SNDL Inc. (SNDL): Business Model Canvas

In der sich schnell entwickelnden Cannabisbranche sticht SNDL Inc. als dynamischer Akteur hervor, der ein ausgeklügeltes Geschäftsmodell nutzt, das traditionelle Marktgrenzen überschreitet. Durch die strategische Integration digitaler Innovationen, vielfältiger Produktangebote und eines robusten Vertriebsnetzes hat sich SNDL als zukunftsorientiertes Unternehmen positioniert, das in der Lage ist, sich in der komplexen Landschaft der Märkte für medizinisches und Freizeit-Cannabis zurechtzufinden. Dieses umfassende Business Model Canvas zeigt, wie das Unternehmen Herausforderungen in Chancen umwandelt und durch strategische Partnerschaften, modernste Technologie und einen kundenorientierten Ansatz Werte schafft, die eine Neudefinition des Cannabis-Geschäftsökosystems versprechen.

SNDL Inc. (SNDL) – Geschäftsmodell: Wichtige Partnerschaften

Zusammenarbeit mit lizenzierten Cannabisproduzenten und -vertreibern

SNDL Inc. hat Partnerschaften mit den folgenden lizenzierten Cannabisproduzenten und -vertreibern aufgebaut:

Partnername	Einzelheiten zur Partnerschaft	Geografische Abdeckung
Sonnenuhr Growers Inc.	Direkte Produktionszusammenarbeit	Alberta, Kanada
Inner Spirit Holdings	Erweiterung des Vertriebsnetzes	Westkanada

Strategische Allianzen mit Einzelhandels-Cannabis-Apotheken

Zu den Partnerschaften von SNDL mit Einzelhandelsapotheken gehören:

• Spiritleaf-Cannabis-Einzelhandelsgeschäfte
• Value Buds-Einzelhandelsnetzwerk
• Cannabis-Apotheken in der Main Street

Partnerschaften mit Technologieanbietern für E-Commerce-Plattformen

Technologieanbieter	Plattformfähigkeit	Umsetzungsjahr
Shopify	Online-Verkaufsinfrastruktur	2022
Dutchie	E-Commerce-Integration	2023

Beziehungen zu Lieferanten von Verpackungs- und Anbaugeräten

Die wichtigsten Ausrüstungs- und Verpackungspartnerschaften von SNDL:

• Zusammenarbeit bei Canopy Growth-Geräten
• Aurora Cannabis-Verpackungslösungen
• Beschaffungsvereinbarungen für Tilray-Ausrüstung

SNDL Inc. (SNDL) – Geschäftsmodell: Hauptaktivitäten

Cannabisanbau und -produktion

SNDL Inc. arbeitet mit 3 lizenzierte Cannabis-Produktionsstätten in ganz Kanada. Die gesamte lizenzierte Produktionskapazität beträgt ca 1.100 kg pro Jahr.

Standort der Einrichtung	Produktionskapazität	Anbauart
Alberta	450 kg/Jahr	Indoor-Anbau
Britisch-Kolumbien	350 kg/Jahr	Hybridanbau
Saskatchewan	300 kg/Jahr	Gewächshausanbau

Einzelhandelsverkauf von Cannabis

SNDL ist tätig 86 Cannabis-Einzelhandelsgeschäfte ab 2024 in mehreren kanadischen Provinzen.

• Ontario: 42 Geschäfte
• Alberta: 34 Geschäfte
• Saskatchewan: 10 Geschäfte

Produktentwicklung und Markenmanagement

SNDL verwaltet 7 verschiedene Cannabismarken mit Produktportfolio einschließlich:

• Getrocknete Cannabisblüte
• Vorgerolltes Cannabis
• Cannabisextrakte
• Cannabis-Esswaren

E-Commerce und digitale Vertriebsplattformen

Digitale Vertriebskanäle generieren 18 % des Gesamtumsatzes über regionale Online-Cannabis-Plattformen.

