Cannabis business Sundial Growers Inc. (NASDAQ:SNDL) said on Wednesday that he had increased its financial commitment to SunStream Bancorp Inc by C $ 350 million ($ 282.4 million) to C $ 538 million.
Calgary-based Sundial announced in March the launch of a 50/50 joint venture with SAF LP Opportunities – member of the Canadian alternative investment management company Groupe SAF – through a new company, SunStream Bancorp.
The entity was formed to create investment opportunities in the cannabis space by issuing loans, as well as hybrid investments in cannabis companies and marketable securities.
In addition, the joint venture was also to pursue other opportunities, including a Canadian SPAC.
the initial commitment of C $ 100 million of the sundial was increased in April to C $ 188 million.
“SunStream will allow Sundial to remain focused on our core businesses while leveraging the strength of SAF’s expertise in private equity and global credit investing,” Zach George, CEO of Sundial, said in March. “We look forward to working together to generate attractive returns for our stakeholders through broader capital deployment opportunities in the global cannabis market. “
Photo by Tim Foster on Unsplash
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