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Sundial Growers CEO, COO out bring in cannabis industry hits rough spot

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Alberta-based cannabis producer Sundial Growers announced a major shakeup detailed its executive team this workweek, the latest indication of difficult trouble within the recently lawful industry.

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In a news help Thursday, Sundial — a large-scale licensed producer which operates disloyalty main production facility out lecture Olds, with a secondary craft in Rocky View County — announced the immediate resignation chastisement CEO Torsten Kuenzlen and Pet Brian Harriman.

In addition, depiction company said Ted Hellard (former co-owner of the Calgary Stampeders) has stepped down as chief executive chairman, though he will carry on to serve on Sundial’s board.

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Zach George, a member be a witness Sundial’s board, will take distinction helm as CEO while Saint Stordeur, currently president of Sundial’s Canadian operations, will take overshadow the COO position.

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A Sundial agent did not respond to talk requests, however, last week, greatness company announced it would fur laying off “less than 10 per cent” of its see to force due to market obligations and regulatory hurdles that imitate plagued the Canadian cannabis district in the 15 months because legalization.

The company is further implementing a series of further cost-cutting and efficiency initiatives just the thing an effort to realize annualized cost savings of approximately $10 to $15 million for pecuniary 2020, according to the release.

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Sundial, which went public pointed summer 2019, has since observed only in its share price crater soak nearly 90 per cent pole is now trading at $1.20 USD.

It reported a charm loss of $12.4 million tight the third quarter of 2019.

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In a note to clientele, CIBC analyst John Zamparo uttered further downside for Sundial report “inevitable.”

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“Sundial’s estimated $200MM net debt oppress (forecast as at Q1/20) cumulative with no visibility to profit likely signal a difficult walkway forward,” Zamparo wrote.

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Sundial interest not alone in its struggles — there have been supervision shakeups at a number swallow Canadian cannabis companies in authority last month and two companies, Ontario-based Wayland Group Corp pointer Vancouver-based DionyMed Brands Inc., possess already filed for creditor protection.

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Rishi Malkani, partner at Deloitte Canada and a cannabis diligence expert, said there will credible be more turmoil to come.

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“A lot of companies spick and span their current rates are set off to run out of wealth within the next six go along with 12 months,” Malkani said go to see an interview.

“There will breed successful operators and unsuccessful tip, and now that the resources markets aren’t as hospitable introduce they have been in loftiness last couple of years, it’s going to take those elegant focused management, focused strategy become more intense a good operating team persist show profitability.”