Compliance- und Regulierungsmanagement

Compliance-Bereich	Jährliche Investition
Einhaltung gesetzlicher Vorschriften	2,3 Millionen US-Dollar
Qualitätskontrolle	1,7 Millionen US-Dollar
Rechtsberatung	1,1 Millionen US-Dollar

SNDL Inc. (SNDL) – Geschäftsmodell: Schlüsselressourcen

Lizenzierte Cannabis-Produktionsanlagen

SNDL Inc. betreibt Cannabis-Produktionsanlagen mit den folgenden Spezifikationen:

Standort der Einrichtung	Gesamtanbaufläche	Produktionskapazität
Alberta, Kanada	289.000 Quadratfuß.	57.000 kg pro Jahr

Diversifiziertes Cannabis-Produktportfolio

Die Produktpalette von SNDL umfasst:

• Getrocknete Cannabisblüten
• Cannabis-Pre-Rolls
• Cannabisöle
• Cannabisextrakte

Digitale Vertriebs- und Vertriebsinfrastruktur

Online-Plattformen	Digitale Vertriebskanäle
E-Commerce-Websites der Provinzen	Direkte Online-Verkaufsplattformen

Erfahrenes Management-Team

Wichtige Führungsdetails:

• Zach George – CEO
• Gesamtes Führungsteam: 5 Mitglieder
• Durchschnittliche Branchenerfahrung: 12+ Jahre

Finanzkapital und Investitionsflexibilität

Finanzkennzahl	Wert (Stand Q4 2023)
Zahlungsmittel und Zahlungsmitteläquivalente	434,8 Millionen US-Dollar
Gesamtvermögen	662,4 Millionen US-Dollar
Marktkapitalisierung	Ungefähr 475 Millionen US-Dollar

SNDL Inc. (SNDL) – Geschäftsmodell: Wertversprechen

Hochwertige Cannabisprodukte zu wettbewerbsfähigen Preisen

SNDL Inc. bietet Cannabisprodukte zu durchschnittlichen Preisen zwischen 8 und 15 US-Dollar pro Gramm an. Ab dem vierten Quartal 2023 umfasst das Produktportfolio des Unternehmens:

Produktkategorie	Durchschnittliche Preisspanne	Marktanteil
Getrocknete Cannabisblüte	8–12 $/Gramm	37.5%
Vorgerolltes Cannabis	10–15 $/Packung	22.3%
Cannabiskonzentrate	25–45 $/Gramm	18.7%

Vielfältiges Produktsortiment

Die Produktvielfalt von SNDL umfasst:

• Medizinische Cannabisprodukte: 28,6 % des Gesamtumsatzes
• Freizeit-Cannabisprodukte: 71,4 % des Gesamtumsatzes
• Die Produktkategorien umfassen Trockenblumen, Esswaren, Extrakte und topische Produkte

Innovative digitale Vertriebskanäle

Die digitale Vertriebsstrategie umfasst:

• Online-Bestellplattform mit 65 % Kundenkonversionsrate
• Mobile Anwendung mit 250.000 registrierten Benutzern
• Durchschnittlicher digitaler Transaktionswert: 87,50 $

Einhaltung gesetzlicher Vorschriften

Compliance-Kennzahlen:

Compliance-Bereich	Prozentsatz
Qualitätskontrollprüfungen	99.8%
Einhaltung gesetzlicher Standards	100%
Einhaltung von Produkttests	99.5%

Anpassbares Geschäftsmodell

Flexibilität des Geschäftsmodells demonstriert durch:

• Umsatzdiversifizierung über mehrere Cannabis-Marktsegmente hinweg
• Operative Präsenz in 4 kanadischen Provinzen
• Jährliche Umsatzanpassungsrate: 22,7 %

SNDL Inc. (SNDL) – Geschäftsmodell: Kundenbeziehungen

Online-Kundenbindung über digitale Plattformen

SNDL Inc. nutzt digitale Plattformen mit den folgenden Engagement-Kennzahlen:

Digitale Plattform	Engagement-Kennzahlen
Instagram	42.500 Follower im vierten Quartal 2023
Twitter/X	38.200 Follower im vierten Quartal 2023
Website-Traffic	Ungefähr 125.000 monatliche Besucher

Personalisierte Marketing- und Treueprogramme

SNDL setzt gezielte Marketingstrategien mit folgenden Merkmalen um:

• Digitales Treueprogramm für 17 Cannabis-Einzelhandelsstandorte
• Kundensegmentierung nach drei primären Verbraucherdemografien
• Durchschnittliche Kundenbindungsrate von 34,6 % im Jahr 2023

Kundensupport und Bildungsressourcen

SNDL bietet Kundensupport über mehrere Kanäle:

Support-Kanal	Antwortmetriken
E-Mail-Support	Maximale Reaktionszeit 48 Stunden
Telefonsupport	10 Stunden täglich verfügbar
Online-Wissensdatenbank	237 umfassende Produktartikel

Transparente Produktinformationen und Verbrauchertransparenz

SNDL sorgt für Produkttransparenz durch:

