Company Transformation and Financial Health - Sundial transformed from a near-bankrupt company to one of the largest Canadian regulated product platforms, contributing an estimated CAD$45 billion to GDP and CAD$15 billion in tax receipts since legalization [4]. - The company raised almost CAD$1.2 billion from late 2020 to mid-2021, enabling a debt-free balance sheet and mitigating risks for shareholders [10]. - The company ended 2021 with no debt and over CAD$1 billion in net liquidity, setting sequential records for adjusted EBITDA in the last two reported quarters [23]. - Net liquidity as of March 31, 2022, was $959 million, showing a significant increase from $65.7 million on December 31, 2021 [28]. - Net liquidity decreased from $1.178 billion on September 30, 2021, to $1.125 billion on December 31, 2021, indicating fluctuations in cash reserves [28]. - The company registered an offering of $20 million on August 15, 2021, to enhance financial flexibility [28]. - A share repurchase program was announced on November 11, 2021, indicating a commitment to returning value to shareholders [28]. - The company eliminated senior secured second lien convertible notes on November 30, 2021, improving its capital structure [28]. Production and Market Position - Sundial's cultivation facility has an annual production capacity of over 70,000 kilograms, with capacity utilization previously at 75% but reduced to 35% during market commoditization [16][17]. - Sundial holds a 63% equity interest in Nova Cannabis, managing Canada's largest cannabis private sector retail network with approximately 180 locations [22]. - The acquisition of Alcanna has made Sundial the largest private sector distributor of alcohol and cannabis in Canada, operating 171 locations and enhancing cash flow stability [21]. Strategic Initiatives and Innovations - Sundial aims to generate meaningful free cash flow, with cash flow targets significantly higher than 2021 performance [23]. - The company plans to rebrand to better reflect its broader business activities and the impact of investor support [24]. - The company launched premium concentrates products on January 11, 2021, and the first Canadian Caviar Cone product in May 2021, reflecting innovation in product offerings [28]. - A joint venture with SunStream Bancorp was announced on March 15, 2021, aimed at expanding market presence [28]. - The company invested in Zenabis and Indiva in early 2021, indicating a strategy focused on growth through strategic investments [28]. Leadership and Organizational Changes - The executive team underwent a change with Zach George appointed as CEO on January 30, 2021, signaling a shift in leadership strategy [28]. - Sundial continues to view the Canadian market as a compelling long-term opportunity, focusing on operational excellence and continuous improvement [25].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...

VALENS Q1 2022 EARNINGS TSX: VLNS NASDAQ:VLNS THEVALENSCOMPANY.COM NOTICE TO RECIPIENT This presentation (the "Presentation") of The Valens Company Inc. (the "Company" or "The Valens Company" or "Valens") is an overview only and does not contain all the information that a prospective investor may require to make investment decisions. This Presentation is for information purposes only and does not constitute an offer to sell or a solicitation to buy any securities of the Company. In making an investment deci ...

Exhibit 99.1 Sundial Growers Completes Acquisition of Alcanna Sundial is now the largest private sector cannabis and liquor retailer in Canada CALGARY, AB, March 31, 2022 /CNW/ - Sundial Growers Inc. (Nasdaq: SNDL) ("Sundial" or the "Company") is pleased to announce the completion of the previously disclosed acquisition of all of the issued and outstanding common shares ("Alcanna Shares") of Alcanna Inc. (TSX: CLIQ) ("Alcanna") pursuant to a plan of arrangement, for total consideration of approximately $320 ...

