SNDL Inc. (SNDL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En la industria del cannabis en rápida evolución, SNDL Inc. se destaca como un jugador dinámico que aprovecha un modelo de negocio sofisticado que trasciende las fronteras tradicionales del mercado. Al integrar estratégicamente la innovación digital, las diversas ofertas de productos y una red de distribución robusta, SNDL se ha posicionado como una empresa con visión de futuro capaz de navegar por el complejo panorama de los mercados de cannabis médico y recreativo. Este lienzo de modelo comercial integral revela cómo la empresa está transformando los desafíos en oportunidades, creando valor a través de asociaciones estratégicas, tecnología de vanguardia y un enfoque centrado en el cliente que promete redefinir el ecosistema comercial de cannabis.

SNDL Inc. (SNDL) - Modelo de negocio: asociaciones clave

Colaboración con productores y distribuidores de cannabis con licencia

SNDL Inc. ha establecido asociaciones con los siguientes productores y distribuidores de cannabis con licencia:

Nombre de la pareja	Detalles de la asociación	Cobertura geográfica
Sundial Growers Inc.	Colaboración de producción directa	Alberta, Canadá
Partes de espíritu interno	Expansión de la red de distribución	Canadá occidental

Alianzas estratégicas con dispensarios de cannabis minoristas

Las asociaciones de dispensario minorista de SNDL incluyen:

• Tiendas de cannabis minoristas de hafas de espíritu
• Value Buds Retail Network
• Dispensarios de cannabis de la calle principal

Asociaciones con proveedores de tecnología para plataformas de comercio electrónico

Proveedor de tecnología	Capacidad de plataforma	Año de implementación
Shop	Infraestructura de ventas en línea	2022
Holandés	Integración de comercio electrónico	2023

Relaciones con proveedores de equipos de embalaje y cultivo

Equipos clave de SNDL y asociaciones de empaque:

• Colaboración de equipos de crecimiento de dosel
• Soluciones de envasado de cannabis aurora
• Acuerdos de adquisición de equipos Tilray

SNDL Inc. (SNDL) - Modelo de negocio: actividades clave

Cultivo y producción de cannabis

SNDL Inc. opera con 3 instalaciones de producción de cannabis con licencia en todo Canadá. La capacidad de producción total con licencia es aproximadamente 1.100 kg por año.

Ubicación de la instalación	Capacidad de producción	Tipo de cultivo
Alberta	450 kg/año	Cultivo en interiores
Columbia Británica	350 kg/año	Cultivo híbrido
Saskatchewan	300 kg/año	Cultivo de invernadero

Venta de cannabis minorista

SNDL opera 86 tiendas minoristas de cannabis En múltiples provincias canadienses a partir de 2024.

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

Desarrollo de productos y gestión de marca

SNDL maneja 7 marcas de cannabis distintas con la cartera de productos que incluye:

• Flor de cannabis seca
• Cannabis pre-rollado
• Extractos de cannabis
• Comestibles de cannabis

Plataformas de comercio electrónico y ventas digitales

Los canales de ventas digitales generan 18% de los ingresos totales a través de plataformas provinciales en línea de cannabis.

Cumplimiento y gestión regulatoria

Área de cumplimiento	Inversión anual
Cumplimiento regulatorio	$ 2.3 millones
Control de calidad	$ 1.7 millones
Consultoría legal	$ 1.1 millones

SNDL Inc. (SNDL) - Modelo de negocio: recursos clave

Instalaciones de producción de cannabis con licencia

SNDL Inc. opera instalaciones de producción de cannabis con las siguientes especificaciones:

Ubicación de la instalación	Área de cultivo total	Capacidad de producción
Alberta, Canadá	289,000 pies cuadrados.	57,000 kg por año

Cartera de productos de cannabis diversificado

La gama de productos de SNDL incluye:

• Flor de cannabis seca
• Cannabis pre-rolls
• Aceites de cannabis
• Extractos de cannabis

Infraestructura digital de ventas y distribución

Plataformas en línea	Canales de ventas digitales
Sitios web de comercio electrónico provincial	Plataformas directas de ventas en línea

Equipo de gestión experimentado

Detalles clave del liderazgo:

• Zach George - CEO
• Equipo ejecutivo total: 5 miembros
• Experiencia de la industria promedio: más de 12 años

Capital financiero y flexibilidad de inversión

Métrica financiera	Valor (a partir del cuarto trimestre 2023)
Equivalentes de efectivo y efectivo	$ 434.8 millones
Activos totales	$ 662.4 millones
Capitalización de mercado	Aproximadamente $ 475 millones

SNDL Inc. (SNDL) - Modelo de negocio: propuestas de valor

Productos de cannabis de alta calidad y a precios competitivos

SNDL Inc. ofrece productos de cannabis con un precio promedio entre $ 8- $ 15 por gramo. A partir del cuarto trimestre de 2023, la cartera de productos de la compañía incluye:

Categoría de productos	Rango de precios promedio	Cuota de mercado
Flor de cannabis seca	$ 8- $ 12/gramo	37.5%
Cannabis pre-rollado	$ 10- $ 15/paquete	22.3%
Concentrados de cannabis	$ 25- $ 45/gramo	18.7%

Gama de productos diversos

La diversidad de productos de SNDL incluye:

• Productos de cannabis medicinal: 28.6% de los ingresos totales
• Productos de cannabis recreativos: 71.4% de los ingresos totales
• Categorías de productos que abarcan flores secas, comestibles, extractos y tópicos

Canales de ventas digitales innovadores

La estrategia de ventas digitales incluye:

• Plataforma de pedidos en línea con una tasa de conversión del cliente del 65%
• Aplicación móvil con 250,000 usuarios registrados
• Valor de transacción digital promedio: $ 87.50

Cumplimiento regulatorio

Métricas de cumplimiento:

Área de cumplimiento	Porcentaje
Controles de control de calidad	99.8%
Adherencia estándar regulatoria	100%
Cumplimiento de pruebas de productos	99.5%

Modelo de negocio adaptable

Flexibilidad del modelo de negocio demostrada a través de:

• Diversificación de ingresos en múltiples segmentos del mercado de cannabis
• Presencia operativa en 4 provincias canadienses
• Tasa anual de adaptación de ingresos: 22.7%

SNDL Inc. (SNDL) - Modelo de negocios: relaciones con los clientes

Participación del cliente en línea a través de plataformas digitales

SNDL Inc. utiliza plataformas digitales con las siguientes métricas de compromiso:

Plataforma digital	Métricas de compromiso
Instagram	42,500 seguidores a partir del cuarto trimestre 2023
Twitter/X	38,200 seguidores a partir del cuarto trimestre 2023
Tráfico del sitio web	Aproximadamente 125,000 visitantes mensuales

Programas de marketing y fidelización personalizados

SNDL implementa estrategias de marketing específicas con las siguientes características:

• Programa de lealtad digital que cubre 17 ubicaciones minoristas de cannabis
• Segmentación de clientes en 3 Demografía del Consumidor principal
• Tasa promedio de retención de clientes del 34.6% en 2023

Atención al cliente y recursos educativos

SNDL proporciona atención al cliente a través de múltiples canales:

Canal de soporte	Métricas de respuesta
Soporte por correo electrónico	Tiempo de respuesta máximo de 48 horas
Soporte telefónico	Disponible 10 horas al día
Base de conocimiento en línea	237 artículos de productos integrales

Información transparente del producto y transparencia del consumidor

SNDL mantiene la transparencia del producto a través de:

• Etiquetado detallado de productos con perfiles de cannabinoides completos
• Pruebas de laboratorio de terceros para el 100% de los lotes de productos
• Divulgación pública de los resultados de las pruebas en el envasado de productos

Edificio de marca centrado en la comunidad

Las métricas de participación comunitaria de SNDL incluyen:

Métrica de compromiso de la comunidad	2023 datos
Eventos de la comunidad local	42 eventos patrocinados
Iniciativas de responsabilidad social	7 programas de educación de cannabis
Contribución económica local	$ 3.2 millones en inversiones comunitarias locales

SNDL Inc. (SNDL) - Modelo de negocio: canales

Plataformas de comercio electrónico en línea

A partir del cuarto trimestre de 2023, SNDL opera a través de Spiritleaf Digital Platform, con 6 canales activos de ventas en línea en las provincias canadienses.

Plataforma	Provincias activas	Porcentaje de ventas en línea
Commerce E SpiritLeaf	Alberta, Columbia Británica, Ontario	12.4% de las ventas minoristas totales

Dispensarios de cannabis minoristas de propiedad y afiliado

SNDL posee 106 dispensarios de cannabis minoristas al 31 de diciembre de 2023.

• Tiendas de marca SpiritLeaf: 88 ubicaciones
• Otros dispensarios de propiedad: 18 ubicaciones

Redes minoristas de cannabis de terceros

SNDL distribuye productos a través de 237 socios minoristas de cannabis de terceros en Canadá.

Región	Número de minoristas de terceros
Alberta	89 minoristas
Columbia Británica	68 minoristas
Ontario	80 minoristas

Marketing digital y redes sociales

SNDL mantiene la presencia activa del marketing digital en todas las plataformas.

• Seguidores de Instagram: 24,600
• Conexiones de LinkedIn: 12,400
• Gasto de marketing digital en 2023: $ 1.2 millones

Canales de distribución al por mayor

SNDL suministra productos de cannabis a distribuidores mayoristas provinciales.