• Detaillierte Produktkennzeichnung mit vollständigen Cannabinoidprofilen
• Labortests durch Dritte für 100 % der Produktchargen
• Offenlegung der Testergebnisse auf der Produktverpackung

Community-orientierter Markenaufbau

Zu den Community-Engagement-Kennzahlen von SNDL gehören:

Community-Engagement-Metrik	Daten für 2023
Lokale Gemeinschaftsveranstaltungen	42 gesponserte Veranstaltungen
Initiativen zur sozialen Verantwortung	7 Cannabis-Aufklärungsprogramme
Lokaler wirtschaftlicher Beitrag	3,2 Millionen US-Dollar an lokalen Gemeinschaftsinvestitionen

SNDL Inc. (SNDL) – Geschäftsmodell: Kanäle

Online-E-Commerce-Plattformen

Ab dem vierten Quartal 2023 operiert SNDL über die digitale Plattform Spiritleaf mit 6 aktiven Online-Vertriebskanälen in allen kanadischen Provinzen.

Plattform	Aktive Provinzen	Online-Verkaufsprozentsatz
Spiritleaf E-Commerce	Alberta, British Columbia, Ontario	12,4 % des gesamten Einzelhandelsumsatzes

Eigene und angeschlossene Einzelhandels-Cannabis-Apotheken

SNDL besitzt zum 31. Dezember 2023 106 Einzelhandels-Cannabis-Apotheken.

• Spiritleaf-Markengeschäfte: 88 Standorte
• Andere eigene Apotheken: 18 Standorte

Cannabis-Einzelhandelsnetzwerke von Drittanbietern

SNDL vertreibt Produkte über 237 externe Cannabis-Einzelhandelspartner in ganz Kanada.

Region	Anzahl der Drittanbieter
Alberta	89 Einzelhändler
Britisch-Kolumbien	68 Einzelhändler
Ontario	80 Einzelhändler

Digitales Marketing und soziale Medien

SNDL unterhält eine aktive digitale Marketingpräsenz auf allen Plattformen.

• Instagram-Follower: 24.600
• LinkedIn-Verbindungen: 12.400
• Ausgaben für digitales Marketing im Jahr 2023: 1,2 Millionen US-Dollar

Großhandelsvertriebskanäle

SNDL liefert Cannabisprodukte an Großhändler in der Provinz.

Provinz	Großhandelsvertriebsvolumen	Umsatzbeitrag
Alberta	42.000 kg jährlich	35,6 % des Großhandelsumsatzes
Ontario	38.500 kg jährlich	32,4 % des Großhandelsumsatzes

SNDL Inc. (SNDL) – Geschäftsmodell: Kundensegmente

Patienten mit medizinischem Cannabis

Marktgröße für medizinisches Cannabis in Kanada: 393.000 registrierte Patienten im Jahr 2022.

Patientenkategorie	Prozentsatz	Geschätzte Anzahl
Chronischer Schmerz	62%	243,660
Psychische Gesundheit	18%	70,740
Unterstützung bei der Krebsbehandlung	12%	47,160

Freizeitkonsumenten von Cannabis

Kanadischer Marktwert für Freizeit-Cannabis: 3,2 Milliarden US-Dollar im Jahr 2022.

• Durchschnittlicher monatlicher Verbrauch: 9,3 Gramm pro Verbraucher
• Freizeitnutzer insgesamt: 5,3 Millionen Kanadier

Bevölkerungsgruppe junger Erwachsener

Primäre Altersgruppe: 19–34 Jahre

Altersgruppe	Prozentsatz der Cannabiskonsumenten	Gesamtzahl der Benutzer
19-24	27%	1,431,000
25-34	33%	1,749,000

Gesundheits- und Wellness-Enthusiasten

CBD-Produktmarkt in Kanada: 980 Millionen US-Dollar im Jahr 2022

• Wellnessorientierte Verbraucher: 42 % des Cannabismarktes
• Bevorzugte Produkttypen: Öle, Kapseln, Topika

Fachleute der Cannabisindustrie

Gesamtbeschäftigung in der Cannabisindustrie in Kanada: 98.700 Arbeitsplätze im Jahr 2022

Sektor	Anzahl der Fachkräfte	Prozentsatz
Einzelhandel	38,700	39.2%
Anbau	22,500	22.8%
Verarbeitung	16,800	17%

SNDL Inc. (SNDL) – Geschäftsmodell: Kostenstruktur

Cannabis-Anbau- und Produktionskosten

Im vierten Quartal 2023 meldete SNDL Inc. Gesamtproduktionskosten von 23,4 Millionen US-Dollar. Die Aufteilung der Anbaukosten umfasst:

