CALGARY, AB (March 15, 2021) — Sundial Growers Inc. (NASDAQ: SNDL) (“Sundial” or the “Company”) and SAF Opportunities LP, a member of the SAF Group (“SAF”) today announced they have entered into an agreement to form a 50/50 joint venture (the “Joint Venture”) through a new corporation, SunStream Bancorp Inc. (“SunStream”).
The Joint Venture will leverage a strategic financial and operational partnership to generate asymmetrically enhanced risk-return opportunities in the cannabis industry to provide exposure to a portfolio of attractive debt, equity and hybrid investments. The Joint Venture will focus on cannabis-related verticals, seeking both Canadian and international opportunities and investments. The Joint Venture’s first mandate is the formation of a special opportunities fund with commitments from third party limited partners alongside an initial commitment from Sundial of $100 million. The Joint Venture expects to pursue additional potential mandates, including a Canadian SPAC and other investments.
“Following early success with our internal capital investment program, we are pleased to announce this new partnership with SAF, as we continue to identify innovative ways to deliver on our commitment to shareholder value creation,” said Zach George, Chief Executive Officer for Sundial. “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. We look forward to working together to generate attractive returns for our stakeholders through broader capital deployment opportunities in the global cannabis market.”
“Our joint venture with Sundial is a capital efficient way to bolster our participation in the fast-growing and attractive global cannabis industry,” said Ryan Dunfield, Principal and Chief Executive Officer of SAF Group. “This long-term partnership aligns us with a premier cannabis licensed producer, while bringing financial benefits to our investors.”
CALGARY, AB (May 11, 2021) — Sundial Growers Inc. (NASDAQ: SNDL) (“Sundial” or the “Company”) reported its financial and operational results for the first quarter ended March 31, 2021. All financial information in this press release is reported in millions of Canadian dollars and represents results from continuing operations, unless otherwise indicated.
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