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.
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