Sundial Growers’ Board of Directors Approves Share Repurchase Program Up To C$100 Million
The Dank Investor Posted On November 12, 2021 
Sundial Growers (Nasdaq: SNDL), a company that cultivates and produces a range of cannabis strains, announced that its Board of Directors had approved a Share Repurchase Program that allows the company to repurchase up to C$100 millions of its outstanding common shares from time to time at the prevailing market prices.
This would enable Sundial management to give its shareholders more value for their money by way of increased dividends or capital gains.
About Sundial Growers Inc.
Sundial Growers is a licensed cannabis producing company involved in the production and distribution of cannabis products like flower, pre-rolls vapes, cannabis extracts, and medical cannabis.
The company’s business is reported and analyzed under three operating segments, namely Cannabis Operations, Cannabis Retail and Cannabis Investments. The company is headquartered in Calgary in the province of Alberta in Canada and has also got operations in the town of Olds and in Rocky View County in Alberta.
Sundial Growers crafts small-batch cannabis using state-of-the-art indoor facilities. The company’s craft-at-scale style of growing cannabis where quality is given predominance over quantity, and its researches on the subject are its strong points.
Sundial’s brand portfolio includes Top Leaf, Sundial Cannabis, Palmetto and Grasslands, and it also operates the Spiritleaf retail banner, which is focused on becoming the most well-informed and trustworthy source of recreational cannabis by offering a premium consumer experience and quality curated cannabis products.
About Share Repurchase Program
As a result of the approval for share repurchasing, Sundial may purchase shares from time to time, at the discretion of the company’s management, through open market purchases, privately negotiated transactions, block trades, derivatives, accelerated or other structured share repurchase programs, or other means.
The way in which the shares are purchased, its timing, its pricing, and the amount of money that will be spent on the transaction, will be decided by the company, and will be based on market conditions, regulatory requirements, and other opportunities that the company may have for using or investing its capital.
Regardless of what the share repurchase amount be, Sundial is likely to purchase only a maximum of 102.8 million shares under the Share Repurchase Program.
This would represent approximately 5% of the issued and outstanding shares as on the date of purchasing. Subject to these limitations, the Share Repurchase Program will start on November 19, 2021 and close on November 19, 2022. The program does not require Sundial to purchase a minimum number of shares.
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Further, repurchasing may be suspended or terminated at any time at the company’s discretion. The actual number of shares that the company will purchase because of the program, and the timing of the purchases, will be decided by the company management and the Board of Directors.
The price which the company would pay for repurchasing shares will be based on the prevailing market price of the shares at the time of the acquisition, subject to the limitations of security laws.
All shares purchased under the provisions of the Share Repurchase Program will be returned to the treasury for cancellation, and all such purchases will be made on the open market through the facilities of NASDAQ or those other means which may be permitted under the applicable securities laws during the term of the Share Repurchase Program.
