CALGARY,
AB, Dec. 8, 2022 /CNW/ - 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$10 million bridge term loan ("Interim Bridge
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
US$400 million in loans to State
licensed cannabis operators in the US, which include several
multi-state operators.
ABOUT SNDL INC.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sunstream-bancorp-provides-senior-bridge-financing-to-parallel-301697918.html
SOURCE Sundial Growers Inc.