Cannabis Company Parallel Secures $10M In Senior Bridge Financing Via SunStream

SunStream Opportunities LP, an affiliate of SunStream Bancorp Inc., a joint venture sponsored by SNDL Inc. SNDL, announced the closing of a $10 million bridge term loan to Surterra Holdings Inc. d.b.a Parallel Brands, and certain affiliates, (collectively, "Parallel"). SunStream anticipates announcing further details in respect of its investment in Parallel in the first quarter of 2023.

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 16% annual interest rate payable in kind, maturing in January 2023.

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 $400 million in loans to State licensed cannabis operators in the US, which include several multi-state operators.

Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.

Photo by Giorgio Trovato on Unsplash

Related News

Valens Shareholders Approve The Arrangement With SNDL

SNDL Renews Share Repurchase Program, SunStream Provides Additional Funding To SKYMINT

Why Is SNDL Trading Higher Today?

 

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisNewsPenny StocksSmall CapMarketscookiesgoodblendNew England Treatment AccessParallel BrandspremiumSAF GroupSunStream Bancorp Inc.SunStream Opportunities LPSurterra HoldingsSurterra Wellness
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!


Loading...