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, 2022 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 ...

SNDL Reports Full Year and Fourth Quarter 2022 Financial and Operational Results Record net revenue and net cash provided by operating activities for the fourth quarter of 2022 CALGARY, AB, April 24, 2023 /CNW/ - SNDL Inc. (NASDAQ: SNDL) ("SNDL" or the "Company") reported its financial and operational results for the full year and fourth quarter ended December 31, 2022. All financial information in this press release is reported in millions of Canadian dollars unless otherwise indicated. Liquor retail inclu ...

Exhibit 99.1 [*] = Certain information contained in this document, marked by brackets, has been omitted because it is both not material and is the type of information that we treat as private or confidential. SNDL INC. | 1 | A | R | TIC | L | E | 1 IN | T | E | R | P | R | E | TATIO | N | S | e | c | tio | n | 1.1 | D | e | fin | e | d | Te | r | m | s | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

SNDL Inc. (NASDAQ:SNDL) Q3 2022 Results Conference Call November 14, 2022 10:30 AM ET Company Participants Zach George - CEO James Keough - CFO Tank Vander - President, Liquor Retail Andrew Stordeur - President, COO Conference Call Participants Shaan Mir - Canaccord Genuity Frederico Gomes - ATB Capital Markets Operator Good morning, and welcome to the SNDL's Third Quarter 2022 Financial Results Conference Call. SNDL issued a press release this morning announcing their financial results for the third quarte ...

[Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) This section presents Alcanna Inc.'s comprehensive financial position, performance, and cash flows for the fiscal years 2021 and 2020, along with detailed explanatory notes [Management's Responsibility and Auditor's Report](index=2&type=section&id=Management%27s%20Responsibility%20and%20Auditor%27s%20Report) Management affirms responsibility for IFRS financial statements, while PwC issued an unqualified opinion based on US GAAS - Management affirms its responsibility for the preparation and fair presentation of the financial statements under **IFRS**[3](index=3&type=chunk) - The independent auditor, PricewaterhouseCoopers LLP, issued an **unqualified (clean) opinion**, confirming fair presentation in accordance with **IFRS**[11](index=11&type=chunk) - The audit was conducted in accordance with **US GAAS**[12](index=12&type=chunk) [Core Financial Statements](index=5&type=section&id=Core%20Financial%20Statements) This section presents Alcanna Inc.'s consolidated Statements of Financial Position, Changes in Equity, Profit and Loss, Comprehensive Income, and Cash Flows for 2021 and 2020 [Consolidated Statements of Financial Position](index=5&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) Total assets decreased to **$454.6 million** in 2021, while total liabilities significantly reduced to **$260.7 million**, leading to an increase in shareholders' equity to **$193.9 million** Consolidated Statements of Financial Position Highlights (in thousands of CAD) | Financial Position | Dec 31, 2021 ($) | Dec 31, 2020 ($) | | :--- | :--- | :--- | | **Total Current Assets** | 144,464 | 199,252 | | **Total Assets** | **454,593** | **487,316** | | **Total Current Liabilities** | 43,137 | 62,417 | | Long-term debt | — | 75,883 | | **Total Liabilities** | **260,673** | **357,601** | | **Total Shareholders' Equity** | **193,920** | **129,715** | [Consolidated Statements of Changes in Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased by **$64.2 million** to **$193.9 million** in 2021, driven by net earnings, a business combination, and subsidiary share issuance, partially offset by share repurchases Changes in Total Equity (in thousands of CAD) | Description | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | **Opening Balance** | 129,715 | 74,717 | | Net earnings (loss) for the year | 31,867 | 68,141 | | Business combination | 22,950 | — | | Issuance of common shares by subsidiaries | 38,247 | — | | Repurchase of common shares | (30,993) | — | | **Ending Balance** | **193,920** | **129,715** | [Consolidated Statements of Profit and Loss](index=7&type=section&id=Consolidated%20Statements%20of%20Profit%20and%20Loss) Net earnings decreased to **$31.9 million** in 2021, primarily due to a **$28.1 million** net loss from continuing operations, despite strong earnings from discontinued operations Consolidated Profit and Loss Highlights (in thousands of CAD) | Metric | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | Sales | 726,272 | 680,291 | | Gross Margin | 158,287 | 158,057 | | Operating (Loss) Profit | (3,296) | 22,648 | | Net (Loss) Earnings from Continuing Operations | (28,060) | 9,711 | | Net Earnings from Discontinued Operations | 59,927 | 58,430 | | **Net Earnings for the Year** | **31,867** | **68,141** | Earnings Per Share (EPS) Attributable to Equity Shareholders | EPS Metric | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | Basic EPS from Continuing Operations | (0.57) | 0.25 | | Diluted EPS from Continuing Operations | (0.57) | 0.24 | | Basic EPS (Total) | 1.02 | 1.72 | | Diluted EPS (Total) | 1.02 | 1.69 | [Consolidated Statements of Comprehensive Income and Loss](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20and%20Loss) Comprehensive income for 2021 was **$31.9 million**, a decrease from **$68.6 million** in 2020, with discontinued operations being the primary driver in both periods Comprehensive Income (Loss) Highlights (in thousands of CAD) | Metric | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | Net Earnings for the Year | 31,867 | 68,141 | | Other Comprehensive Income | — | 464 | | **Comprehensive Income for the Year** | **31,867** | **68,605** | | Attributable to Continuing Operations | (28,060) | 9,711 | | Attributable to Discontinued Operations | 59,927 | 58,894 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash decreased by **$18.2 million** in 2021, a reversal from 2020, due to reduced operating cash flow and significant cash used in financing activities Consolidated Cash Flow Highlights (in thousands of CAD) | Cash Flow Activity | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | **Operating Activities** | 6,382 | 47,338 | | **Investing Activities** | 65,063 | 34,132 | | **Financing Activities** | (89,610) | (31,958) | | **(Decrease) Increase in Cash** | **(18,165)** | **49,108** | | Cash - Beginning of Year | 60,973 | 11,865 | | **Cash - End of Year** | **42,808** | **60,973** | [Notes to the Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the core financial statements, covering business nature, accounting policies, key events, and segment performance [Note 1: Nature of the business](index=10&type=section&id=Note%201%3A%20Nature%20of%20the%20business) Alcanna Inc. primarily operates **170 liquor stores** in Alberta and holds a **63% stake** in Nova Cannabis, which operates **74 cannabis stores** - The company's principal activities are **Liquor Operations** and **Cannabis Operations** through its subsidiary Nova[31](index=31&type=chunk) Retail Store Count as of Dec 31, 2021 | Operation | 2021 Stores | 2020 Stores | | :--- | :--- | :--- | | Liquor Stores | 170 | 205 | | Cannabis Stores (Nova) | 74 | 34 | - The company exited the convenience-format retail liquor store business in British Columbia during 2021, classifying these as **discontinued operations**[34](index=34&type=chunk) [Note 4: Business combinations](index=21&type=section&id=Note%204%3A%20Business%20combinations) Alcanna completed a reverse acquisition of YSS Corp. (Nova Cannabis) in March 2021, recognizing **$19.3 million** in goodwill and acquiring an approximate **63% interest** in Nova - The transaction with YSS Corp. (now Nova Cannabis Inc.) was accounted for as a **reverse acquisition**, with Alcanna as the accounting acquirer[96](index=96&type=chunk) Purchase Price Allocation for Nova Transaction (in thousands of CAD) | Description | Fair Value ($) | | :--- | :--- | | **Purchase Consideration** | **22,950** | | Fair value of net identifiable assets acquired | 3,680 | | **Goodwill** | **19,270** | - Following the transaction and a concurrent financing of **$40 million**, Alcanna's ownership stake in Nova was approximately **63%**[105](index=105&type=chunk)[106](index=106&type=chunk) [Note 5: Discontinued operations and assets held for sale](index=24&type=section&id=Note%205%3A%20Discontinued%20operations%20and%20assets%20held%20for%20sale) The company classified its Alaska and British Columbia operations as discontinued, generating net gains of **$23.7 million** (Alaska, 2020) and **$57.3 million** (BC, 2021) from their sales - The company sold its Alaska operations in 2020 and its remaining British Columbia convenience-format retail liquor stores in 2021[115](index=115&type=chunk)[119](index=119&type=chunk) Gain on Sale of Discontinued Operations, Net of Tax (in thousands of CAD) | Operation | 2021 Gain ($) | 2020 Gain ($) | | :--- | :--- | :--- | | British Columbia Operations | 57,294 | 15,051 | | Alaska Operations | — | 23,673 | Net Earnings from Discontinued Operations (in thousands of CAD) | Metric | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | Sales | 20,743 | 163,512 | | **Net Earnings** | **59,927** | **58,430** | [Note 12: Long-term debt](index=35&type=section&id=Note%2012%3A%20Long-term%20debt) Alcanna eliminated its **$75.9 million** long-term debt by fully redeeming its 4.70% convertible debentures in May 2021, and maintains an undrawn **$70.0 million** revolving credit facility - The company had **no long-term debt** as of December 31, 2021, having fully redeemed its **4.70% convertible debentures**[151](index=151&type=chunk) - On May 4, 2021, the company completed the cash redemption of its outstanding **4.70% Debentures**, paying **$77.6 million** in principal plus accrued interest[161](index=161&type=chunk) - The company has a **$70.0 million revolving credit facility**, with an available borrowing base of **$59.0 million** as of December 31, 2021[152](index=152&type=chunk) [Note 16: Share capital](index=41&type=section&id=Note%2016%3A%20Share%20capital) Outstanding common shares decreased to **36.2 million** in 2021, primarily due to the cancellation of **3.85 million shares** under a Substantial Issuer Bid for **$30.0 million** and further repurchases under an NCIB Movement in Common Shares | Description | Number of Shares () | Value ($) | | :--- | :--- | :--- | | **Balance – Dec 31, 2020** | **40,048,887** | **397,181** | | Repurchased – SIB | (3,846,150) | (38,144) | | Repurchased – NCIB | (95,558) | (948) | | Other issuances | 118,964 | 228 | | **Balance – Dec 31, 2021** | **36,226,143** | **358,317** | - In May 2021, the company completed a **Substantial Issuer Bid**, purchasing **3,846,150 common shares** for cancellation at **$7.80 per share**, totaling **$30.0 million**[178](index=178&type=chunk) - The company initiated a **Normal Course Issuer Bid** in July 2021, repurchasing **95,558 shares** by year-end[180](index=180&type=chunk)[181](index=181&type=chunk) [Note 28: Operating segments](index=57&type=section&id=Note%2028%3A%20Operating%20segments) Alcanna operates two segments: Liquor Operations, with **$591.9 million** in sales and **$61.8 million** operating profit in 2021, and Cannabis Operations, with **$134.4 million** in sales but an operating loss of **$3.6 million** - The company's two reportable segments are **Liquor Operations** and **Cannabis Operations**[257](index=257&type=chunk) Segment Performance (in thousands of CAD) | 2021 | Liquor Operations ($) | Cannabis Operations ($) | | :--- | :--- | :--- | | Sales to external customers | 591,908 | 134,364 | | Operating profit (loss) before depreciation, etc. | 61,765 | (3,637) | | Profit (loss) before income taxes | 28,417 | (20,614) | | **2020** | **Liquor Operations ($)** | **Cannabis Operations ($)** | | Sales to external customers | 616,977 | 63,314 | | Operating profit (loss) before depreciation, etc. | 62,643 | 5,746 | | Profit (loss) before income taxes | 30,627 | (2,073) | [Note 29: Subsequent events](index=59&type=section&id=Note%2029%3A%20Subsequent%20events) Alcanna was acquired by Sundial Growers Inc. (SNDL) on March 31, 2022, with shareholders receiving **8.85 SNDL shares** and **$1.50 cash** per share, and Nova established a **$20 million** ATM equity program - On March 31, 2022, Alcanna was acquired by **Sundial Growers Inc. (SNDL)** through a plan of arrangement[264](index=264&type=chunk) - The consideration for the acquisition was **8.85 SNDL common shares** plus **$1.50 in cash** for each Alcanna common share[263](index=263&type=chunk) - In July 2022, the company's **63% owned subsidiary, Nova**, established an **at-the-market equity program** to issue up to **$20 million** of common shares[265](index=265&type=chunk)

