Sundial Growers to Reschedule Fourth Quarter and Fiscal Full-Year 2019 Financial Results to March 27, 2020

The cannabis market enters 2020 with plenty of catalysts for higher sales and profits. A lot of companies have made changes in executive leadership to handle the next phase of growth as legalization in cannabis markets slowly progresses and public market veterans are more apt to join the sector.Due to a wide-open market opportunity and readily available capital, most industry participants have gone guns blazing into nearly every segment of the cannabis market. The global cannabis market is expected to be worth $200 billion, but industry participants must deal with the current environment in order to survive and thrive.The executive leadership team best equipped to focus on particular market strengths will reward shareholders. The company able to streamline operations while maintaining growth should see the biggest stock rebounds as capital requirements disappear in a tough funding environment. Not to mention the stronger companies can utilize available capital, whether equity or cash, to snap up beaten-down players, helping consolidate the industry and eliminate competition.While Canopy Growth (CGC) made headlines after replacing its CEO with a Constellation Brands (STZ) executive, we wanted to look into three other Canadian companies that could see their big corporate pivots reward shareholders:Tilray (TLRY)On January 15, Tilray, which has seen dramatic highs and lows, announced a new COO and CFO. Current CFO Mark Castaneda will transition to Strategic Business Development after leading Tilray on the wild IPO ride to $300 back in 2018. Ever since, the company has failed to impress the market due to substantial operating losses.The two new executives come with impressive backgrounds. New CFO Michael Kruteck was the CFO of Pharmaca Integrative Pharmacy, with prior senior financial roles at beverage giant Molson Coors (TAP).COO Jon Levin came from Revlon (REV), where he was responsible for consumer products sold through major retailers in the U.S. Both executives have the crucial experience in the beverages and CPG segments, areas Tilray wants to expand in 2020 and beyond.As with most of the other cannabis stocks, the founding CEO remains in the leadership role. The big question is whether anything changes at Tilray with the moves at the top.When Tilray reports Q4 results, the market will eagerly pay attention to whether the company undergoes any type of restructuring. For Q3, the company reported revenues of $51.0 million, but the net loss was $49.1 million, and the EBITDA loss was a rather large $23.5 million.The market cap is down to below $2.0 billion, so the new executives will need to work wonders to justify the market value on only $310 million in 2020 revenues.When it comes to Wall Street, analysts are taking a cautious approach. In the last three months, the stock has received 3 Buy ratings, 7 Holds and 1 Sell, making the Street consensus a Hold. However, the $25.88 average price target implies that shares could climb 53% higher in the next twelve months. (See Tilray price targets and analyst ratings on TipRanks) Sundial (SNDL)Sundial hasn’t gotten a lot of media attention after going public back in August when the cannabis industry was already struggling. On January 30, the CEO and COO both left the company. Very few companies see several top executives exit within six months of the IPO.Along with the executive departures, Sundial will implement a cost-cutting initiative to generate C$10-$15 million in savings for 2020. Back in November, the company reported that in Q3, revenues hit C$33 million and it boosted production nearly 10-fold within two quarters to 11,700 kg of premium cannabis.For the quarter, adjusted EBITDA loss was C$7.9 million as the company scaled production and expanded into Europe with the purchase of agricultural indoor producer Bridge Farm. The market most likely isn’t fond of Sundial boosting EBITDA losses and building out operations in the UK.Additionally, the stock took a big hit at the end of the week due to the executive shuffle. However, the interim CEO’s cost-cutting initiative is a positive first step for a company whose $140 million in cash on the balance sheet from the IPO makes a turnaround a very real possibility.The rest of the Street is bearish on SNDL, with 1 Buy call and 2 Sells adding up to a Moderate Sell consensus rating. It should be noted, though, that the $4 average price target puts the upside potential at 231%. (See Sundial stock analysis on TipRanks) HEXO (HEXO)HEXO replaced the CFO just prior to announcing a massive cut to FY20 guidance. The company had the least impressive executive shuffle, promoting the VP of Strategic Finance to the new role and keeping the founding CEO at the helm of the company.Since the CFO’s replacement, HEXO has launched the Original Stash cannabis value brand and raised over $100 million in cash to fund operations. The biggest issue remains the reorganization to cut costs, with the prior CFO’s efforts not anywhere near enough for the company to reach positive EBITDA in the near term.In its most recent quarter, HEXO gross margins were only 31% and the company had several impairment charges. Prior CFO Michael Monahan, who previously worked at Nutrisystem, was highly regarded, but the issues were blamed on him not working at the Canadian facilities during this ramp up period.Under the new CFO, HEXO will have to show that more dedicated leadership will lead to better product development and cost containment to match a more realistic market opportunity as 2020 progresses.The Canadian cannabis company can’t maintain C$33 million quarterly losses when revenues are only C$14.5 million and not forecasted to top C$26 million well into 2020. Even strong 50% gross margins won’t solve their current financial predicament.As with the above stocks, any sign the new executive is leading the charge to a turnaround could present a unique buying opportunity. Since the company is streamlining the business on top of cutting cultivation capacity, a move to exit certain business lines while doubling down on the promising value brand or cannabis-infused beverages would be bullish indications.Looking at the consensus breakdown, a single Buy rating, 5 Holds and 4 Sells coalesce into a Moderate Sell. Should the $1.83 average price target be met, a 44% twelve-month gain could be in the cards. (See HEXO price targets and analyst ratings on TipRanks) Disclosure: No position. Disclaimer: The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities.

