Sundial Growers was valued at $1 billion during its IPO six months ago. Its market cap has dropped almost 90% since then.
Canadian cannabis company Sundial Growers Inc.’s core management team resigned Thursday morning, six months after the company’s $1 billion initial public offering.
In a statement, Sundial said that it is “committed to implementing strong corporate governance practices throughout the organization” and that the board would continue to evaluate further “opportunities to strengthen the company.” A spokesman declined to comment on the reasons behind the moves. Trouble at the company was most tangible at its flagship Olds, Alberta, facility, a site Kuenzlen said in 2018 would produce a premium product that could be sold at four times the going rate.
In response to questions about fungus and mold, Kuenzlen said in a December email that all cannabis plants have “colony forming units” within them that include mold, and that Health Canada regulates acceptable levels. The company said its facilities are regularly inspected by the government agency to ensure compliance.
The hospitalizations relate to Sundial’s use of the isopropyl alcohol to remove labels from plastic bottles. According to a company document reviewed by MarketWatch, Sundial found that workers exposed to the chemical had sought medical attention — and, on Oct. 15, determined that the room was insufficiently ventilated. To address the problem, according to a company document reviewed by MarketWatch, Sundial rotated workers in and out of the room, but employees continued to seek medical attention.
In response to the shareholder lawsuit related to the product return Sundial said in a statement, “All of our customer agreements include provisions to replace or return product under certain conditions. The amount of product returned was a fraction of the 554 kilograms erroneously quoted in the article.”
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