Financial Data and Key Metrics Changes - Sundial reported its first-ever quarter with positive Adjusted EBITDA of CAD10.5 million, compared to a loss of CAD4.4 million in Q3 2020 [10] - Net earnings for Q3 2021 were CAD11.3 million, a significant improvement from a net loss of CAD71.4 million in the previous year [10] - General and administrative expenses increased by 33% to CAD9.6 million, primarily due to the inclusion of SpiritLeaf results [10] - Gross margin before fair value adjustments from cannabis cultivation improved to negative CAD4.9 million from negative CAD17.3 million year-over-year [10] Business Line Data and Key Metrics Changes - Net revenue from cultivation and production operations decreased to CAD8.2 million from CAD12.9 million in Q3 2020, reflecting a shift in consumer demand and price compression [11] - Retail gross revenue from the SpiritLeaf network was CAD6.1 million from July 20 to September 30, 2021, with system-wide retail sales reaching CAD33.5 million [12] - Investment operations generated CAD19.2 million in income for the quarter, with an annualized rate of return of 13% [14] Market Data and Key Metrics Changes - Sundial's average selling prices increased, and market share in the premium flower segment improved in key markets like Alberta and Ontario [5] - The average weighted potency of flower lots reached a record 21.7%, an increase of over 200 basis points compared to Q3 2020 [16] - The percentage of harvest with greater than 24% THC potency has been consistent for three consecutive quarters [17] Company Strategy and Development Direction - Sundial is focused on sustainable profitability and improving cultivation practices, with a commitment to owning consumer relationships through retail operations [5][6] - The acquisition of Alcanna is seen as a strategic move to enhance the integrated business model [4] - The company aims to build a consistently profitable and scalable business, targeting free cash flow generation within the 2022 calendar year [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the Canadian cannabis industry but emphasized a strong financial position and ongoing improvements in operations [3] - The company is preparing for a competitive retail environment and is focused on maintaining pricing above discount rates [42] - Management expressed confidence in the long-term share price performance driven by improved fundamentals and cash flow generation [29] Other Important Information - Sundial's unrestricted cash balance was CAD571 million, and the company remains debt-free [14] - The company has made significant investments in cannabis-related credit facilities and joint ventures, totaling CAD489 million since the beginning of 2021 [7] Q&A Session Summary Question: Integration of SpiritLeaf and other retail chains - Management indicated that integration details would be discussed after the acquisition of Alcanna is finalized, with plans to share more in the new year [38] Question: SpiritLeaf margins and pricing adjustments - Management acknowledged pricing pressures in the cannabis retail space but stated that they are working on merchandising and pricing strategies to maintain margins [42] Question: Credit investment portfolio and market evolution - Management believes that the cost of equity and debt will decrease as the industry matures, despite current high costs in Canada and the US [49] Question: Share buyback program and metrics for initiation - Management did not provide specific guidance on share buyback parameters but emphasized a focus on net asset value and future cash flow generation [52]

Summary of The Valens Company Inc. Conference Call Company and Industry Overview - **Company**: The Valens Company Inc. (VLNCF) - **Industry**: Cannabis industry, focusing on premium flower and pre-rolls, as well as extract-based products Key Points and Arguments Acquisition Details - The Valens Company announced the acquisition of Citizen Stash and Verse Cannabis, marking a significant entry into the flower and pre-roll market [4][9] - The purchase price for Citizen Stash is $64.3 million, which is expected to be accretive to Valens on a 2021 and 2022 basis before synergies, representing a 4.3 times H1 annualized revenue multiple [15][16] - The transaction will be fulfilled entirely through Valens common shares, with an exchange ratio of 0.162 Valens shares per Citizen Stash share [16] Strategic Rationale - The acquisition is seen as a strategic expansion into the flower and pre-roll segments, increasing Valens' total addressable market and revenue potential [12][15] - Citizen Stash has established a strong brand in the premium segment, which Valens aims to leverage for brand building and margin opportunities [12][38] - The asset-light model of Citizen Stash allows Valens to avoid large-scale cultivation while maximizing operational flexibility [14][36] Market Dynamics - The cannabis market has seen a flattening of growth in extract-based products, while the flower and pre-roll segments represent a significant opportunity for growth [17][18] - Citizen Stash has successfully maintained a stable average selling price, with only a 3% decrease compared to an average 25% decrease across the industry [38] Performance Metrics - Citizen Stash has achieved 42 listings across seven provinces, positioning itself as a leading brand in the premium flower market [26][32] - The combined entity is projected to have a pro forma revenue of $118 million for 2020, with significant growth potential in the dried cannabis and pre-roll markets [46][47] Synergies and Future Outlook - Expected synergies include increased distribution, reduced sourcing costs, and expanded product offerings, particularly in concentrates and vapes [40][41] - Valens aims to alleviate capacity constraints and improve operational efficiencies through integration with Citizen Stash [41][42] - The company is also exploring expansion into the U.S. THC marketplace, leveraging its combined genetics portfolio and brand strength [43] Additional Important Content - The management team emphasizes the importance of quality assurance in the supply chain, particularly in the premium segment, to ensure consistent product quality [63] - Valens is focused on integrating its acquisitions and maximizing the value of its platform, with a goal of becoming a top-tier licensed producer in Canada [57][58] - The company maintains a strong balance sheet post-acquisition, allowing for continued execution of its strategic initiatives [59] Conclusion The Valens Company is strategically positioning itself for growth in the cannabis market through the acquisition of Citizen Stash and Verse Cannabis, focusing on premium products and leveraging synergies to enhance operational efficiency and market presence.

