SNDL Inc. (SNDL): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na indústria de cannabis em rápida evolução, a SNDL Inc. se destaca como um player dinâmico que alavanca um modelo de negócios sofisticado que transcende os limites tradicionais do mercado. Ao integrar estrategicamente a inovação digital, diversas ofertas de produtos e uma rede de distribuição robusta, o SNDL se posicionou como uma empresa de visão de futuro capaz de navegar no cenário complexo dos mercados de cannabis médicos e recreativos. Esse modelo abrangente do modelo de negócios revela como a empresa está transformando desafios em oportunidades, criando valor por meio de parcerias estratégicas, tecnologia de ponta e uma abordagem centrada no cliente que promete redefinir o ecossistema de negócios de cannabis.

SNDL Inc. (SNDL) - Modelo de negócios: Parcerias -chave

Colaboração com produtores e distribuidores de cannabis licenciados

A SNDL Inc. estabeleceu parcerias com os seguintes produtores e distribuidores licenciados de cannabis:

Nome do parceiro	Detalhes da parceria	Cobertura geográfica
Sundial Growers Inc.	Colaboração direta de produção	Alberta, Canadá
Holdings de espírito interior	Expansão da rede de distribuição	Oeste do Canadá

Alianças estratégicas com dispensários de cannabis de varejo

As parcerias de dispensários de varejo da SNDL incluem:

• Lojas de cannabis de varejo da Spiritleaf
• Rede de varejo Value Buds
• Dispensários de cannabis da rua principal

Parcerias com provedores de tecnologia para plataformas de comércio eletrônico

Provedor de tecnologia	Capacidade da plataforma	Ano de implementação
Shopify	Infraestrutura de vendas on -line	2022
Dutchie	Integração de comércio eletrônico	2023

Relacionamentos com fornecedores de equipamentos de embalagem e cultivo

Os principais equipamentos e parcerias de embalagem da SNDL:

• Colaboração de equipamentos de crescimento do dossel
• Soluções de embalagem de cannabis aurora
• Acordos de aquisição de equipamentos Tilray

SNDL Inc. (SNDL) - Modelo de negócios: Atividades -chave

Cultivo e produção de cannabis

SNDL Inc. opera com 3 instalações de produção de cannabis licenciadas em todo o Canadá. A capacidade total de produção licenciada é aproximadamente 1.100 kg por ano.

Localização da instalação	Capacidade de produção	Tipo de cultivo
Alberta	450 kg/ano	Cultivo interno
Colúmbia Britânica	350 kg/ano	Cultivo híbrido
Saskatchewan	300 kg/ano	Cultivo de estufa

Vendas de cannabis de varejo

SNDL opera 86 lojas de cannabis de varejo em várias províncias canadenses a partir de 2024.

• Ontário: 42 lojas
• Alberta: 34 lojas
• Saskatchewan: 10 lojas

Desenvolvimento de produtos e gerenciamento de marca

SNDL gerencia 7 marcas distintas de cannabis Com o portfólio de produtos, incluindo:

• Flor de cannabis seca
• Cannabis pré-lamada
• Extratos de cannabis
• Comestíveis de cannabis

Plataformas de comércio eletrônico e de vendas digitais

Canais de vendas digitais geram 18% da receita total através de plataformas provinciais de cannabis online.

Conformidade e gerenciamento regulatório

Área de conformidade	Investimento anual
Conformidade regulatória	US $ 2,3 milhões
Controle de qualidade	US $ 1,7 milhão
Consultoria legal	US $ 1,1 milhão

SNDL Inc. (SNDL) - Modelo de negócios: Recursos -chave

Instalações de produção de cannabis licenciadas

A SNDL Inc. opera instalações de produção de cannabis com as seguintes especificações:

Localização da instalação	Área de cultivo total	Capacidade de produção
Alberta, Canadá	289.000 pés quadrados.	57.000 kg por ano

Portfólio de produtos de cannabis diversificado

A gama de produtos da SNDL inclui:

• Flor de cannabis seca
• Maconha pré-rolls
• Óleos de cannabis
• Extratos de cannabis

Infraestrutura de vendas e distribuição digital

Plataformas online	Canais de vendas digitais
Sites provinciais de comércio eletrônico	Plataformas de vendas on -line diretas

Equipe de gerenciamento experiente

Principais detalhes da liderança:

• Zach George - CEO
• Equipe Executiva Total: 5 membros
• Experiência média da indústria: mais de 12 anos

Capital financeiro e flexibilidade de investimento

Métrica financeira	Valor (a partir do quarto trimestre 2023)
Caixa e equivalentes de dinheiro	US $ 434,8 milhões
Total de ativos	US $ 662,4 milhões
Capitalização de mercado	Aproximadamente US $ 475 milhões

SNDL Inc. (SNDL) - Modelo de Negócios: Proposições de Valor

Produtos de cannabis com preços competitivos de alta qualidade e com preços competitivos

