portfolio and Canadian recreational market positioning.
Cronos Group Inc. Cronos is a Canadian cannabis company with branded recreational and medical products plus international exposure. Comparable to SNDL's cannabis operations and international B2B export strategy.

Broad incumbents

Loblaw Companies Limited: Loblaw is Canada's largest retailer and operates liquor retail through President's Choice and other banners. While not a direct cannabis player, it provides scale and operational benchmarking for SNDL's liquor retail segment and large-format Canadian retail operations.
Alimentation Couche-Tard Inc. Couche-Tard is a Canadian-headquartered global convenience retailer with alcohol beverage sales. Relevant as a broad incumbent comparator for SNDL's liquor retail segment given its scale, multi-banner convenience retail experience, and Canadian operational roots.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

SNDL financial estimates

Financial estimate

Revenue estimate

Valuation estimate

SNDL leadership team

Management profile

Number of profiles

Profiles2 records

SNDL subsidiaries and ownership

Company hierarchy

Subsidiaries5 records

SNDL funding detail

Funding detail

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

SNDL M&A and investment

M&A and investment

M&A6 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SNDL

What does SNDL do?

Is SNDL a public or private company?

SNDL is a public company. It is classified as public and is currently operating.

When was SNDL founded?

SNDL was founded in 2019. It employs 501 to 1,000 people.

Where is SNDL based?

SNDL is headquartered in Calgary, Canada, in the North America region.

Who are SNDL's main competitors?

Direct peers on record are High Tide Inc., Fire & Flower Holdings, Nova Cannabis Inc., Tilray Brands, Canopy Growth Corporation, Aurora Cannabis Inc., OrganiGram Holdings Inc. and Cronos Group Inc.. Broad incumbents are Loblaw Companies Limited and Alimentation Couche-Tard Inc..

Does SNDL have an API?

No public API is recorded for SNDL.

What industry is SNDL in?

SNDL's product category is Cannabis and Liquor Retail. Its primary akta.pro industry code is CRANAHAG, Cannabis Accessories & Smoke Shops (Pipes, Papers, Grinders). Its NAICS code is 44532 and its SIC code is 5180.