SNDL Inc. announced on Tuesday that Taranvir “Tank” Vander, president of its Liquor Division, is stepping down after a two-decade career in the liquor industry. Vander, who began his journey as a liquor store manager in the early 2000s, is retiring to pursue new endeavors.
Vander’s career is marked by significant achievements. He founded Ace Liquor Corporation in 2013, successfully expanding it to 15 stores. In 2019, he joined forces with Alcanna Inc., playing a crucial role in its transformation into one of Canada’s largest liquor retailers.
Zachary George, CEO of SNDL, expressed gratitude for Vander’s contributions. “We want to thank Tank for his exceptional leadership and wish him continued success in his future endeavors.”
Navroop Sandhawalia, VP of finance for Liquor Retail at SNDL, will assume the role of interim president of the liquor division while the company conducts a search for a permanent replacement.
Following the news, SNDL’s stock closed at $2.10, down 0.47% after the market closed on Tuesday, September 10, 2024. Trading volume for SNDL reached 1,697,281 shares, indicating continued investor activity during this leadership transition.
The overall Canadian cannabis market showed mixed results. Aurora Cannabis ACB closed at $5.55, down 1.56%, while OrganiGram Holdings OGI fared better, closing at $1.83, up 1.1%. Tilray Brands TLRY closed at $1.69, down 0.59%, with a significant trading volume of 18,592,650 shares. High Tide HITI showed positive momentum, increasing by 3.3% to close at $2.13, and Canopy Growth CGC closed at $4.84, down 1.03%.
Despite the fluctuations, SNDL’s performance was relatively stable compared to its peers. The trading volumes across the sector reflected ongoing interest, but no significant market shifts occurred following the day’s developments.
As the Canadian cannabis industry continues to evolve, SNDL’s leadership change and the overall market performance underscore the dynamic nature of this sector. It remains to be seen how these developments will shape the future of the cannabis industry in Canada.