Financial Data and Key Metrics Changes - SNDL achieved record net revenue of $223.7 million in Q2 2022, a 2,344% increase year-over-year from $9.2 million in Q2 2021 [9][27] - Gross margin grew to $43.1 million, up 1,627% from a loss of $2.8 million in Q2 2021, marking the highest gross margin since inception [10][27] - Net loss for Q2 2022 was $74 million, compared to a net loss of $52.3 million in Q2 2021 [27] - Adjusted EBITDA loss was $25.9 million for Q2 2022, compared to a loss of $0.2 million in Q2 2021 [28] Business Line Data and Key Metrics Changes - Liquor retail segment generated gross revenue of $148.6 million with a gross margin of $33.5 million, representing 22.6% of sales [32][41] - Cannabis retail segment gross revenue was $63.5 million, a 746% increase from $7.5 million in Q1 2021, with a gross margin of $13.9 million [33] - Cannabis cultivation and production segment reported gross revenue of $15.4 million, a 36% increase from Q1 2022, with adjusted EBITDA of $3.5 million, marking the first positive adjusted EBITDA quarter [35] Market Data and Key Metrics Changes - SNDL's cannabis retail market share reached approximately 9.8% in privatized provincial markets [14] - Liquor retail market share in Alberta was 17.6%, with Wine & Beyond representing 2.9% despite having only 11 stores [43] Company Strategy and Development Direction - SNDL aims to become a leader in the Canadian regulated products industry, focusing on vertical integration and enhancing retail operations [9][22] - The company is exploring expansion opportunities for the Wine & Beyond brand into British Columbia and Saskatchewan [43] - SNDL is committed to optimizing profitability and cash flow through cost discipline and margin-accretive products in the liquor retail segment [44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic challenges, including cost inflation and cannabis price compression, but remains focused on improving results [10][21] - The company expects to realize cost savings across all operating segments and continues to integrate Alcanna into its operations [21][22] - Management expressed confidence in the potential for SNDL to lead in the Canadian regulated products space, emphasizing a culture of continuous improvement [22] Other Important Information - SNDL's common shares were consolidated on a one-for-ten basis effective July 25, 2022, regaining compliance with NASDAQ requirements [30] - The company has $900 million in cash, marketable securities, and long-term investments with no outstanding debt as of June 30, 2022 [28] Q&A Session Summary Question: Details on the economics of the Wine & Beyond banner - Management indicated that Wine & Beyond attracts a larger customer segment with competitive pricing, and the build-out costs range from $1.5 million to $1.8 million [61][65] Question: Performance comparison between Spirit Leaf and Nova Cannabis - Management noted that Spirit Leaf operates a mix of corporate and franchise locations, while Nova focuses on discount retail, leading to different performance metrics [65][66] Question: International strategy and potential new markets - Management confirmed that while the focus remains on Canada, they are exploring opportunities in international markets like Germany and Australia [76][77] Question: Impact of OCS cyber attack on retail operations - Management does not expect material disruptions from the OCS cyber attack and noted ongoing regulatory improvements that could enhance security [81] Question: Details on Sunstream's asset write-down - Management explained that the write-downs were due to fair value adjustments across the portfolio, not specific to one credit [88] Question: Opportunities for equity investments in distressed companies - Management acknowledged the potential for equity investments but emphasized the need for prudent decision-making based on market conditions [92] Question: Breakdown of the $100 million Canadian credit portfolio - Management indicated that the credit exposure includes both retail and producer credits, with specific names not disclosed due to confidentiality [101]

