UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Form 6-K
REPORT OF FOREIGN PRIVATE
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE
SECURITIES EXCHANGE ACT OF
1934
For the month of
November 2023
Commission File Number 001-39005
SNDL INC.
(Registrant’s name)
#300, 919 - 11 Avenue SW
Calgary, AB T2R 1P3
Tel.: (403) 948-5227
(Address of principal executive
offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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SUNDIAL GROWERS INC. |
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Date:
November 13, 2023 |
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By: |
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/s/
Alberto Paredero-Quiros |
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Name: |
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Alberto Paredero-Quiros |
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Title: |
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Chief Financial Officer |
EXHIBIT
Exhibit 99.1
SNDL Announces Renewal of Share Repurchase Program
CALGARY, AB, Nov. 13, 2023 /CNW/ - SNDL Inc.
(Nasdaq: SNDL) ("SNDL" or the "Company") announced today that its board of directors (the "Board")
has approved the renewal of its share repurchase program (the "Share Repurchase Program") upon the expiry of its current
share repurchase program on November 20, 2023. The Share Repurchase Program authorizes the Company to repurchase up to C$100 million (the
"Share Repurchase Amount") of its outstanding common shares ("shares") from time to time at prevailing
market prices, enabling SNDL to opportunistically return value to shareholders.
Pursuant to the Share Repurchase Program, SNDL may
purchase shares from time to time at the discretion of management through open market purchases, privately negotiated transactions, block
trades, derivatives, accelerated or other structured share repurchase programs, or other means. The manner, timing, pricing and amount
of any transactions will be subject to the discretion of SNDL and may be based upon market conditions, regulatory requirements and alternative
opportunities that SNDL may have for the use or investment of its capital.
Notwithstanding the Share Repurchase Amount, SNDL
may only repurchase a maximum of approximately 13.1 million shares under the Share Repurchase Program, representing 5% of the issued and
outstanding shares when the Share Purchase Program commences. Subject to the foregoing limitations, the Share Repurchase Program will
commence on November 21, 2023, and expire on November 20, 2024. The Share Repurchase Program does not obligate the Company to repurchase
any minimum number of shares and repurchases may be suspended or terminated at any time at the Company's discretion.
The Company will determine the actual number of shares
that may be repurchased pursuant to the Share Repurchase Program and the timing of any repurchases.
The price which the Company will pay for any such
shares will be the prevailing market price at the time of repurchase, subject to certain limitations imposed by applicable securities
laws. All shares repurchased pursuant to the Share Repurchase Program will be returned to treasury for cancellation, and all such repurchases
will be made on the open market through the facilities of Nasdaq or by such other means as may be permitted under applicable securities
laws during the term of the Share Repurchase Program.
Under the Company's current share repurchase program,
which commenced on November 21, 2022, the Company previously sought to repurchase up to C$100 million or 13.1 million shares. As of November
10, 2023, the Company had repurchased an aggregate of 2.9 million shares for cancellation under its current share repurchase program at
a weighted average price of approximately C$2.78 per share.
ABOUT SNDL INC.
SNDL is a public company whose shares are traded on
the Nasdaq under the symbol "SNDL."
SNDL is the largest private-sector liquor and cannabis retailer in Canada with retail banners that include Ace Liquor, Wine and Beyond,
Liquor Depot, Value Buds, Spiritleaf, and Firesale Cannabis. SNDL is a licensed cannabis producer and one of the largest vertically integrated
cannabis companies in Canada specializing in low-cost biomass sourcing, premium indoor cultivation, product innovation, low-cost manufacturing
facilities, and a cannabis brand portfolio that includes Top Leaf, Contraband, Citizen Stash, Sundial Cannabis, Palmetto, Bon Jak,
Spiritleaf Selects, Versus Cannabis, Value Buds, Vacay, Grasslands and Superette. SNDL's investment portfolio seeks to deploy strategic
capital through direct and indirect investments and partnerships throughout the North American cannabis industry. For more information
on SNDL, please go to https://sndl.com/.
Forward-Looking Statements Cautionary Statement
This news release includes statements containing certain
"forward-looking information" and "forward-looking statements" within the meaning of applicable securities law
(collectively, "forward-looking statements"). Forward-looking statements in this release include, but are not limited
to, the date of commencement and expiry of the Share Repurchase Program, the number of shares to be repurchased, and the methods of such
repurchases, if any, pursuant to the Share Repurchase Program. Forward-looking statements are frequently characterized by words such as
"plan", "continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other similar words, or statements
that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions
were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected
in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update
or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required
by applicable law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/sndl-announces-renewal-of-share-repurchase-program-301985459.html
SOURCE SNDL Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2023/13/c7719.html
%CIK: 0001766600
For further information: Sophie Pilon, SNDL Inc., O: 1.587.327.2017,
E: investors@sndl.com
CO: SNDL Inc.
CNW 07:05e 13-NOV-23
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