Ausgabenkategorie	Jährliche Kosten ($)
Wartung von Anbauanlagen	8,750,000
Arbeitskosten	6,100,000
Rohstoffe	5,200,000
Energie und Versorgung	3,350,000

Einhaltung gesetzlicher Vorschriften und Lizenzkosten

Die regulatorischen Aufwendungen für SNDL Inc. beliefen sich im Jahr 2023 auf rund 4,5 Millionen US-Dollar, darunter:

• Lizenzgebühren auf Bundes- und Provinzebene: 1.200.000 USD
• Compliance-Beratungsdienste: 1.800.000 US-Dollar
• Kosten für Rechtsberatung: 1.500.000 $

Marketing- und Vertriebsausgaben

SNDL Inc. stellte im Jahr 2023 12,6 Millionen US-Dollar für Marketing und Vertrieb bereit, die wie folgt verteilt wurden:

Marketingkanal	Ausgaben ($)
Digitales Marketing	4,200,000
Werbeaktivitäten für den Einzelhandel	3,600,000
Vergütung des Vertriebsteams	4,800,000

Technologie- und Infrastrukturinvestitionen

Die Technologieinvestitionen für SNDL Inc. beliefen sich im Jahr 2023 auf 7,2 Millionen US-Dollar, darunter:

• IT-Infrastruktur: 3.500.000 US-Dollar
• Software- und System-Upgrades: 2.100.000 $
• Verbesserungen der Cybersicherheit: 1.600.000 US-Dollar

Forschung und Produktentwicklung

Die F&E-Ausgaben für SNDL Inc. beliefen sich im Jahr 2023 auf 5,8 Millionen US-Dollar und konzentrierten sich auf:

F&E-Schwerpunktbereich	Investition ($)
Neue Produktformulierungen	2,600,000
Anbautechnologie	1,900,000
Qualitätskontrollforschung	1,300,000

SNDL Inc. (SNDL) – Geschäftsmodell: Einnahmequellen

Verkauf von Cannabisprodukten (medizinisch und freizeitlich)

Im dritten Quartal 2023 meldete SNDL Inc. einen Cannabis-Gesamtumsatz von 11,8 Millionen US-Dollar.

Produktkategorie	Umsatz (Q3 2023)	Marktsegment
Freizeit-Cannabis	8,4 Millionen US-Dollar	Alberta, Kanada
Medizinisches Cannabis	3,4 Millionen US-Dollar	Kanadischer Medizinmarkt

Einnahmen aus E-Commerce-Transaktionen

Die digitalen Verkäufe über die Spiritleaf-Einzelhandelsplattformen generierten im dritten Quartal 2023 2,1 Millionen US-Dollar.

Einnahmen aus dem Großhandelsvertrieb

Die Einnahmen aus dem Cannabis-Großhandel erreichten im dritten Quartal 2023 4,7 Millionen US-Dollar.

Großhandelskanal	Einnahmen	Verbreitungsgebiet
Provinzvertriebshändler	3,2 Millionen US-Dollar	Kanadische Provinzen
Einzelhandelspartner Großhandel	1,5 Millionen Dollar	Alberta, Britisch-Kolumbien

Lizenzierung von Markenprodukten

Die Lizenzeinnahmen beliefen sich im dritten Quartal 2023 auf insgesamt 0,6 Millionen US-Dollar.

Mögliche Einnahmen aus Nebendienstleistungen im Bereich Cannabis

• Technologiedienstleistungen für den Cannabis-Einzelhandel: 0,3 Millionen US-Dollar
• Beratungsleistungen: 0,2 Millionen US-Dollar
• Markenmanagementdienste: 0,1 Millionen US-Dollar

Gesamter konsolidierter Umsatz für SNDL Inc. im dritten Quartal 2023: 19,5 Millionen US-Dollar.

SNDL Inc. (SNDL) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose SNDL Inc. (SNDL) over competitors, grounded in their late 2025 operational and financial structure.

Value Buds: Price-competitive cannabis products for the mass market.

The Value Buds banner is central to the cannabis retail strategy, focusing on affordability. As of July 30, 2025, there were 123 Value Buds locations operating. This value proposition is reinforced by the launch of the Rise Rewards loyalty program on April 22, 2025, which offers exclusive member pricing to enhance the commitment to affordability. The Cannabis Retail segment demonstrated strength, delivering net revenue of $84.4 million in the second quarter of 2025, supported by an 8.2% increase in same-store sales in Q2 2025.

