SNDL Inc. (SNDL): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans l'industrie du cannabis en évolution rapide, SNDL Inc. se démarque comme un acteur dynamique tirant parti d'un modèle commercial sophistiqué qui transcende les limites traditionnelles du marché. En intégrant stratégiquement l'innovation numérique, diverses offres de produits et un réseau de distribution robuste, SNDL s'est positionné comme une entreprise avant-gardiste capable de naviguer dans le paysage complexe des marchés de cannabis médical et récréatif. Cette toile complète du modèle commercial révèle comment l'entreprise transforme les défis en opportunités, créant de la valeur grâce à des partenariats stratégiques, une technologie de pointe et une approche centrée sur le client qui promet de redéfinir l'écosystème commercial du cannabis.

SNDL Inc. (SNDL) - Modèle d'entreprise: partenariats clés

Collaboration avec les producteurs et distributeurs de cannabis agréés

SNDL Inc. a établi des partenariats avec les producteurs et distributeurs de cannabis agréés suivants:

Nom de partenaire	Détails du partenariat	Couverture géographique
Sundial Growers Inc.	Collaboration de production directe	Alberta, Canada
Inner Spirit Holdings	Extension du réseau de distribution	Ouest canadien

Alliances stratégiques avec des dispensaires de cannabis au détail

Les partenariats de dispensaire au détail de SNDL comprennent:

• Magasins de cannabis au détail à talons spirituels
• Value Buds Retail Network
• Dispensaires du cannabis de la rue principale

Partenariats avec les fournisseurs de technologies pour les plateformes de commerce électronique

Fournisseur de technologie	Capacité de plate-forme	Année de mise en œuvre
Faire du shoprif	Infrastructure de vente en ligne	2022
Néerlandais	Intégration du commerce électronique	2023

Relations avec les fournisseurs d'équipements d'emballage et de culture

Les principaux partenariats d'équipement et d'emballage de SNDL:

• Collaboration des équipements de croissance de la canopée
• Solutions d'emballage au carora de cannabis
• Accords d'approvisionnement en équipement Tilray

SNDL Inc. (SNDL) - Modèle d'entreprise: Activités clés

Culture et production du cannabis

SNDL Inc. fonctionne avec 3 installations de production de cannabis agréées à travers le Canada. La capacité de production licenciée totale est approximativement 1 100 kg par an.

Emplacement de l'installation	Capacité de production	Type de culture
Alberta	450 kg / an	Culture intérieure
Colombie-Britannique	350 kg / an	Culture hybride
Saskatchewan	300 kg / an	Culture de serre

Ventes de cannabis au détail

SNDL fonctionne 86 magasins de cannabis au détail dans plusieurs provinces canadiennes en 2024.

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

Développement de produits et gestion de la marque

SNDL gère 7 marques de cannabis distinctes avec un portefeuille de produits, y compris:

• Fleur de cannabis séché
• Cannabis prélevé
• Extraits de cannabis
• Cannabis comestibles

Plateformes de commerce électronique et de vente numérique

Les canaux de vente numériques génèrent 18% des revenus totaux via des plateformes de cannabis en ligne provinciales.

Compliance et gestion réglementaire

Zone de conformité	Investissement annuel
Conformité réglementaire	2,3 millions de dollars
Contrôle de qualité	1,7 million de dollars
Conseil juridique	1,1 million de dollars

SNDL Inc. (SNDL) - Modèle d'entreprise: Ressources clés

Installations de production de cannabis agréée

SNDL Inc. exploite des installations de production de cannabis avec les spécifications suivantes:

Emplacement de l'installation	Zone de culture totale	Capacité de production
Alberta, Canada	289 000 pieds carrés.	57 000 kg par an

Portfolio de produits de cannabis diversifié

La gamme de produits de SNDL comprend:

• Fleur de cannabis séché
• Pré-rolls au cannabis
• Huiles de cannabis
• Extraits de cannabis

Infrastructure de vente numérique et de distribution

Plateformes en ligne	Canaux de vente numériques
Sites Web provinciaux de commerce électronique	Plates-formes de vente en ligne directes

Équipe de gestion expérimentée

Détails clés du leadership:

• Zach George - PDG
• Équipe de direction totale: 5 membres
• Expérience moyenne de l'industrie: plus de 12 ans

Capital financier et flexibilité d'investissement

Métrique financière	Valeur (auprès du Q4 2023)
Equivalents en espèces et en espèces	434,8 millions de dollars
Actif total	662,4 millions de dollars
Capitalisation boursière	Environ 475 millions de dollars

SNDL Inc. (SNDL) - Modèle d'entreprise: propositions de valeur

Produits de cannabis à prix compétitif de haute qualité

SNDL Inc. propose des produits de cannabis avec un prix moyen entre 8 $ et 15 $ par gramme. Au quatrième trimestre 2023, le portefeuille de produits de la société comprend:

