July 22, 2019

Sundial Launches Initial Public Offering

CALGARY, July 23, 2019 /CNW/ - Sundial Growers Inc. (“Sundial” or the “Company”) announced that it has launched an initial public offering (“IPO”) of its common shares in the United States and Canada pursuant to a registration statement on Form F-1 previously filed with the United States Securities and Exchange Commission (the “SEC”) and an amended and restated preliminary prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada, other than the Province of Quebec. Sundial has applied to list its common shares on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “SNDL”. Listing on Nasdaq is subject to the Company satisfying applicable regulatory requirements, including fulfilling all Nasdaq listing requirements.

Sundial is offering 10,000,000 common shares at an initial price to the public estimated to be between US$12.00 and US$14.00 per share. Sundial intends to grant the underwriters a 30-day over-allotment option to purchase up to 1,500,000 additional common shares.

Cowen, BMO Capital Markets and RBC Capital Markets are acting as joint book-running managers for the proposed IPO. Barclays and CIBC Capital Markets are acting as bookrunners and Scotiabank is acting as co-manager for the proposed IPO.

The offering will be made only by means of a prospectus. Copies of the U.S. preliminary prospectus may be obtained from the SEC’s website or from Cowen, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by email to PostSaleManualRequests@broadridge.com or by telephone at 833-297-2926. Copies of the Canadian amended and restated preliminary prospectus may be obtained from www.sedar.com or from BMO Capital Markets, Brampton Distribution Centre c/o The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 or by telephone at (905) 791-3151 Ext 4312 or by email at torbramwarehouse@datagroup.ca or RBC Capital Markets 180 Wellington Street West, 8th Floor, Toronto, ON M5J 0C2, Attention: Simon Yeung, or via telephone: (416) 842-5349, or via email at simon.yeung@rbc.com.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

An amended and restated preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in certain jurisdictions of Canada. The amended and restated preliminary prospectus is still subject to completion or amendment. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

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