CALGARY, AB, March 15, 2021 /CNW/ - 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."
About Sundial Growers Inc.
Sundial is a public
company with common shares traded on the Nasdaq Capital Market
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 creation of the Joint Venture,
the Joint Ventures investment strategy, contemplated mandates,
creation of a special opportunities fund, the Company's financing
initiatives, operational goals, demand for the Company's
products, the Company's ability to achieve profitability, the
development of the legal cannabis market, future
financings and the maintenance of production levels. In
addition, depending on the development of the cannabis market and
the Company's ability to capture any growth opportunities, future
liquidity issues may continue to arise, which could have a material
adverse effect on our business, results of operations and financial
condition. 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 SEC,
including those identified in the Company's Annual Report on
Form 20-F and other filings with the SEC, 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sundial-and-saf-group-announce-strategic-capital-partnership-301246980.html
SOURCE Sundial Growers Inc.