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Liquor retail supplies most of Sundial Growers Inc.’s revenue. Its Wine and Beyond, Ace Liquor and Liquor Depot stores sell wine, beer and spirits. Cannabis retail is its next-largest business: customers buy adult-use cannabis and accessories through Value Buds and Spiritleaf stores. The company also supports independently operated Spiritleaf franchises and collects fees and ongoing royalties. Liquor supply relies heavily on a few distributors, including CLS and Brewers Distributor Ltd. in Alberta and BCLDB in British Columbia.
The company also grows cannabis and processes it into products sold to Canadian provincial boards, other licensed producers and international medical markets. It charges business customers for processing and manufacturing services. Provincial supply agreements are important to this business, and a small group of customers supplies most of its cannabis-production revenue. Government buyers need not commit to minimum purchases and can return products.
Cannabis production and retail depend on maintaining federal and provincial licences. Retail stores generally must buy cannabis through authorized provincial distributors; in Ontario, the Ontario Cannabis Store is the exclusive intermediary between producers and retailers.
Beyond these operating businesses, the company invests capital in cannabis companies, including through its SunStream joint venture, which finances U.S. cannabis businesses. Returns depend on borrowers repaying debt and investments retaining or gaining value. Cannabis remains illegal under U.S. federal law, limiting this financing business despite legalization in some states.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
SNDL earns most of its consolidated revenue from liquor retail, so Canadian liquor-store traffic and competition from chains such as Sobeys and Co-op matter beyond these cannabis peers.
High Tide’s Canna Cabana stores compete with SNDL’s Value Buds and Spiritleaf for Canadian cannabis shoppers, making its store sales a useful gauge of retail competition. Canadian physical stores generated approximately 96% of High Tide’s revenue in the fiscal year ended October 31, 2025.
Tilray Brands, Inc. competes with SNDL in Canadian cannabis markets; both cultivate and sell cannabis for adult-use and medical customers.
Organigram Global Inc. competes with SNDL for Canadian cannabis consumers across value flower, pre-rolls, extracts and edibles. Watch its brands such as SHRED and BOXHOT for competition across price tiers, rather than treating its sales as a read on just one product category.
Village Farms International, Inc.’s Pure Sunfarms and Rose LifeScience compete with SNDL’s Canadian cannabis cultivation and branded-product businesses. Its Canadian cannabis segment is the relevant comparison for SNDL, rather than its fresh-produce or renewable-gas operations.
Cronos Group Inc. Common Share competes with SNDL through Canadian provincial cannabis channels, selling flower, pre-rolls, vapes, concentrates and edibles. Its Spinach and Lord Jones sales to provincial and territorial authorities—and private retailers in Saskatchewan—are the business to watch for pressure on SNDL’s branded products.
Canopy Growth Corporation competes with SNDL for Canadian adult-use customers and international medical cannabis business. Its medical sales in Germany, Poland and Australia offer a view of overseas patient demand, relevant to SNDL’s medical exports.
Aurora Cannabis Inc. is a more medically focused rival to SNDL, producing cannabis for patients in Canada and internationally. Its international medical business is the closer comparison for SNDL’s exports; Aurora’s Canadian business sells directly to registered patients rather than through provincial wholesalers or private retailers.
IM Cannabis Corp. gives SNDL a route to Israeli medical patients by importing and distributing its exported dried flower, a partnership that began in 2022. Watch its Israeli distribution and logistics: SNDL says international sales of Atholville-grown cannabis earn higher margins than typical domestic sales.
Sundial Growers Inc. earningsThis company
SNDL's report will show whether gross profit from cannabis retail and cannabis operations can offset pressure in liquor retail and cover company-wide costs.
Read revenue and gross profit for cannabis retail and cannabis operations alongside liquor retail; gross profit is what remains after direct costs are deducted from sales. If cannabis gross profit rises enough to offset a liquor-retail decline and the consolidated operating loss narrows, cannabis is carrying more of the group; if cannabis gross profit falls or its gains are swallowed by company costs, the group still relies on liquor and its growth has not yet become stronger company-wide operations.
Cronos Group Inc. earningsCRON
Cronos Group's report will show whether branded cannabis sales through Canadian provincial channels that it shares with SNDL are strengthening or weakening.
Read Cronos's Canadian cannabis sales alongside its sales to provincial and territorial authorities and retailers. If channel sales strengthen with its broader Canadian cannabis sales, buyers are moving more branded product, but Cronos is also a stronger rival for SNDL's shelf space and orders; if channel sales weaken even as broader sales hold, that points to pressure in this route or among these buyers, putting more strain on SNDL's wholesale sales.
IM Cannabis Corp. earningsIMCC
IM Cannabis's report can show whether its Israeli medical-cannabis channel is moving products exported by SNDL.
Look for IM Cannabis's disclosed Israeli medical sales or distribution, and whether it identifies products exported by SNDL. Growth in those sales would show the channel moving more product to patients and support demand for SNDL's higher-margin exports; weakness would put that contribution in doubt. If the report gives only IM Cannabis's overall sales without identifying SNDL products, it cannot establish how SNDL's exports performed.
