7 Best Wine Stocks To Buy Now

3. SNDL Inc. (NASDAQ:SNDL)

Number of Hedge Fund Holders: 12

SNDL Inc. (NASDAQ: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, and Spiritleaf. The company prides itself on having a selection of over 6,000 wines, 2,500 spirits, and 2,200 beers, with its liquor retail segment being its largest revenue generator.

SNDL has shown massive growth over the last few years, with its revenue skyrocketing from $60.9 million in 2020 to just over $909 million last year. That said, the Calgary-based firm still hasn’t managed to turn a profit in its last four financial years. To help improve its profitability, the liquor and cannabis retailer announced a restructuring plan in July that would help slash its annual expenses by $20 million. The plan also includes a one-time $11 million investment spread over a year and a half and is vital for the company’s improved capital deployment, agility, focus, and profitability.

SNDL Inc. (NASDAQ:SNDL) reported an all-time record gross margin of 25.5% in Q2 2024 and remains debt-free and cash-rich. Moreover, the company also has a robust business strategy consisting of cultivation/product manufacture, retail cannabis, retail liquor, and cannabis investments.

SNDL Inc. (NASDAQ:SNDL) is also now positioned to fully benefit from the US cannabis markets and soon directly participate, as the company has recently announced the completion of NASDAQ’s review of its SunStream USA structure, marking a major milestone. The financial industry seems optimistic about SNDL’s growth, as the number of hedge funds in the Insider Monkey database holding a stake in the stock increased from 7 in Q1 to 12 in Q2, with the total stake value also rising by just over 55%.