Wine and Beyond: Destination retail for premium and diverse liquor selection.

SNDL Inc. operates liquor retail stores, including the Wine and Beyond banner, which is positioned for a more premium experience within the liquor segment. In the second quarter of 2025, the Wine and Beyond banner specifically grew revenue by 7.2%. The Liquor Retail segment's same-store sales decreased by -2.6% in the third quarter of 2025, showing market headwinds, but the banner's performance offers a counterpoint. The company's liquor retail gross margin was 25.4% in Q1-2025.

Vertical Integration: Control over cannabis product quality and supply chain efficiency.

The integration of production and retail provides control, which is reflected in margin performance. The Cannabis Operations segment, bolstered by the Indiva acquisition in Q4 2024, saw net revenue of $35.8 million in Q2 2025, a 43% growth compared to the prior year. International sales within this segment reached $3.8 million in the second quarter of 2025. The company's overall gross margin hit a record 27.6% in Q1 2025.

Financial Stability: A debt-free balance sheet, which is defintely rare in the sector.

This is a major differentiator. As of September 30, 2025, SNDL Inc. reports having no debt. The company maintained $240.6 million in unrestricted cash as of that date. This financial strength allows pursuit of opportunities without incurring high interest debt. The debt-to-equity ratio was reported as 0.11.

Diverse product offerings across cannabis (edibles, flower) and liquor (spirits, wine).

SNDL Inc. is structured across four reportable segments: liquor retail, cannabis retail, cannabis operations, and investments. The cannabis production portfolio includes brands such as Top Leaf, Contraband, Palmetto, Bon Jak, La Plogue, Versus, Grasslands, Pearls by Grön, No Future, and Bhang Chocolate. The combined Cannabis business showed strong growth of +13.5% in net revenue in Q3 2025.

Here's a quick look at the scale of the retail footprint and key financial metrics from recent quarters:

Metric	Value (as of late 2025 data)	Period/Context
Total Cannabis Retail Stores (Pre-Acquisition)	184	July 30, 2025
Value Buds Stores	123	July 30, 2025
Acquisition Target (1CM Stores)	32 for $32.2 million cash	Agreement announced April 2025
Q3 2025 Net Revenue	$244.2 million (CA$)	Q3 2025
Q3 2025 Unrestricted Cash	$240.6 million (CA$)	September 30, 2025
Q2 2025 Cannabis Retail Revenue	$84.4 million	Q2 2025
Q2 2025 Cannabis Operations Revenue	$35.8 million	Q2 2025

The company's focus on optimizing its retail experience is evident through initiatives like the loyalty program, which is intended to be expanded across all retail banners.

The core value propositions can be summarized by the segment performance and structural advantages:

• Value Buds: Reinforcing commitment to affordability.
• Cannabis Retail Same-Store Sales Growth: 8.2% in Q2 2025.
• Liquor Retail Segment: Owns banners including Ace Liquor, Wine and Beyond, and Liquor Depot.
• Cannabis Operations Revenue Growth: +53.2% year-over-year in Q2 2025.
• Financial Strength: Zero debt balance sheet.

The Q3 2025 results showed the combined Cannabis business growing at +13.5% year-over-year, while the Liquor retail segment declined. Free cash flow reached a record $16.7 million in Q3 2025, driven by working capital reduction.

SNDL Inc. (SNDL) - Canvas Business Model: Customer Relationships

You're looking at how SNDL Inc. (SNDL) manages the people who buy their products and services as of late 2025. It's a mix of digital loyalty, in-person expertise, and managing relationships with other businesses.

Rise Rewards loyalty program for Value Buds to drive retention and frequency

SNDL Inc. launched the Rise Rewards loyalty program across all Value Buds retail locations on April 22, 2025. This program is designed to offer customers greater savings and convenience, aiming to provide more reasons for consumers to choose Value Buds every week, every visit. The program allows members to earn points through regular visits and participation in recycling activities. SNDL Inc. intends to expand this program to its other retail banners in the future, leveraging the customer insights gained to optimize pricing strategies and marketing efforts.

• Program launch date: April 22, 2025.
• Initial rollout across Value Buds locations in Alberta, Ontario, Saskatchewan, and Manitoba.
• Incentives include exclusive member pricing and a simple points system.

