Sundial Growers (NASDAQ: SNDL) continues to express interest in acquiring Canadian based cannabis operations. After multiple acquisitions last year, and the pending purchase of cannabis and alcohol retailer Alcanna Inc (TSX: CLIQ), the firm this morning disclosed it has invested in yet another Canadian cannabis name.
It seems the company has taken a 7.3% stake in Village Farms International (NASDAQ: VFF), whom currently operates its cannabis subsidiary Pure Sunfarms in Delta, BC, as well as a tomato operation in the US. The stake is via the ownership of 6.4 million common shares of the issuer, which it presumably acquired on the open market.
At the time of writing, the value of the position is currently pegged at approximately US$44.4 million. The firm has not yet indicated why it purchased a stake in the firm, or whether it intends to grow the position.
As per Fintel.io, the position makes Sundial one of the largest institutional holders in the company, with the second largest being the AdvisorShares Pure Cannabis ETF (NYSE: YOLO), which holds 4.5 million shares in the firm for a 5.16% stake.
Sundial Growers last traded at $0.62 on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
