Sundial Growers Inc., a Calgary-based cannabis producer that went public two weeks ago, brought in $19.3 million in net revenue for its most recent quarter, placing it among the top 10 cannabis companies in the country in terms of sales.
Sundial announced Wednesday that it had sold 4,700 kilograms of cannabis between April 1 and June 30. It was the company’s inaugural quarterly financial report as a public company, following its Aug. 1 listing on the Nasdaq, where it raised US$143 million through the issuance of 11 million shares.
Sundial has a market value of approximately $800 million.
Since its debut however, Sundial’s stock has performed poorly, dipping as much as 30 per cent upon listing, which industry observers attributed in part to bearish sentiment towards the Canadian pot industry overall following recent regulatory breaches at CannTrust Holdings Inc. and the firing of former Canopy Growth Corp. co-CEO and founder Bruce Linton.