Sundial Growers Inc.

SNDL • NASDAQ

Sundial Growers Inc. is a drug manufacturers - specialty & generic company in the healthcare sector on NASDAQ, led by James Keough, with a market cap of $569.1M. As of Q3 2025, 22% of shares are held by 124 institutional investors, with MORGAN STANLEY as the largest holder at 4.8%.

Chief Executive OfficerJames Keough

Market Cap$569.1M

Drug Manufacturers - Specialty & Generic

Healthcare

Employees2.5K

Websitesndl.com

Overview

Overview of institutional ownership in SNDL as of Q3 2025 with a market cap of $689.7M

All Institutions

Institutions: 124
Value Held: $150.4M
Shares Held: 56.2M
Avg Position: $1.2M
Median Position: $63.3K

Hedge Funds

Hedge Funds: 15
Value Held: $46.9M
Shares Held: 17.5M
Avg Position: $3.1M
Median Position: $401.6K

Ownership Breakdown

Institutional (non-HF)

15.01%

$103.5M

Hedge Funds

6.8%

$46.9M

Retail & Other

78.19%

$539.3M

Based on market cap of $689.7M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in SNDL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$33.1M 0.00% of portfolio	4.80% 12.3M shares	Q3 2019 Held for 6y 2m	$1.65T
CANNELL CAPITAL LLC Hedge Fund•Long/Short	James Carlo Cannell President	$24.0M 6.30% of portfolio	3.48% 9.0M shares	Q1 2024 Held for 1y 8m	$380.9M
Toroso Investments, LLC ETF Provider	Guillermo Trias CEO	$16.3M 0.07% of portfolio	2.36% 6.1M shares	Q1 2024 Held for 1y 8m	$23.2B
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$12.3M 0.01% of portfolio	1.80% 4.6M shares	Q1 2024 Held for 1y 8m	$158.92B
A AdvisorShares Investments LLC Institution	Noah Hamman CEO	$8.8M 1.46% of portfolio	1.28% 3.3M shares	Q1 2023 Held for 2y 8m	$602.4M
R ROYAL BANK OF CANADA Institution	-	$6.0M 0.00% of portfolio	0.86% 2.2M shares	Q3 2019 Held for 6y 2m	$542.04B
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	Kenneth Cordele Griffin CEO	$5.8M 0.00% of portfolio	0.85% 2.2M shares	Q3 2019 Held for 6y 2m	$122.08B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$5.0M 0.00% of portfolio	0.73% 1.9M shares	Q3 2025 Held for 2 months	$1.56T
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	-	$4.4M 0.01% of portfolio	0.64% 1.6M shares	Q2 2024 Held for 1y 5m	$61.8B
J JANE STREET GROUP, LLC Institution	-	$4.1M 0.00% of portfolio	0.60% 1.5M shares	Q4 2020 Held for 4y 11m	$84.1B

Net Capital Flow

Institutional buying and selling activity for SNDL in Q3 2025

Traded: +$56.9M
Buyers: 59
Sellers: 47
Total Bought: +$68.6M
Total Sold: −$11.7M
Avg Position: $1.0M

Biggest Buyers

Institution	Net Bought	Current Position
MORGAN STANLEY RIA/Wealth	+$23.0M +8.6M shares	$33.1M 12.3M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$10.8M +4.1M shares	$12.3M 4.6M shares
A AdvisorShares Investments LLC Institution	+$5.9M +2.2M shares	$8.8M 3.3M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$5.8M +2.2M shares	$5.8M 2.2M shares
JPMORGAN CHASE & CO Institution	+$5.0M +1.9M shares	$5.0M 1.9M shares
J JANE STREET GROUP, LLC Institution	+$3.6M +1.3M shares	$4.1M 1.5M shares
E Ewing Morris & Co. Investment Partners Ltd. Institution	+$2.5M +951.2K shares	$2.5M 951.2K shares
GOLDMAN SACHS GROUP INC Institution	+$2.3M +841.1K shares	$2.6M 969.6K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	+$2.1M +794.6K shares	$2.1M 794.6K shares
M Man Group plc Institution	+$1.1M +425.8K shares	$1.2M 463.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$5.1M −1.9M shares	$1.4M 525.3K shares
Toroso Investments, LLC ETF Provider	−$3.2M −1.2M shares	$16.3M 6.1M shares
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	−$735.9K −274.6K shares	$4.4M 1.6M shares
Invesco Ltd. ETF Provider	−$531.9K −198.5K shares	$520.7K 194.3K shares
R ROYAL BANK OF CANADA Institution	−$478.6K −178.6K shares	$6.0M 2.2M shares
G GROUP ONE TRADING, L.P. Institution	−$397.2K −328.3K shares	Sold Off 0 shares
S State of Wyoming Institution	−$202.4K −75.5K shares	$927.8K 346.2K shares
S Squarepoint Ops LLC Hedge Fund•Quant	−$146.8K −54.8K shares	$154.4K 57.6K shares
X XTX Topco Ltd Institution	−$131.3K −49.0K shares	$56.9K 21.2K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	−$116.7K −96.5K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited SNDL in Q3 2025

