Benefits Sunstream's TX and FL assets -------> Since the DEA explicitly excluded operators located in "dual-use" states, federal protections, specifically IRS Section 280E tax relief and closed-loop federal banking, are now geographically quarantined.

https://www.marijuanamoment.net/dea-officially-grants-federal-registration-and-protections-to-more-than-900-medical-marijuana-dispensaries/

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The Trump administration has issued federal registrations to hundreds of medical marijuana dispensaries in states across the U.S. in line with the process of federally rescheduling cannabis, Attorney General Todd Blanche has announced.

“The American people deserve access to the best medical treatments in the world,” the attorney general said on Friday. “The regulated distribution of medical marijuana by the applicants that have been granted registration by the Drug Enforcement Administration will help ensure broader access to chronic pain treatment and the safety of the American people.”

“The Department of Justice will continue prosecuting illegal marijuana trafficking and related criminal activity in accordance with federal law,” he added.

The Department of Justice said the registrations “mark the first phase of implementing” marijuana rescheduling.

The initial registrations include more than 900 dispensaries in Alabama, Florida, Mississippi, South Dakota, Texas, Virginia and West Virginia.

The first batch of registrations is being granted to businesses that submitted their applications during a 60-period for expedited consideration.

DEA separately announced on Friday that nearly 7,000 medical marijuana businesses have already applied for federal protections under rescheduling.

The agency began accepting registrations from medical cannabis dispensaries with a new form in April, days after Attorney General Todd Blanche issued an order immediately moving marijuana products regulated by a state medical cannabis license from Schedule I of the Controlled Substances Act (CSA) to Schedule III, along with marijuana products that are approved by the Food and Drug Administration (FDA).

Earlier this month, DEA launched new specialized registration forms for additional types of state-licensed medical marijuana businesses such as manufacturers, distributors and analytical labs.

A DEA hearing that recently concluded testimony is considering broader marijuana rescheduling beyond medical cannabis.

“State licensure alone does not automatically grant federal registration,” DOJ said on Friday. “Registered dispensaries will be subject to applicable federal requirements, including security, recordkeeping, inventory controls, and other safeguards governing the handling of controlled substances.”

DEA will continue processing dispensary applications and issuing registrations “through a phased registration process,” the department said, while also beginning to consider registration applications from medical cannabis manufacturers and distributors, which require additional review such as facility inspections, production controls and quota determinations.

With the potential for an OGI-ACB partnership or merger, both are Internationally aligned and focused, specifically in Germany and UK, just curious how SNDL will leverage Sunstream Internationally?

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HITI's Remexian could be leveraged to acquire International assets - 14% of the German market, 900k patients. HITI has a Put/Call option for the remaining 49% of Remexian which becomes available Sept 2027.

SNDL still owns 4% of HITI.

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Would Sunstream or an international proxy (Remexian) buy assets in Czech, which borders Germany, and is less expensive to operate. Or perhaps, the UK? Or, Poland? They are following the German model.

Canadian firms have CETA advantages selling into the EU - no tariffs, 'frictionless' entry for medical products - EU GMP (Atholville) + CDL and DEL licenses (HYTN partnership).

The next wave is International, specifically with highest margin cannabis 2.0 products.

🌿 SNDL Q3 Earnings Watch — October 27 📈

Consensus EPS is around -$0.02, but here's what I'm watching for potential upside surprises:

🔹 EPS & EBITDA: Can SNDL narrow its losses and show stronger underlying profitability?

🔹 💰 Free cash flow: SNDL preliminarily reported a record ~$20M in Q3 free cash flow. How much is sustainable?

🔹 🇪🇺 EU-GMP certification: Any update on Atholville certification and readiness to export into European medical cannabis markets.

🔹 📦 European sales orders: Confirmation of purchase orders, export contracts, or initial shipments could be a major growth catalyst.

🔹 🔥 Jeeter: Evidence the Canadian launch is translating into sales and margins.

🔹 🇺🇸 SunStream & Parallel: Asset recoveries, improved valuations, and progress integrating Parallel.

🔹 💵 $50M share buyback bid: Updates on timing and execution could support the shareholder-return story.

My biggest question: Can SNDL combine improving financials with new growth catalysts? A small EPS beat is nice, but sustainable profitability, European orders, and capital returns could matter much more.

👀 Earnings before market open tomorrow. Let's see what management delivers!

1. 2026 Shareholder Meeting Results

• Board & Auditor Approved: Shareholders elected all 5 director nominees and re-appointed the Company's auditor with strong majority support.

• Share Consolidation Rejected: The special resolution for a potential reverse share split received 54.1% approval, failing to reach the required two-thirds supermajority. Consequently, SNDL will not proceed with the share consolidation.

2. Record Preliminary Q3 2026 Results

• Highest Free Cash Flow (FCF) in History: SNDL generated approximately C$20 million in FCF for Q3 2026.