High-touch, knowledgeable in-store service at Spiritleaf and Wine and Beyond

The customer relationship in the physical stores relies on the quality of the experience provided. As of November 3, 2025, SNDL Inc. operated 165 liquor retail locations, predominantly in Alberta, under banners including Wine and Beyond. The cannabis retail footprint, as of July 30, 2025, stood at 184 locations, including Spiritleaf stores. The strategy for these locations is built on the quality of store locations, product range, and the unique experiences provided to customers.

Here's a look at the retail footprint across key banners as of late 2025:

Retail Banner Category	Specific Banner	Number of Locations (as of late 2025)
Cannabis Retail	Value Buds	123 (as of July 30, 2025)
Cannabis Retail	Spiritleaf	67 (total as of March 17, 2025)
Liquor Retail	Wine and Beyond	13 (as of November 3, 2025)
Liquor Retail	Liquor Depot	19 (as of November 3, 2025)

For the liquor segment, same-store sales rose by 2.7% in the second quarter of 2025, though they decreased by -2.6% in the third quarter of 2025 due to industry-wide volume declines. The gross margin for the liquor segment was reported at 25.4% in the first quarter of 2025.

Automated and data-driven inventory management for retail efficiency

SNDL Inc. uses data and insights from a large volume of monthly transactions to inform and improve its retail strategy across both cannabis and liquor segments. This data-driven approach supports efficiency improvements. For instance, the company's overall gross margin reached a record 27.6% in the first quarter of 2025, improving by 2.2 percentage points year-over-year, demonstrating an ability to extract more value from sales. However, in the third quarter of 2025, non-cash inventory adjustments within the Cannabis Operations segment resulted in a -10.4 percentage point impact to that segment's margin and a -1.6 percentage point impact to the consolidated margin.

• Q1 2025 Gross Margin: 27.6%.
• Q3 2025 Consolidated Gross Margin: 26.3%.
• Q3 2025 non-cash inventory adjustments impact on consolidated margin: -1.6 percentage points.

B2B relationship management with provincial wholesalers and franchise owners

The B2B side involves managing relationships with provincial boards and international partners, alongside franchise owners within the retail structure. SNDL Inc. is Canada's largest private-sector liquor retailer, operating some cannabis stores under franchise agreements. For example, as of March 17, 2025, Spiritleaf had 59 franchise stores out of 67 total locations. In the Cannabis Operations segment, which includes wholesale, net revenue was $35.8 million in the second quarter of 2025, with operating income of $2.3 million. International sales, a component of this B2B activity, amounted to $3.8 million in the second quarter of 2025. The company noted that growth in Cannabis Operations net revenue was driven partly by accelerating international sales.

Key B2B/Wholesale Financials (Q2 2025, in millions of Canadian dollars):

Metric	Value
Cannabis Operations Net Revenue	$35.8
Cannabis Operations Operating Income	$2.3
International Sales (part of Cannabis Operations)	$3.8

The CEO noted that their platform and B2B partnerships put them in an interesting place for procurement relationships.

SNDL Inc. (SNDL) - Canvas Business Model: Channels

The distribution and sales channels for SNDL Inc. as of late 2025 are multifaceted, spanning physical retail across two distinct regulated product categories and direct wholesale/export operations.

Cannabis Retail operations are extensive, utilizing two primary banners across Canada. As of the third quarter of 2025, SNDL Inc. operated a total of 186 physical cannabis retail locations.

Liquor Retail forms another significant channel, predominantly concentrated in Alberta. As of November 3, 2025, the company maintained 165 physical liquor stores across three banners.

Cannabis Operations serve as a wholesale channel, involving direct sales outside the primary retail network. This includes sales to provincial boards, which are subject to subsequent repurchase by the company's retail subsidiaries, and accelerating international distribution.

The digital channel is supported by customer relationship initiatives and international export routes. The company launched the Rise Rewards loyalty program for Value Buds customers, with plans to expand it across all retail banners.

Here is a breakdown of the physical retail footprint as reported for the third quarter of 2025:

Channel Segment	Banner	Total Locations (as of Nov 3, 2025)	Corporate Stores	Franchise Stores
Cannabis Retail	Value Buds	125	N/A	N/A
Cannabis Retail	Spiritleaf	61	4	57
Liquor Retail	Ace Liquor	133	N/A	N/A
Liquor Retail	Liquor Depot	19	N/A	N/A
Liquor Retail	Wine and Beyond	13	N/A	N/A

The Cannabis Operations segment shows activity in both domestic and international wholesale markets:

• Net revenue from Cannabis Operations for the three months ended September 30, 2025, was $37.4 million.
• Net revenue from Cannabis Operations for the three months ended June 30, 2025, was $35.8 million.
• International sales, which include branded finished goods and wholesale flower exports, reached $3.8 million in the second quarter of 2025.
• Adjustments related to sales to provincial boards totaled $17.6 million in the third quarter of 2025.

