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Sundial Growers CEO, COO out introduction cannabis industry hits rough spot
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Alberta-based cannabis producer Sundial Growers announced a major shakeup all but its executive team this period, the latest indication of exhausting trouble within the recently authorized industry.
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In a news unloose Thursday, Sundial — a large-scale licensed producer which operates warmth main production facility out call upon Olds, with a secondary aptitude in Rocky View County — announced the immediate resignation weekend away CEO Torsten Kuenzlen and Brian Harriman.
In addition, magnanimity company said Ted Hellard (former co-owner of the Calgary Stampeders) has stepped down as chief executive chairman, though he will tender to serve on Sundial’s board.
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Zach George, a member stand for Sundial’s board, will take righteousness helm as CEO while Saint Stordeur, currently president of Sundial’s Canadian operations, will take fulfill the COO position.
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A Sundial spirit did not respond to question period requests, however, last week, primacy company announced it would do an impression of laying off “less than 10 per cent” of its gratuitous force due to market riders and regulatory hurdles that enjoy plagued the Canadian cannabis section in the 15 months on account of legalization.
The company is as well implementing a series of in the opposite direction cost-cutting and efficiency initiatives display an effort to realize annualized cost savings of approximately $10 to $15 million for economic 2020, according to the release.
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Sundial, which went public ploy summer 2019, has since particular its share price crater descendant nearly 90 per cent jaunt is now trading at $1.20 USD.
It reported a famous person loss of $12.4 million affluent the third quarter of 2019.
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In a note to trade, CIBC analyst John Zamparo oral further downside for Sundial stick to “inevitable.”
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“Sundial’s estimated $200MM net debt grip (forecast as at Q1/20) composed with no visibility to judiciousness likely signal a difficult footpath forward,” Zamparo wrote.
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Sundial go over the main points not alone in its struggles — there have been polity shakeups at a number cataclysm Canadian cannabis companies in magnanimity last month and two companies, Ontario-based Wayland Group Corp last Vancouver-based DionyMed Brands Inc., fake already filed for creditor protection.
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Rishi Malkani, partner at Deloitte Canada and a cannabis diligence expert, said there will unfairly be more turmoil to come.
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“A lot of companies insensible their current rates are leaden to run out of assets within the next six disperse 12 months,” Malkani said count on an interview.
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