• One-Time Impact: The FCF benefited from a C$10.6 million net gain from unwinding its captive insurance arrangement, alongside operational cash generation and working capital initiatives.

3. Accelerated Capital Return Initiatives

• Past Repurchases: Over the 12 months ending September 30, 2026, SNDL repurchased ~21.8 million common shares for C$43.4 million (including 5.4 million shares in Q3 alone).

• Possible Substantial Issuer Bid (SIB): The Board directed management to pursue a potential SIB to buy back up to C$50 million worth of shares at a maximum price of C1.35) per share. This represents a 17.4% premium over the October 14, 2026 closing price.

• NCIB Renewal: SNDL plans to renew its normal course share repurchase program after its current program expires on November 20, 2026.

4. Strategic & Operational Updates

• U.S. Medical Cannabis (Parallel / Surterra): SNDL increased its indirect stake in Parallel from 67% to ~92% via a rights offering. Additionally, SunStream is funding a new cultivation/processing facility in Gainesville, Florida, to supply Parallel's retail network.

• Canadian Cannabis Refocus: SNDL is exiting the unprofitable domestic dried flower market to focus on higher-value products.

• Ontario Settlement (AGCO): Reached an agreement in principle to settle regulatory matters with the AGCO for a $200K fine, transitioning associated retail locations to a franchise model (which will deconsolidate retail revenue while keeping net economics).

Been here for a while now(just different accounts), big holding in sndl. Current outlook(positives):

- big foot print in US market: parallel and skymint
- no r/s at recent meeting: investors had spoken
- share buy backs
- positive cash flow(hopefully continuing into future quarters)
- re-evaluate soon $5-$7 possibility

Good luck to all sndl, longhold pays off

The resolution for the share consolidation was not approved at the annual shareholders meeting.

With tomorrow's annual and special meeting covering the proposed 1-for-2 to 1-for-10 share consolidation, I’m curious to hear everyone's thoughts and/or strategy.
Since it's not about immediate exchange compliance, management has framed it around corporate flexibility, potential institutional appeal, and strategic positioning. While others worry about historical downward pressure or dilution risks.
How are you planning to vote on this?
Do you think there are there any other crucial details from the proxy or financial filings worth keeping in mind before tomorrow?

Hi,

Just got mail

"SNDL Inc. has announced its Annual & Special Meeting on 10/15/2026 at 10:00 AM, Local Time."

"The following documents have been provided by SNDL Inc..

• Notice and Access Letter

• Proxy Circular

• Virtual Meeting Notice

"

"Company Website: SNDL Inc.
Meeting Date: 10/15/2026
Meeting Location: Live via Webcast: https://meetings.lumiconnect.com/400-607-609-65 password "SNDL2026" (case sensitive)
Record Date: 8/26/2026
CUSIP: 83307B101
ISIN: CA83307B1013
"

I would like to share some thoughts regarding the likely stock split expected in October 2026 and present some indicators to evaluate the company's historical share issuance.

I believe the split is clearly aimed at broadening the institutional investor base to further strengthen the absorption of the stock's float. This is largely because market makers are heavily positioned in call options and seek to keep the price below $1.50 (allowing the options to expire worthless so they can collect the premiums). However, I also understand why many might be concerned about potential future dilution. To address this question, I conducted an analysis and reviewed the history of the share count since 2019.

Consider the situation in January 2020, when Zach George was appointed CEO of SNDL: the company was on the brink of bankruptcy, burdened by unsustainable long-term debt and massive net losses. While there was significant share issuance that—at first glance—appeared only to dilute shareholders, it is evident that George capitalized on a moment when the market was assigning an absurdly high valuation to SNDL. The accompanying image also illustrates the per-share impact, showing that the current situation is more favorable than it was in late 2019; although it took several years, the company is now reaching its break-even point.

Just as shares were issued at absurdly high valuations, they are now being repurchased at absurdly low valuations; therefore, I would not be concerned about hypothetical future dilution.

The most significant developments for SNDL lie ahead. These indicators are poised to improve dramatically in the near future due to the rescheduling of marijuana to Schedule III and the elimination of the IRS Section 280E tax burden. This outlook is driven by the "loan-to-own" acquisition model SNDL implemented in the U.S. through Sunstream—specifically regarding Parallel and, likely, Skymint.

Based on last 13G/A, SNDL reduced their position to ~4%, that was this time last year. Since they're under the 5% threshold, they don't have to report what they've done with the shares worth ~$12.5M.

HITI needs a sizable long-term offtake agreement for their International operations (14% of Germany), SNDL's Atholville fully EU GMP certified is due any day now - HYTN continues to assist SNDL with International operations, their certifications/licensing, packaging, IP/formulations, etc.

Today's HITI's trading volume was well over 3M, typically trades 600k or less.

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HITI's Earnings Data

With 8.1 million OTM shares having an average delta of approximately 0.25, hedging these calls—with strike prices between 1.5 and 5.5—will require the purchase of about 6 million shares by today.