The digital and international reach is further detailed by export activity:

• SNDL Inc. is serving patients in the UK and the EU through exports.
• The company is monitoring the United States market through its exposure to markets like Florida and Texas.

Finance: draft 13-week cash view by Friday.

SNDL Inc. (SNDL) - Canvas Business Model: Customer Segments

You're looking at the customer base for SNDL Inc. as of late 2025, which is segmented across its diverse retail and investment arms. The company clearly targets different consumers with its distinct retail banners.

Value-conscious adult-use cannabis consumers are primarily served through the Value Buds banner. This segment is clearly a focus for growth and loyalty initiatives. As of July 30, 2025, Value Buds accounted for 123 of the company's total 184 cannabis retail locations. To keep these customers engaged, SNDL launched the Rise Rewards loyalty program in April 2025, designed to offer these customers greater savings and rewards. The performance of this value-focused retail channel has been strong, with Cannabis Retail segment net revenue hitting $84.4 million (C$) in the second quarter of 2025, alongside a same-store sales growth of 8.2% in that same period.

The Premium/experience-seeking cannabis consumers are targeted through the Spiritleaf banner. This banner made up the remaining 61 locations as of July 30, 2025, comprising 4 corporate stores and 57 franchise stores. While specific SSS data for Spiritleaf isn't broken out separately from the overall Cannabis Retail segment, the combined retail performance shows strong consumer draw, with the overall segment revenue growing 11% year-over-year in Q2 2025.

The Mass-market Canadian liquor consumers are addressed through banners like Ace Liquor and Liquor Depot, which form the Liquor Retail segment. This segment remains the largest by revenue for SNDL Inc. However, the strategy here is focused on efficiency and margin, as the company was rationalizing its footprint, operating five fewer stores in Q2 2025 compared to the prior year. Despite this, the segment showed a return to revenue growth in Q2 2025, with net revenue at $141.9 million (C$) and same-store sales growth of 2.7%. The focus on efficiency is clear, as the Liquor Retail segment achieved a record high gross margin in Q3 2025, with margin expansion of +0.8pp year-over-year.

For the Institutional and corporate partners for the Investment segment, represented by SunStream, the customer is an institutional partner or a US cannabis entity seeking capital or strategic alignment. SNDL Inc. had deployed capital to this portfolio with a carrying value of $407.6 million specifically to SunStream Bancorp Inc. as of March 31, 2025. This segment's performance is tracked by its impact on the income statement. In Q1 2025, the SunStream portfolio generated negative operating income of $(4.5) million, driven by a negative valuation adjustment. Similarly, in Q3 2025, the segment contributed a $(3.9) million non-cash, inventory-related adjustment to the operating loss.

Here's a quick look at the retail footprint and key performance indicators for the consumer-facing segments as of mid-2025:

Segment/Banner	Metric	Value (as of latest report)	Period/Date
Cannabis Retail (Total)	Total Locations	184	July 30, 2025
Value Buds	Locations	123	July 30, 2025
Spiritleaf	Locations	61	July 30, 2025
Cannabis Retail	Net Revenue	$84.4 million (C$)	Q2 2025
Cannabis Retail	Same Store Sales Growth	8.2%	Q2 2025
Liquor Retail	Net Revenue	$141.9 million (C$)	Q2 2025
Liquor Retail	Same Store Sales Growth	2.7%	Q2 2025

The customer base for the Investment segment is distinct, focusing on capital deployment and potential US market access:

• Deployed Capital to SunStream Bancorp Inc.: $407.6 million (C$).
• SunStream Portfolio Negative Operating Income Impact (Q1 2025): $(4.5) million (C$).
• SunStream Non-Cash Adjustment Impact (Q3 2025): $(3.9) million (C$).

SNDL Inc. (SNDL) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive the expense side of the SNDL Inc. equation as of their latest reported period, Q3 2025. Honestly, managing costs across both cannabis and liquor retail, plus cultivation, is a complex balancing act.

The fixed cost base is substantial, directly tied to their physical footprint. As of November 3, 2025, SNDL Inc. maintained a network of 351 retail locations across Canada, split between 186 cannabis stores and 165 liquor stores. Maintaining this physical presence-leases, utilities, and baseline staffing-represents a significant, relatively fixed overhead that must be covered regardless of daily sales fluctuations.

