Canadian Pot Firm Sundial Growers Follows Tilray to Market

(Bloomberg) -- Sundial Growers Inc. is seeking to become the next Canadian cannabis company to sell shares first in the U.S., following the path forged last year by Tilray Inc.

Sundial Growers filed documents with regulators to list on the Nasdaq Global Select Market under ticker symbol SNDL, the Calgary-based firm said Friday in a statement. Cowen and Co. and Bank of Montreal’s BMO Capital Markets are leading the initial public offering, and Barclays Plc is also involved. Terms weren’t disclosed in its preliminary filing.

Sundial Growers produces and sells cannabis products in Canada and has agreements with five provincial regulators to supply retailers, according to a July 5 filing. The firm said it plans to enter the global cannabidiol market with this month’s acquisition of Bridge Farm in the U. K. Sundial Growers has five facilities: two in Alberta, Canada, and three in the U.K. The firm is building a third Canadian facility in British Columbia.

Tilray became the first cannabis company to trade on a U.S. exchange without a listing in Canada a year ago after selling shares for $17 each on Nasdaq. Shares of the Nanaimo, B.C.-based company closed Friday at $46.98, making Tilray one of the biggest publicly traded cannabis firms with a market value of $4.6 billion.

Cronos Group Inc. was the first Canadian pot company to list on a U.S. Exchange, in February 2018, but its shares were already trading in Canada.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, ;Michael J. Moore at mmoore55@bloomberg.net, Steve Geimann

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