CALGARY, April 15, 2020 /CNW/ - Sundial Growers Inc.
(Nasdaq: SNDL) ("Sundial" or the "Company") announced that the
Company's senior lenders have amended the terms of the March 30, 2020 waivers and agreements requiring
completion of defined milestones by April
15, 2020 to require completion of those milestones by
April 30, 2020.
"These amendments illustrate the collaborative relationship
between Sundial and its lenders," said Zach
George, Sundial CEO. "We appreciate the support of our
lenders as we work to restructure our credit facilities, reduce
costs and bring greater efficiency to operations."
As previously announced, Sundial has made several operational
adjustments to lower costs and improve efficiencies. In addition,
Sundial is in discussions with its lenders to restructure its
credit agreements into global credit agreements to strengthen the
Company's overall financial flexibility and capital structure.
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 470,000 square feet of total
space. In the United Kingdom, we
grow traceable plants, including hemp, ornamental flowers and
edible herbs within 1.75 million square feet of environmentally
friendly facilities.
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")
Forward-looking-statements in this release include, but are not
limited to, the potential cost reduction and credit re-structuring
plans of the Company. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "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. 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.
SOURCE Sundial Growers Inc.