New Positions: 7
New Value: $4.9M
Exited Positions: 21
Exited Value: $746.9K

New Positions

Institution	Position Value
E Ewing Morris & Co. Investment Partners Ltd. Institution	$2.5M 951.2K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	$2.1M 794.6K shares
Susquehanna Portfolio Strategies, LLC Private Equity	$160.5K 59.9K shares
Mariner Wealth Advisors, LLC RIA/Wealth	$35.7K 13.3K shares
MAI Wealth Advisors RIA/Wealth	$14.4K 5.4K shares
N N.E.W. Advisory Services LLC RIA/Wealth	$536.0 200.0 shares
Sontag Advisory, LLC RIA/Wealth	$134.0 50.0 shares

Exited Positions

Institution	Previous Position
G GROUP ONE TRADING, L.P. Institution	$397.2K 328.3K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$116.7K 96.5K shares
Newman Dignan & Sheerar, Inc. RIA/Wealth	$77.9K 64.4K shares
Aquatic Capital Management LLC Hedge Fund•Quant	$52.8K 43.7K shares
O OXFORD ASSET MANAGEMENT Institution	$43.7K 36.1K shares
CALIBER WEALTH MANAGEMENT, LLC / KS RIA/Wealth	$19.6K 16.2K shares
INTL FCSTONE INC. Institution	$16.5K 13.6K shares
G GCIC Ltd. Institution	$12.7K 10.5K shares
Caitong International Asset Management Co., Ltd RIA/Wealth	$6.0K 4.9K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$2.1K 1.8K shares

Options Activity

Institutions with the largest Call and Put options positions in SNDL as of Q3 2025

Call Positions: 4
Call Value: $6.0M
Put Positions: 4
Put Value: $7.9M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$4.4M 16.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$794.9K 3.0K contracts
W WOLVERINE TRADING, LLC Institution	$601.4K 2.2K contracts
J JANE STREET GROUP, LLC Institution	$205.3K 766.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$5.4M 20.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.9M 7.0K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$455.1K 1.7K contracts
W WOLVERINE TRADING, LLC Institution	$196.2K 716.0 contracts

Most Committed Institutions

Institutions with SNDL as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
CANNELL CAPITAL LLC Hedge Fund•Long/Short	James Carlo Cannell President	6.30% $24.0M	3.48% 9.0M shares	Q1 2024 Held for 1y 8m	$380.9M
E Ewing Morris & Co. Investment Partners Ltd. Institution	-	1.49% $2.5M	0.37% 951.2K shares	Q3 2025 Held for 2 months	$171.6M
A AdvisorShares Investments LLC Institution	Noah Hamman CEO	1.46% $8.8M	1.28% 3.3M shares	Q1 2023 Held for 2y 8m	$602.4M
Cable Car Capital LLC Hedge Fund•Long/Short	Evan Howell Eurich COO	0.69% $820.6K	0.12% 306.2K shares	Q4 2023 Held for 1y 11m	$119.3M
Connective Capital Management, LLC Hedge Fund•Long/Short	Robert Magnus Romero CEO	0.37% $401.6K	0.06% 149.8K shares	Q3 2025 Held for 2 months	$108.7M
R Squared Ltd Private Equity	-	0.12% $281.4K	0.04% 105.0K shares	Q4 2024 Held for 11 months	$232.5M
S State of Wyoming Institution	-	0.11% $927.8K	0.13% 346.2K shares	Q1 2023 Held for 2y 8m	$879.7M
Cambria Investment Management, L.P. ETF Provider	Mebane Thadley Faber CEO	0.08% $1.4M	0.20% 525.6K shares	Q4 2022 Held for 2y 11m	$1.7B
Toroso Investments, LLC ETF Provider	Guillermo Trias CEO	0.07% $16.3M	2.36% 6.1M shares	Q1 2024 Held for 1y 8m	$23.2B
B Baader Bank INC Institution	-	0.06% $673.0K	0.10% 252.5K shares	Q1 2024 Held for 1y 8m	$1.2B

Hedge Fund Spotlight

Discover hedge funds investing in SNDL

Squarepoint Ops LLC

Hedge Fund • Quant

Portfolio ManagerMichael Gottlieb

Portfolio Value: $46.9B
Positions: 2,529
Last Reported: Q3 2025

Sector Allocation

Position in Sundial Growers Inc.

Market Value: $154.4K
Shares Held: 57.6K
Portfolio Weight: 0.00%
Owned Since: 2024-Q1

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3 Nvidia NVDA	Semiconductors Technology	$935.8M	2.00%