Financial Data and Key Metrics Changes - In Q2 2021, adjusted EBITDA from continuing operations was a loss of CAD0.2 million compared to earnings of CAD3.3 million in the prior quarter, primarily due to lower realized gains on marketable securities and increased selling, marketing, and administrative expenses [19] - Net revenue from branded cannabis products increased slightly to CAD7.3 million from CAD7.2 million in the previous quarter despite challenging market conditions [21] - The net loss in Q2 2021 was CAD52.3 million compared to a net loss of CAD134.4 million in the previous quarter, impacted by a CAD60 million long-lived asset impairment charge [25] Business Line Data and Key Metrics Changes - The cannabis operations segment saw adjusted EBITDA decrease due to lower sales volume and prices, while investment operations generated CAD7.1 million in interest and fee income, up from CAD2.8 million in the previous quarter [19][13] - Revenue from licensed producer sales was CAD1.9 million in Q2 compared to CAD2.7 million in Q1, with average gross selling price per gram equivalent of branded products at CAD3.19 [22] Market Data and Key Metrics Changes - The retail market in Canada is highly competitive, with significant pressure from the value segment, leading to expectations of attrition among operators [60] - The company noted a consumer shift towards value products, impacting all formats and brands in the second quarter [21] Company Strategy and Development Direction - The company is focusing on a two-pillar strategy: core cannabis operations and investment operations, aiming for vertical integration through the acquisition of SpiritLeaf [8][12] - The company is committed to excellence in cultivation and is restructuring its operations to improve efficiency and profitability, with a focus on premium inhalable products [16][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the cannabis market's evolution, anticipating a healthier and more profitable environment in the coming years due to regulatory reform and industry consolidation [16][40] - The company is focused on continuous improvement and is excited about the potential of new cultivars and product offerings expected to launch in Q3 and Q4 2021 [50][40] Other Important Information - The company closed Q2 2021 with CAD885 million of unrestricted cash and a total capital base exceeding CAD1.2 billion [26] - The company has made strategic investments totaling CAD354.5 million in cannabis-related debt and equity investments, with a focus on maximizing cash flows and shareholder value [29][31] Q&A Session Summary Question: Can you elaborate on the increased commitment to SunStream? - Management indicated that the market is evolving quickly, with a target pipeline well north of CAD1 billion, prompting the increased commitment [45] Question: What are the wholesale commitments for new cultivars? - Management confirmed that they have received positive feedback and customer commitments for the new genetics, which are not yet accounted for in revenue projections [53] Question: How does the company plan to compete in the retail market? - Management acknowledged the competitive landscape and expects significant consolidation, emphasizing the importance of a premium in-store experience and the strength of the SpiritLeaf brand [60] Question: What is the strategy for the vape segment? - Management noted that while competition has increased, they are focusing on product innovation and larger formats to recapture momentum in the vape market [68] Question: How does the company decide on minority equity investments? - Management clarified that the focus for SunStream is primarily on credit opportunities, with minority equity investments being a small part of their strategy [78]

| --- | --- | --- | --- | --- | --- | |----------------|-----------|---------------|--------------|-------|-------| | | | | | | | | | | | | | | | Nasdaq: SNDL | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate | | Presentation | | | | | | August 2021 | | | | | | | | | | | | | | | | | | DISCLAIMER Forward-looking statements Certain statements contained in this presentation may constitute forward-looking information and statements. All statements in this presentati ...