A SNDL Inc. oferece produtos de cannabis com preços médios entre US $ 8 e US $ 15 por grama. A partir do quarto trimestre 2023, o portfólio de produtos da empresa inclui:

Categoria de produto	Faixa de preço médio	Quota de mercado
Flor de cannabis seca	$ 8- $ 12/grama	37.5%
Cannabis pré-lamada	$ 10- $ 15/pacote	22.3%
A cannabis se concentra	$ 25- $ 45/grama	18.7%

Gama diversificada de produtos

A diversidade de produtos da SNDL inclui:

• Produtos de cannabis medicinal: 28,6% da receita total
• Produtos recreativos de cannabis: 71,4% da receita total
• Categorias de produtos que abrangem flores secas, comestíveis, extratos e tópicos

Canais de vendas digitais inovadores

A estratégia de vendas digitais inclui:

• Plataforma de pedidos on -line com 65% de taxa de conversão do cliente
• Aplicativo móvel com 250.000 usuários registrados
• Valor médio da transação digital: $ 87,50

Conformidade regulatória

Métricas de conformidade:

Área de conformidade	Percentagem
Verificações de controle de qualidade	99.8%
Aderência padrão regulatório	100%
Conformidade com testes de produto	99.5%

Modelo de negócios adaptável

Modelo de negócios Flexibilidade demonstrada através de:

• Diversificação de receita em vários segmentos de mercado de cannabis
• Presença operacional em 4 províncias canadenses
• Taxa anual de adaptação de receita: 22,7%

SNDL Inc. (SNDL) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento on -line do cliente através de plataformas digitais

A SNDL Inc. utiliza plataformas digitais com as seguintes métricas de engajamento:

Plataforma digital	Métricas de engajamento
Instagram	42.500 seguidores a partir do quarto trimestre 2023
Twitter/x	38.200 seguidores a partir do quarto trimestre 2023
Tráfego do site	Aproximadamente 125.000 visitantes mensais

Programas de marketing e fidelidade personalizados

O SNDL implementa estratégias de marketing direcionadas com as seguintes características:

• Programa de fidelidade digital, cobrindo 17 locais de varejo de cannabis
• Segmentação de clientes em 3 dados demográficos do consumidor primário
• Taxa média de retenção de clientes de 34,6% em 2023

Suporte ao cliente e recursos educacionais

O SNDL fornece suporte ao cliente por meio de vários canais:

Canal de suporte	Métricas de resposta
Suporte por e -mail	Tempo de resposta máxima de 48 horas
Suporte telefônico	Disponível 10 horas por dia
Base de conhecimento online	237 artigos de produtos abrangentes

Informações transparentes do produto e transparência do consumidor

O SNDL mantém a transparência do produto através de:

• Rotulagem detalhada do produto com perfis de canabinóides completos
• Testes de laboratório de terceiros para 100% dos lotes de produtos
• Divulgação pública dos resultados dos testes na embalagem do produto

Construção de marcas focadas na comunidade

As métricas de engajamento comunitário da SNDL incluem:

Métrica de engajamento da comunidade	2023 dados
Eventos da comunidade local	42 eventos patrocinados
Iniciativas de responsabilidade social	7 programas de educação de cannabis
Contribuição econômica local	US $ 3,2 milhões em investimentos comunitários locais

SNDL Inc. (SNDL) - Modelo de Negócios: Canais

Plataformas online de comércio eletrônico

A partir do quarto trimestre 2023, o SNDL opera através da plataforma digital Spiritleaf, com 6 canais ativos de vendas on -line nas províncias canadenses.

Plataforma	Províncias ativas	Porcentagem de vendas on -line
Comércio eletrônico da fleda espiritual	Alberta, Colúmbia Britânica, Ontário	12,4% do total de vendas no varejo

Dispensários de cannabis de varejo de propriedade e afiliados

O SNDL possui 106 dispensários de cannabis de varejo em 31 de dezembro de 2023.

• Lojas de marca Spiritleaf: 88 locais
• Outros dispensários de propriedade: 18 locais

Redes de varejo de cannabis de terceiros

A SNDL distribui produtos através de 237 parceiros de varejo de cannabis de terceiros em todo o Canadá.

Região	Número de varejistas de terceiros
Alberta	89 varejistas
Colúmbia Britânica	68 varejistas
Ontário	80 varejistas

Marketing digital e mídia social

O SNDL mantém a presença ativa de marketing digital entre as plataformas.

• Seguidores do Instagram: 24.600
• Conexões do LinkedIn: 12.400
• Gastes de marketing digital em 2023: US $ 1,2 milhão

Canais de distribuição por atacado

O SNDL fornece produtos de cannabis a distribuidores de atacado provinciais.

