By all accounts, it appears that Sundial Growers (NASDAQ: SNDL) has a rather loose strategy when it comes to its Canadian cannabis investments. The company this morning filed that it has begun selling its stake in Indiva Limited (TSXV: NDVA) after roughly seven months.
The company revealed this morning that it had begun selling a portion of its stake in the Canadian edibles manufacturer back on September 3. Little detail was provided on exactly why the company had a change of heart in its investment, electing to simply say that they were “sold for investment purposes.”
In total, the company sold 2.3 million common shares of its issuer, dropping its ownership in the company by 2.99%. The firm as a result now holds a 15.59% stake in the company.
In terms of a return, the company made mild gains on the sale. After having acquired a total of 25.0 million common shares for $0.44 per share back in February, the company indicated that the shares were sold at a $0.048 gain per share, bringing in total consideration of $1.1 million from the sale.
Sundial Growers last traded at $0.69 on the Nasdaq.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.