SunStream Bancorp Provides Senior Bridge Financing to Parallel
SunStream Opportunities LP, an affiliate of SNDL, announced the closing of a US$10 million bridge term loan to Surterra Holdings Inc. The loan, aimed at general working capital, carries a 16% annual interest rate and matures in January 2023. This financing highlights SunStream's commitment to the cannabis sector, as it has deployed over US$400 million in the last two years to cannabis operators across the U.S. SunStream is a joint venture between SNDL and the SAF Group, targeting investments in the cannabis industry.
- SunStream closes a US$10 million bridge term loan to Surterra Holdings, demonstrating active investment in the cannabis sector.
- The loan is fully financed by SunStream, indicating financial strength.
- SunStream has successfully deployed over US$400 million in loans to cannabis operators in the past two years.
- None.
CALGARY, AB, Dec. 8, 2022 /PRNewswire/ - SunStream Opportunities LP ("SunStream"), an affiliate of SunStream Bancorp Inc., a joint venture sponsored by SNDL Inc. (Nasdaq: SNDL) ("SNDL"), today announced the closing of a US
The Interim Bridge Loan is fully financed by SunStream. The use of funds of the Interim Bridge Loan will be for general working capital purposes. The Interim Bridge Loan is being provided on a super-priority basis, with a
Parallel is a privately held, vertically integrated, multi-state cannabis company. Parallel has operations in five medical and adult-use markets under the retail brands of Surterra Wellness in Florida; goodblend in Texas and in Pennsylvania; New England Treatment Access (NETA) in Massachusetts, and a joint venture with the Cookies retail brand in Nevada. Parallel operates 50 store locations, and cultivation and manufacturing sites across the United States.
SunStream is a joint venture between SNDL and the SAF Group that leverages a strategic financial and operational partnership to target attractive risk-return opportunities in the cannabis industry in order to provide exposure to a broad portfolio of investments. Over the last two years, SunStream has deployed over US
SNDL is a public company whose shares are traded on Nasdaq under the symbol "SNDL."
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. SNDL is a licensed cannabis producer that uses state-of-the-art indoor facilities to supply wholesale and retail customers under a cannabis brand portfolio
that includes Top Leaf, Sundial Cannabis, Palmetto, Spiritleaf Selects, Value Buds Big Bags and Grasslands. SNDL's investment portfolio seeks to deploy strategic capital through direct and indirect investments and partnerships throughout the global cannabis industry.
For more information on SNDL, please go to www.sndl.com.
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SOURCE Sundial Growers Inc.
FAQ
What is the purpose of the US$10 million loan from SunStream to Parallel?
What is the interest rate on the Interim Bridge Loan provided by SunStream?
When is the maturing date for the bridge loan from SunStream?
How much has SunStream invested in the cannabis sector over the last two years?