Província	Volume de distribuição por atacado	Contribuição da receita
Alberta	42.000 kg anualmente	35,6% da receita de atacado
Ontário	38.500 kg anualmente	32,4% da receita atacadista

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

Pacientes com cannabis medicinal

Tamanho do mercado para cannabis medicinal no Canadá: 393.000 pacientes registrados a partir de 2022.

Categoria de pacientes	Percentagem	Número estimado
Dor crônica	62%	243,660
Saúde mental	18%	70,740
Suporte ao tratamento do câncer	12%	47,160

Consumidores de cannabis recreativos

Valor de mercado de cannabis recreativo canadense: US $ 3,2 bilhões em 2022.

• Consumo mensal médio: 9,3 gramas por consumidor
• Usuários recreativos totais: 5,3 milhões de canadenses

Jovens adultos demográficos

Parte etária primária: 19-34 anos

Faixa etária	Porcentagem de usuários de cannabis	Usuários totais
19-24	27%	1,431,000
25-34	33%	1,749,000

Entusiastas de saúde e bem -estar

Mercado de produtos CBD no Canadá: US $ 980 milhões em 2022

• Consumidores focados em bem-estar: 42% do mercado de cannabis
• Tipos de produtos preferidos: óleos, cápsulas, tópicos

Profissionais da indústria de cannabis

Emprego total da indústria de cannabis no Canadá: 98.700 empregos em 2022

Setor	Número de profissionais	Percentagem
Varejo	38,700	39.2%
Cultivo	22,500	22.8%
Processamento	16,800	17%

SNDL Inc. (SNDL) - Modelo de negócios: Estrutura de custos

Cultivo de cannabis e despesas de produção

A partir do quarto trimestre de 2023, a SNDL Inc. relatou custos totais de produção de US $ 23,4 milhões. A quebra das despesas de cultivo inclui:

Categoria de despesa	Custo anual ($)
Manutenção de instalações em crescimento	8,750,000
Custos de mão -de -obra	6,100,000
Matérias-primas	5,200,000
Energia e serviços públicos	3,350,000

Custos regulatórios de conformidade e licenciamento

As despesas regulatórias da SNDL Inc. em 2023 totalizaram aproximadamente US $ 4,5 milhões, incluindo:

• Taxas de licenciamento federal e provincial: US $ 1.200.000
• Serviços de consultoria de conformidade: US $ 1.800.000
• Custos de consultoria jurídica: US $ 1.500.000

Despesas de marketing e vendas

A SNDL Inc. alocou US $ 12,6 milhões para marketing e vendas em 2023, distribuídos da seguinte forma:

Canal de marketing	Despesas ($)
Marketing digital	4,200,000
Atividades promocionais de varejo	3,600,000
Compensação da equipe de vendas	4,800,000

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia da SNDL Inc. em 2023 totalizaram US $ 7,2 milhões, incluindo:

• Infraestrutura de TI: US $ 3.500.000
• Atualizações de software e sistemas: US $ 2.100.000
• Aprimoramentos de segurança cibernética: US $ 1.600.000

Pesquisa e desenvolvimento de produtos

As despesas de P&D para SNDL Inc. em 2023 foram de US $ 5,8 milhões, focadas em:

Área de foco em P&D	Investimento ($)
Formulações de novos produtos	2,600,000
Tecnologia de cultivo	1,900,000
Pesquisa de controle de qualidade	1,300,000

SNDL Inc. (SNDL) - Modelo de negócios: fluxos de receita

Vendas de produtos de cannabis (médico e recreativo)

A partir do terceiro trimestre de 2023, a SNDL Inc. registrou receita total de cannabis de US $ 11,8 milhões.

Categoria de produto	Receita (Q3 2023)	Segmento de mercado
Cannabis recreativo	US $ 8,4 milhões	Alberta, Canadá
Cannabis medicinal	US $ 3,4 milhões	Mercado médico canadense

Receitas de transação de comércio eletrônico

As vendas digitais por meio de plataformas de varejo da Spiritleaf geraram US $ 2,1 milhões no terceiro trimestre de 2023.

Receita de distribuição por atacado

As receitas de distribuição de cannabis por atacado atingiram US $ 4,7 milhões no terceiro trimestre de 2023.

Canal por atacado	Receita	Região de distribuição
Distribuidores provinciais	US $ 3,2 milhões	Províncias canadenses
Parceiro de varejo por atacado	US $ 1,5 milhão	Alberta, Colúmbia Britânica

Licenciamento de produtos de marca

As receitas de licenciamento totalizaram US $ 0,6 milhão no terceiro trimestre de 2023.

Receitas potenciais de serviços de cannabis auxiliares

• Serviços de tecnologia de varejo de cannabis: US $ 0,3 milhão
• Serviços de consultoria: US $ 0,2 milhão
• Serviços de gerenciamento de marca: US $ 0,1 milhão

Receita consolidada total da SNDL Inc. no terceiro trimestre de 2023: US $ 19,5 milhões.

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.