Sundial Growers, an early-stage Canadian cannabis producer, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Sundial is the second Canadian cannabis grower to file for a US IPO in the past two weeks, following Flowr's (FLWR) $94 million filing last week. A larger Canadian cannabis grower, Tilray (TLRY), completed a US IPO last year; the stock finished Friday 176% above offer.
The Calgary, Canada-based company was founded in 2006 and booked C$1.7 million in sales for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol SNDL. Sundial Growers filed confidentially on April 29, 2019. Cowen, BMO Capital Markets and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.
