CALGARY, AB, Jan. 6, 2021 /PRNewswire/ - Sundial Growers
Inc.'s (Nasdaq: SNDL) ("Sundial" or the "Company") subsidiary
special purpose vehicle that owns $51.9
million of aggregate principal amount of senior secured debt
(the "Senior Loan"), such amount being inclusive of the payment
referred to below, of Zenabis Investments Ltd. ("Zenabis"), a
subsidiary of Zenabis Global Inc. (the "Parent") received a
principal repayment of $7.0 million
on December 31, 2020 (the "Payment")
in accordance with the terms of the Senior Loan. Despite the
Payment, a notice of default was delivered to Zenabis with respect
to certain defaults under the terms of the Senior Loan.
Zenabis is disputing said defaults.
All amounts are denominated in Canadian dollars.
ABOUT SUNDIAL GROWERS INC.
Sundial is a public company with Common Shares traded on Nasdaq
under the symbol "SNDL".
Sundial is a licensed producer that crafts cannabis using
state-of-the-art indoor facilities. Our 'craft-at-scale' modular
growing approach, award-winning genetics and experienced master
growers set us apart.
Our Canadian operations cultivate small-batch cannabis using an
individualized "room" approach, with 448,000 square feet of total
space.
Sundial's brand portfolio includes Top Leaf,
Sundial Cannabis, Palmetto and
Grasslands. Our consumer-packaged goods
experience enables us to not just grow quality cannabis,
but also to create exceptional consumer and customer
experiences.
We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds, AB,
and Rocky View County, AB.
Forward-Looking Information Cautionary
Statement
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"), including, but not
limited to, statements regarding the Company's debt position, cash
balance outstanding shares and statements regarding the Company's
future strategic initiatives. Forward-looking statements are
frequently characterized by words such as "plan", "continue",
"expect", "project", "intend", "believe", "anticipate",
"estimate", "likely", "outlook", "forecast", "may",
"will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
These statements are only predictions. Various assumptions were
used in drawing the conclusions or making the projections contained
in the forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. Please see the
risk factors identified in the Company's filings with the U.S.
Securities and Exchange Commission, including those identified in
the Company's Annual Report on Form 20-F, for a
discussion of the material risks that could cause actual results to
differ materially from the forward-looking information. The Company
is under no obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise, except as expressly required by applicable
law.
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SOURCE Sundial Growers Inc.