Catégorie de produits	Fourchette de prix moyenne	Part de marché
Fleur de cannabis séché	8 $ - 12 $ / gramme	37.5%
Cannabis prélevé	10 $ - 15 $ / pack	22.3%
Le cannabis se concentre	25 $ - 45 $ / gramme	18.7%

Gamme de produits diversifiée

La diversité des produits de SNDL comprend:

• Produits médicaux du cannabis: 28,6% des revenus totaux
• Produits de cannabis récréatif: 71,4% des revenus totaux
• Catégories de produits couvrant des fleurs séchées, des produits comestibles, des extraits et des topiques

Canaux de vente numériques innovants

La stratégie de vente numérique comprend:

• Plateforme de commande en ligne avec un taux de conversion des clients de 65%
• Application mobile avec 250 000 utilisateurs enregistrés
• Valeur de transaction numérique moyenne: 87,50 $

Conformité réglementaire

Mesures de conformité:

Zone de conformité	Pourcentage
Contrôles de contrôle de la qualité	99.8%
Adhérence standard réglementaire	100%
Compliance des tests de produits	99.5%

Modèle commercial adaptable

Flexibilité du modèle d'entreprise démontré:

• Diversification des revenus sur plusieurs segments de marché du cannabis
• Présence opérationnelle dans 4 provinces canadiennes
• Taux d'adaptation annuelle des revenus: 22,7%

SNDL Inc. (SNDL) - Modèle d'entreprise: relations avec les clients

Engagement client en ligne via des plateformes numériques

SNDL Inc. utilise des plates-formes numériques avec les mesures d'engagement suivantes:

Plate-forme numérique	Métriques d'engagement
Instagram	42 500 abonnés au quatrième trimestre 2023
Twitter / x	38 200 abonnés au quatrième trimestre 2023
Trafic	Environ 125 000 visiteurs mensuels

Programmes de marketing et de fidélité personnalisés

SNDL met en œuvre des stratégies de marketing ciblées avec les caractéristiques suivantes:

• Programme de fidélité numérique couvrant 17 emplacements de vente au détail de cannabis
• Segmentation de la clientèle dans 3 données démographiques des consommateurs primaires
• Taux de rétention de clientèle moyen de 34,6% en 2023

Support client et ressources éducatives

SNDL fournit un support client via plusieurs canaux:

Canal de support	Métriques de réponse
Assistance par e-mail	Temps de réponse maximal de 48 heures
Support téléphonique	Disponible 10 heures par jour
Base de connaissances en ligne	237 articles de produit complet

Informations transparentes sur les produits et transparence des consommateurs

SNDL maintient la transparence des produits:

• Étiquetage détaillé des produits avec des profils de cannabinoïdes complets
• Test de laboratoire tiers pour 100% des lots de produits
• Divulgation publique des tests de test sur l'emballage des produits

Bâtiment de marque axé sur la communauté

Les mesures d'engagement communautaire de SNDL incluent:

Métrique de l'engagement communautaire	2023 données
Événements communautaires locaux	42 événements sponsorisés
Initiatives de responsabilité sociale	7 programmes d'éducation au cannabis
Contribution économique locale	3,2 millions de dollars en investissements communautaires locaux

SNDL Inc. (SNDL) - Modèle d'entreprise: canaux

Plateformes de commerce électronique en ligne

Depuis le quatrième trimestre 2023, SNDL fonctionne via Spiritleaf Digital Platform, avec 6 canaux de vente en ligne actifs dans les provinces canadiennes.

Plate-forme	Provinces actives	Pourcentage de vente en ligne
E-commerce électronique Spiritleaf	Alberta, Colombie-Britannique, Ontario	12,4% du total des ventes au détail

Dispensaires de cannabis de vente au détail détenus et affiliés

SNDL possède 106 dispensaires de cannabis au détail au 31 décembre 2023.

• Magasins de marque Spiritleaf: 88 emplacements
• Autres dispensaires détenus: 18 emplacements

Réseaux de vente au détail de cannabis tiers

SNDL distribue des produits à travers 237 partenaires de vente au détail de cannabis tiers à travers le Canada.

Région	Nombre de détaillants tiers
Alberta	89 détaillants
Colombie-Britannique	68 détaillants
Ontario	80 détaillants

Marketing numérique et médias sociaux

SNDL maintient une présence active sur le marketing numérique sur toutes les plateformes.

• Followers Instagram: 24 600
• Connexions LinkedIn: 12 400
• Dépenses en marketing numérique en 2023: 1,2 million de dollars

Canaux de distribution en gros

SNDL fournit des produits de cannabis aux distributeurs de gros provinciaux.

