$15.7 million for the quarter.
Gross cannabis revenue was
$11.7 million, a decrease of 30% from the prior quarter.
Subsequent to the quarter end, announced an agreement to acquire Inner Spirit Holdings and Spiritleaf retail cannabis network.
"We are pleased to announce Sundial's first-ever quarter with positive earnings from operations and adjusted EBITDA," said
Zach George, Chief Executive Officer of Sundial. "This result reflects our continued efforts to build a platform targeting attractive capital deployment opportunities while we focus on the continued improvement of our cultivation practices in an immature and rapidly changing industry. The sustained decline in Canadian cannabis flower pricing has prompted Sundial to liquidate certain inventory in the first quarter and we are now limiting the offering of discount products in markets where we view the economics as neither attractive nor sustainable. We do not plan to pursue top line advancement without profitability nor the maintenance of market share at any and all cost. We have made progress in improving our cultivation outcomes and we continue to focus on best practices to deliver great results in potency, yield and terpenes, but our work is far from complete. Our brand promise to consumers is fundamental to our strategy, and we refuse to compromise on product quality and consumer expectations. Operational improvements and capital deployment remain top priorities. I am pleased with our investment track record, which began with our internal program and is evolving to include partnership with third party capital. Our strong financial position, unique cultivation facility and focus on premium inhalables have positioned us for improved performance in the second half of 2021 and beyond."