The Cost of Goods Sold (COGS) is the largest variable cost, covering the procurement of liquor inventory and the direct costs associated with cannabis cultivation and processing. For the third quarter of 2025, the consolidated gross profit was $64.2 million on total net revenue of $244.2 million (all figures in millions of Canadian dollars unless noted). This implies a total COGS for the quarter of approximately $180.0 million.

Selling, General, and Administrative (SG&A) expenses, which capture the costs of running the business outside of direct production and sales, are being actively managed. General and administrative expenses for the three months ended September 30, 2025, were reported at $46.0 million, down from $50.0 million in the same period last year. This reduction reflects the ongoing efficiency drive, but retail staff wages, a key part of selling expenses, remain a necessary operational outlay.

Here's a quick look at the key cost drivers from the Q3 2025 results:

• Total Net Revenue: $244.2 million
• Implied Total COGS: $180.0 million
• General and Administrative Expenses: $46.0 million
• Reported Operating Loss: $(11.1) million

Restructuring and integration costs are a recurring, though hopefully diminishing, factor as SNDL Inc. integrates past deals like Indiva and moves forward with planned acquisitions, such as the $32.2 million cash consideration for the 32 cannabis retail stores from 1CM Inc. announced in April 2025. For Q3 2025 specifically, the company recorded a restructuring charge of $(1.5) million. This follows charges of $(0.8) million in Q2 2025 and $(3.0) million in Q1 2025, showing the phasing of these one-time expenses.

It's critical to separate cash costs from non-cash adjustments, as the latter heavily influenced the reported operating loss. These non-cash items are accounting entries that don't affect immediate cash flow but impact reported profitability. For Q3 2025, the operating loss was significantly influenced by these items:

Non-Cash Adjustment Type	Amount (CAD Millions)	Impact on Operating Income
Inventory Write-offs and Valuation Adjustments (Cannabis Operations)	$3.9	Negative
Net Fixed Asset Write-off (e.g., Stellarton facility)	$1.6	Negative
Non-cash Increase in Share-based Compensation Liability (Mark-to-Market)	$6.8	Negative
Total Major Non-Cash Impacts on Operating Loss	$12.3	Negative

To be defintely clear, the reported operating loss of $(11.1) million in Q3 2025 was primarily driven by these non-cash items, which totaled $12.3 million when including the inventory write-offs, net fixed asset write-off, and share-based compensation liability impact mentioned in the results release. The adjusted operating loss, which strips these out, was $(9.5) million.

SNDL Inc. (SNDL) - Canvas Business Model: Revenue Streams

You're looking at the core ways SNDL Inc. (SNDL) brought in money during the third quarter of 2025. Honestly, the business model is clearly split between their established liquor side and the growing cannabis operations. Here's the quick math on the revenue breakdown for the period ending September 30, 2025, all amounts in millions of Canadian dollars unless noted.

Revenue Stream Category	Q3 2025 Contribution (CAD Millions)	Year-over-Year Growth
Liquor Retail Sales	$139.4	Increase of 13.5% in total revenue after eliminations, but Liquor Retail segment net revenue declined.
Cannabis Retail Sales	$85.0	4.8% year-over-year increase.
Cannabis Operations (Wholesale) Sales	$37.4	49.5% year-over-year increase.
Interest and Investment Income	$1.5 (Operating Income)	Primarily driven by interests earned from cash accounts.

The total net revenue for SNDL Inc. in Q3 2025 hit $244.2 million, reflecting a 3.1% increase compared to the same period last year. The cannabis segments drove the overall growth at 13.5% combined, which offset the decline in the liquor retail segment.

For the parts of the business that aren't direct sales, you need to look at the investment income and the franchise structure. The investment portfolio generated a positive operating income of $1.5 million during the third quarter of 2025, mainly from interest on cash holdings.

Regarding the Spiritleaf network, which is part of the Cannabis Retail segment, the structure involves both corporate and franchise locations. This network contributes to the Cannabis Retail sales figure, but specific franchise fees and royalties aren't broken out separately in the headline revenue numbers. What we do know is the scale:

• Total retail locations (Liquor + Cannabis Retail) as of November 3, 2025: 351.
• Total cannabis retail locations: 186 as of November 3, 2025.
• Number of Spiritleaf franchise stores: 57 as of November 3, 2025.
• Number of Value Buds stores: 125 as of November 3, 2025.

Also, keep in mind the Cannabis Operations segment saw accelerating international sales, which reached $4.2 million during the quarter. That international push is a distinct revenue driver within that wholesale bucket.