Province	Volume de distribution de gros	Contribution des revenus
Alberta	42 000 kg par an	35,6% des revenus de gros
Ontario	38 500 kg par an	32,4% des revenus de gros

SNDL Inc. (SNDL) - Modèle d'entreprise: segments de clientèle

Patiens de cannabis médical

Taille du marché pour le cannabis médical au Canada: 393 000 patients enregistrés en 2022.

Catégorie de patients	Pourcentage	Nombre estimé
Douleur chronique	62%	243,660
Santé mentale	18%	70,740
Soutien au traitement du cancer	12%	47,160

Consommateurs de cannabis récréatif

Valeur marchande du cannabis récréatif canadien: 3,2 milliards de dollars en 2022.

• Consommation mensuelle moyenne: 9,3 grammes par consommateur
• Total des utilisateurs récréatifs: 5,3 millions de Canadiens

Jeune adulte démographique

Groupe d'âge primaire: 19-34 ans

Groupe d'âge	Pourcentage d'utilisateurs de cannabis	Total utilisateurs
19-24	27%	1,431,000
25-34	33%	1,749,000

Antactifs de santé et de bien-être

Marché de produits CBD au Canada: 980 millions de dollars en 2022

• Consommateurs axés sur le bien-être: 42% du marché du cannabis
• Types de produits préférés: huiles, capsules, topiques

Professionnels de l'industrie du cannabis

Emploi total de l'industrie du cannabis au Canada: 98 700 emplois en 2022

Secteur	Nombre de professionnels	Pourcentage
Vente au détail	38,700	39.2%
Cultivation	22,500	22.8%
Traitement	16,800	17%

SNDL Inc. (SNDL) - Modèle d'entreprise: Structure des coûts

Cultivation du cannabis et dépenses de production

Au quatrième trimestre 2023, SNDL Inc. a déclaré des coûts de production totaux de 23,4 millions de dollars. La rupture des frais de culture comprend:

Catégorie de dépenses	Coût annuel ($)
Entretien des installations croissantes	8,750,000
Coûts de main-d'œuvre	6,100,000
Matières premières	5,200,000
Énergie et services publics	3,350,000

Coûts de conformité réglementaire et de licence

Les dépenses réglementaires de SNDL Inc. en 2023 ont totalisé environ 4,5 millions de dollars, notamment:

• Frais de licence fédéraux et provinciaux: 1 200 000 $
• Services de conseil en conformité: 1 800 000 $
• Coûts de conseil juridique: 1 500 000 $

Dépenses de marketing et de vente

SNDL Inc. a alloué 12,6 millions de dollars au marketing et aux ventes en 2023, distribué comme suit:

Canal de marketing	Dépenses ($)
Marketing numérique	4,200,000
Activités promotionnelles au détail	3,600,000
Compensation de l'équipe de vente	4,800,000

Investissements technologiques et infrastructures

Les investissements technologiques pour SNDL Inc. en 2023 s'élevaient à 7,2 millions de dollars, notamment:

• Infrastructure informatique: 3 500 000 $
• Mises à niveau des logiciels et des systèmes: 2 100 000 $
• Améliorations de la cybersécurité: 1 600 000 $

Recherche et développement de produits

Les dépenses de R&D pour SNDL Inc. en 2023 étaient de 5,8 millions de dollars, axées sur:

Zone de focus R&D	Investissement ($)
Formulations de nouveaux produits	2,600,000
Technologie de culture	1,900,000
Recherche de contrôle de la qualité	1,300,000

SNDL Inc. (SNDL) - Modèle d'entreprise: Strots de revenus

Ventes de produits du cannabis (médicale et récréative)

Au troisième rang 2023, SNDL Inc. a déclaré un chiffre d'affaires total de cannabis de 11,8 millions de dollars.

Catégorie de produits	Revenus (T1 2023)	Segment de marché
Cannabis récréatif	8,4 millions de dollars	Alberta, Canada
Cannabis médical	3,4 millions de dollars	Marché médical canadien

Revenus de transaction de commerce électronique

Les ventes numériques via les plateformes de vente au détail Spiritleaf ont généré 2,1 millions de dollars au troisième trimestre 2023.

Revenu de distribution de gros

Les revenus de distribution de cannabis en gros ont atteint 4,7 millions de dollars au troisième trimestre 2023.

Canal de gros	Revenu	Région de distribution
Distributeurs provinciaux	3,2 millions de dollars	Provinces canadiennes
Partenaire de vente au détail en gros	1,5 million de dollars	Alberta, Colombie-Britannique

Licence de produit de marque

Les revenus de licence ont totalisé 0,6 million de dollars au troisième trimestre 2023.

Revenus potentiels du service de cannabis auxiliaires

• Services de technologie de vente au détail de cannabis: 0,3 million de dollars
• Services de conseil: 0,2 million de dollars
• Services de gestion de la marque: 0,1 million de dollars

Total des revenus consolidés pour SNDL Inc. au troisième trimestre 2023: 19,5 millions de dollars.

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.