Provincia	Volumen de distribución al por mayor	Contribución de ingresos
Alberta	42,000 kg anualmente	35.6% de los ingresos al por mayor
Ontario	38,500 kg anualmente	32.4% de los ingresos al por mayor

SNDL Inc. (SNDL) - Modelo de negocio: segmentos de clientes

Pacientes con cannabis medicinal

Tamaño del mercado para cannabis medicinal en Canadá: 393,000 pacientes registrados a partir de 2022.

Categoría de paciente	Porcentaje	Número estimado
Dolor crónico	62%	243,660
Salud mental	18%	70,740
Apoyo al tratamiento del cáncer	12%	47,160

Consumidores de cannabis recreativos

Valor de mercado del cannabis recreativo canadiense: $ 3.2 mil millones en 2022.

• Consumo mensual promedio: 9.3 gramos por consumidor
• Usuarios recreativos totales: 5.3 millones de canadienses

Demográfico de adultos jóvenes

Grupo de edad primaria: 19-34 años

Grupo de edad	Porcentaje de usuarios de cannabis	Usuarios totales
19-24	27%	1,431,000
25-34	33%	1,749,000

Entusiastas de la salud y el bienestar

Mercado de productos CBD en Canadá: $ 980 millones en 2022

• Consumidores centrados en el bienestar: 42% del mercado de cannabis
• Tipos de productos preferidos: aceites, cápsulas, tópicos

Profesionales de la industria del cannabis

Empleo total de la industria del cannabis en Canadá: 98,700 empleos en 2022

Sector	Número de profesionales	Porcentaje
Minorista	38,700	39.2%
Cultivo	22,500	22.8%
Tratamiento	16,800	17%

SNDL Inc. (SNDL) - Modelo de negocio: Estructura de costos

Cultivo de cannabis y gastos de producción

A partir del cuarto trimestre de 2023, SNDL Inc. reportó costos totales de producción de $ 23.4 millones. El desglose de los gastos de cultivo incluye:

Categoría de gastos	Costo anual ($)
Mantenimiento de instalaciones de crecimiento	8,750,000
Costos laborales	6,100,000
Materia prima	5,200,000
Energía y servicios públicos	3,350,000

Costos de cumplimiento y licencia regulatoria

Los gastos regulatorios para SNDL Inc. en 2023 totalizaron aproximadamente $ 4.5 millones, que incluyen:

• Tarifas de licencias federales y provinciales: $ 1,200,000
• Servicios de consultoría de cumplimiento: $ 1,800,000
• Costos de asesoramiento legal: $ 1,500,000

Gastos de marketing y ventas

SNDL Inc. asignó $ 12.6 millones a marketing y ventas en 2023, distribuido de la siguiente manera:

Canal de marketing	Gasto ($)
Marketing digital	4,200,000
Actividades promocionales minoristas	3,600,000
Compensación del equipo de ventas	4,800,000

Inversiones de tecnología e infraestructura

Technology Investments para SNDL Inc. en 2023 ascendió a $ 7.2 millones, incluidos:

• Infraestructura: $ 3,500,000
• Actualizaciones de software y sistemas: $ 2,100,000
• Mejoras de ciberseguridad: $ 1,600,000

Investigación y desarrollo de productos

Los gastos de I + D para SNDL Inc. en 2023 fueron de $ 5.8 millones, centrados en:

Área de enfoque de I + D	Inversión ($)
Nuevas formulaciones de productos	2,600,000
Tecnología de cultivo	1,900,000
Investigación de control de calidad	1,300,000

SNDL Inc. (SNDL) - Modelo de negocio: flujos de ingresos

Venta de productos de cannabis (médico y recreativo)

A partir del tercer trimestre de 2023, SNDL Inc. reportó ingresos totales de cannabis de $ 11.8 millones.

Categoría de productos	Ingresos (tercer trimestre de 2023)	Segmento de mercado
Cannabis recreativo	$ 8.4 millones	Alberta, Canadá
Cannabis medicinal	$ 3.4 millones	Mercado médico canadiense

Ingresos por transacciones de comercio electrónico

Las ventas digitales a través de las plataformas minoristas SpiritLeaf generaron $ 2.1 millones en el tercer trimestre de 2023.

Ingresos de distribución al por mayor

Los ingresos al por mayor de distribución de cannabis alcanzaron los $ 4.7 millones en el tercer trimestre de 2023.

Canal al por mayor	Ganancia	Región de distribución
Distribuidores provinciales	$ 3.2 millones	Provincias canadienses
Socio minorista al por mayor	$ 1.5 millones	Alberta, Columbia Británica

Licencias de productos de marca

Los ingresos por licencias totalizaron $ 0.6 millones en el tercer trimestre de 2023.

Ingresos potenciales del servicio de cannabis auxiliar

• Servicios de tecnología minorista de cannabis: $ 0.3 millones
• Servicios de consultoría: $ 0.2 millones
• Servicios de gestión de marca: $ 0.1 millones

Ingresos consolidados totales para SNDL Inc. en el tercer trimestre 2023: $ 19.5 millones.

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.