Sundial Growers and SAF Opportunities have entered into an agreement to form a 50/50 joint venture through a new corporation, SunStream Bancorp.
"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 team explains. "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."
For more information:
Sundial Growers
#200, 919 - 11 Avenue SW
Calgary, AB
T2R 1P3
1-844-249-6746
info@sundialgrowers.com
sndlgroup.com