SNDL - SNDL Closing Down $74M Flagship Cannabis Facility To Consolidate Operations & Cut $10M In Costs | Benzinga
Five years after opening a huge cannabis cultivation facility in Olds, Alberta, Canadian cannabis producer SNDL (NASDAQ: SNDL) is shutting it down, ostensibly "to enhance the competitiveness” of its marijuana operations segment.
The company has reported losses surpassing CA$1.1 billion ($800 million) up to 2022 and estimates an annual saving of about CA$10 million with this closure. SNDL had invested a minimum of CA$102.5 million in this 448,000-square-foot establishment from 2019 to 2021.
Big Plans Gone Awry
In its 2018 announcement, Sundial Growers, as it was known then, projected employing 500 people and producing over 100,000 kilograms of cannabis annually with its 140 advanced cultivation rooms.
The exact number of employees affected by the shutdown remains undisclosed, noted MJBizDaily, which first reported this story.
"In the past year, we’ve ...