Exhibit 99.1 Form 51-102F4 BUSINESS ACQUISITION REPORT Item 1 Identity of Company 1.1 Name and Address of Company Sundial Growers Inc. ("Sundial") is a corporation existing under the Business Corporations Act (Alberta). The head office of Sundial is located at Suite 300, 919 – 11 Avenue SW, Calgary, Alberta T2R 1P3. 1.2 Executive Officer The name of the executive officer of Sundial, who is knowledgeable about the significant acquisition and this Business Acquisition Report is Jim Keough, the Chief Financial ...

Sundial Growers Inc. (NASDAQ:SNDL) Q1 2022 Earnings Conference Call May 17, 2022 10:30 AM ET Company Participants Zach George - Chief Executive Officer Jim Keough - Chief Financial Officer Andrew Stordeur - President and Chief Operating Officer Conference Call Participants Frederico Gomes - ATB Capital Markets Matthew Baker - Cantor Fitzgerald Operator Good morning, and welcome to Sundial Growers First Quarter 2020 Financial Results Conference Call. Yesterday, Sundial issued a press release announcing their ...

Sundial Growers Inc. (NASDAQ:SNDL) Q4 2021 Results Conference Call April 28, 2022 10:30 AM ET Company Participants Zach George - Chief Executive Officer Jim Keough - Chief Financial Officer Andrew Stordeur - President and Chief Operating Officer Conference Call Participants Frederico Gomes - ATB Capital Markets Operator Good morning, and welcome to Sundial Growers Full-year and Fourth Quarter 2021 Financial Results Conference Call. Yesterday, Sundial issued a press release announcing their financial results ...

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].