Cowen analysts cut their ratings on Aurora Cannabis, Sundial Growers and Tilray amid weakness in the industry.

Sundial Announces Change to its Board of Directors

A week filled of cannabis news ended with the departure of MedMen Enterprises Inc. (CSE: MMEN) (OTC: MMNFF)’s CEO Adam Bierman, who left the company after a massive restructuring and considerable reduction in its workforce. Bierman also agreed to return his Class A super voting shares to the company. COO and CTO Ryan Lissack has been named interim CEO.

Sundial Reports First Quarter 2020 Financial Results

Canadian licensed cannabis producer Sundial Growers (NASDAQ: SNDL) and Australian importer and manufacturer of medical cannabis Vir Pharma Holdings Pty Ltd. (NASDAQ: VIR) have signed a three-year medical cannabis supply agreement. Under the deal, Sundial will supply medical cannabis oil for Vir Pharma's oral formulation for chronic pain that will be used for sales and clinical studies in Australia. […]The post Sundial to Supply Medical Cannabis Oil for Australian Clinical Studies appeared first on Market Exclusive.

Sundial Announces Results of its Annual General and Special Meeting of Shareholders and Details of the Share Consolidation

Sundial Announces Fourth Quarter and Full-Year 2019 Financial Results and Provides Operational and Financial Outlook

/C O R R E C T I O N from Source -- Sundial Growers Inc./

Sundial Growers Inc. (Nasdaq: SNDL) ("Sundial" or "the Company") announces certain changes to its executive team and board of directors (the "Board") as described below.

Sundial Announces Extension of Credit Facility Waiver Agreements

NEW YORK, NY / ACCESSWIRE / March 31, 2020 / Sundial Growers Inc (NASDAQ:SNDL) will be discussing their earnings results in their 2019 Fourth Quarter Earnings call to be held on March 31, 2020 at 10:30 ...

As previously announced, the Company received waivers and agreements related to defaults under its existing credit agreements on March 30, 2020 subject to completion of certain defined milestones by April 15, 2020 . In addition, the Company is in advanced stages of discussions for the potential sale of its Bridge Farm assets and restructuring of the related credit facility.

This morning, Sundial issued a press release announcing our financial results for the first quarter ended March 31, 2020. Presenting on this morning's call, we have Zach George, chief executive officer; Jim Keough, chief financial officer; and Andrew Stordeur, president and chief operating officer.

Sundial Growers to Reschedule Fourth Quarter and Fiscal Full-Year 2019 Financial Results to March 30, 2020

LETHBRIDGE, AB , May 5, 2020 /CNW/ - Pathway RX Inc. ("Pathway Rx"), a research company dedicated to developing custom cannabis therapies to treat specific diseases and Swysh Inc. ("Swysh"), a cannabinoid oral health product developer, today announced that they intend to further advance their research to evaluate the potential for medical cannabis to treat COVID-19 and its possible complications. Results from a study by Pathway Rx were recently shared publicly and the research paper was submitted to a scientific journal for peer-review.

As consideration for the Bridge Farm Disposition, the Purchaser will (i) assume $45 million of debt under Sundial's existing $115 million term debt facility (the "Term Debt Facility"), (ii) assume the contingent consideration liabilities related to the remaining earn-out and additional share obligations under the original Bridge Farm acquisition agreement, dated as of July 2, 2019 , and (iii) cancel approximately 2,700,000 of Sundial common shares currently held by certain members of the Purchaser. Sundial will not receive any cash consideration in connection with the transaction.

Sundial Growers Inc. (Nasdaq: SNDL) ("Sundial" or "the Company") announced changes to its operations to improve liquidity and lower its cost structure, in response to current market conditions and the COVID-19 pandemic. These changes include a focus on accelerating the monetization of inventory, further reductions to its workforce and the temporary curtailment of cultivation and harvest activities, while maintaining current processing levels to meet anticipated demand.

Sundial Growers to Announce Fourth Quarter and Fiscal Full-Year 2019 Financial Results on March 12, 2020