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Sundial Growers Pumps Its Financial Commitment To SunStream Bancorp To $188M

April 26, 2021 1:31 pm
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Sundial Growers Pumps Its Financial Commitment To SunStream Bancorp To $188M

Cannabis company Sundial Growers Inc. (NASDAQ:SNDL) reported Friday it has upped its financial commitment to SunStream Bancorp Inc. to $188 million – fromthe previously announced $100 million.

Back in March, the company first announced it has agreed to establish a 50/50 joint venture with the SAF Opportunities LP (a member of the SAF group) via a new corporation, SunStream Bancorp. The joint venture was created with a goal to produce investment opportunities in the cannabis sphere, by offering exposure to attractive debt, equity, and hybrid investments.

SunStream’s first assignment was to create a special opportunities fund, with support from third-party limited partnerships and an initial $100 million commitment from Sundial, now raised to $188 million.

The Calgary, Alberta-headquartered company noted Friday it should provide an update on third-party capital commitments within the following two months. At the time of the agreement with SAF Opportunities, it was also projected that the joint venture should pursue other opportunities, including a Canadian SPAC.

“SunStream will enable Sundial to remain focused on our core operations, while leveraging the strength of SAF’s private equity and credit investment expertise on a global scale,” Zach George, chief executive officer for Sundial, stated at the time. “We look forward to working together to generate attractive returns for our stakeholders through broader capital deployment opportunities in the global cannabis market.”

Sundial’s shares were trading 3.22% higher at 86 cents per share at the time of writing.

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