Financial Data and Key Metrics Changes - Sundial reported its first-ever positive adjusted EBITDA of CAD 3.3 million in Q1 2021, compared to a loss of CAD 5.6 million in the previous quarter [33] - The net loss for Q1 2021 was CAD 134.4 million, an increase from a net loss of CAD 64.1 million in the previous quarter, primarily due to CAD 130 million in non-cash fair value adjustments [26][27] - The company had an unrestricted cash balance of approximately CAD 753 million as of May 7, 2021, up from CAD 60 million at the beginning of 2021 [22] Business Line Data and Key Metrics Changes - Revenue from cannabis operations declined by 29% to CAD 9.9 million in Q1 2021 from CAD 13.9 million in the previous quarter, impacted by inventory reductions and price compression [35] - Average gross selling price per gram equivalent of branded products decreased to CAD 3.15 per gram from CAD 4.14 per gram in the prior quarter [36] - Adjusted gross margin before inventory impairment was negative CAD 1.6 million, an improvement from negative CAD 3.2 million in the previous quarter [38] Market Data and Key Metrics Changes - The company noted a continued decline in retail sales due to COVID-19 restrictions and a shift towards discount products in the market [15][19] - The discount segment's growth has led to aggressive price reductions, impacting overall revenue and margins [15][16] - The company anticipates a reckoning in the industry due to oversupply and lack of differentiation among products, which may lead to a healthier market in the coming years [17] Company Strategy and Development Direction - Sundial is focusing on operational improvements and capital deployment to strengthen its position in the cannabis industry, including an agreement to acquire Inner Spirit Holdings [10][32] - The company aims to limit the offering of discount products in unprofitable markets and is committed to cultivation excellence as a core strategy [16][40] - Sundial's strategy includes a focus on premium inhalables and a commitment to improving cultivation outcomes through a streamlined organization and investment in leadership [19][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong financial position and a focus on premium products as key to navigating the current market challenges [19][60] - The management team acknowledged the ongoing price compression in the industry but believes that focusing on premium offerings will yield better long-term results [60][62] - The company is committed to not pursuing unprofitable revenue growth and will make strategic decisions to exit markets that do not align with its profitability goals [16][19] Other Important Information - Sundial's total capital base, including liquid securities and cash, exceeds CAD 1 billion, with approximately 70% in unrestricted cash [12] - The company has made significant investments in cannabis-related opportunities, totaling CAD 96 million, which generated CAD 15.7 million in interest income and fees [13][25] Q&A Session Summary Question: Rationale for the acquisition of Inner Spirit - Management deferred the detailed rationale for the acquisition, stating that a comprehensive update will be provided closer to the transaction's closing [56] Question: Sustained price decline in the Canadian market - Management indicated that high inventory levels and the need to monetize inventory are driving sustained price compression, which is expected to continue for some time [59][60] Question: Overarching strategy for acquisitions - Management explained that the strategy involves both classic M&A and asymmetric investment opportunities, focusing on consolidating costs and identifying differentiated business models [68][70] Question: Why continue with cannabis operations given investment opportunities? - Management emphasized the importance of their cultivation facility and the potential for premium flower production, viewing cultivation as a key competitive advantage [75][78] Question: Opportunities for international M&A - Management acknowledged limitations due to their NASDAQ listing but expressed interest in exploring international opportunities while remaining focused on the Canadian market [90][91] Question: Context around sales trends and inventory management - Management noted that inventory levels are being managed proactively to maintain quality and that they aim for two to three months of sellable inventory [111] Question: Gross margin recovery expectations - Management indicated that negative gross margins were influenced by price compression and increased utility costs, but they expect improvements moving forward [114][117] Question: Developments in wholesale market sales - Management reported a resurgence in demand for wholesale products as competitors divest from cultivation, positioning Sundial to capitalize on this trend [125][128] Question: Cultivation and production cost fluctuations - Management explained that increased costs were due to non-recurring expenses and expect to normalize costs to CAD 3 million to CAD 3.5 million per month [133]

T H E V A L E N S C O M P A N Y APRIL 2021 TSX: VLNS OTCQX:VLNCF THEVALENSCOMPANY.COM NOTICE TO RECIPIENT This presentation (the "Presentation") of The Valens Company Inc. (the "Company" or "The Valens Company" or "Valens") is an overview only and does not contain all the information that a prospective investor may require to make investment decisions. This Presentation is for information purposes only and does not constitute an offer to sell or a solicitation to buy any securities of the Company. In making ...