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SunStream Opportunities LP (” SunStream”), an affiliate of SunStream Bancorp Inc., a joint endeavor sponsored by SNDL Inc. (Nasdaq: SNDL) (” SNDL”), today revealed the closing of a US$10 million bridge term loan (” Interim Bridge Loan”) to Surterra Holdings Inc. d.b.a Parallel Brands, and specific affiliates, (jointly, “Parallel”). SunStream expects revealing even more information in regard of its financial investment in Parallel in the very first quarter of 2023.
The Interim Bridge Loan is completely funded by SunStream. Making use of funds of the Interim Bridge Loan will be for basic working capital functions. The Interim Bridge Loan is being supplied on a super-priority basis, with a 16% yearly rate of interest payable in kind, growing in January 2023.
Parallel is an independently held, vertically incorporated, multi-state marijuana business. Parallel has operations in 5 medical and adult-use markets under the retail brand names of Surterra Wellness in Florida; goodblend in Texas and in Pennsylvania; New England Treatment Access (NETA) in Massachusetts, and a joint endeavor with the Cookies retail brand name in Nevada. Parallel runs 50 shop places, and growing and producing websites throughout the United States.
SunStream is a joint endeavor in between SNDL and the SAF Group that leverages a tactical monetary and functional collaboration to target appealing risk-return chances in the marijuana market in order to supply direct exposure to a broad portfolio of financial investments. Over the last 2 years, SunStream has actually released over US$400 million in loans to State accredited marijuana operators in the United States, that include a number of multi-state operators.
ABOUT SNDL INC.
SNDL is a public business whose shares are traded on Nasdaq under the sign “SNDL.”
SNDL is the biggest economic sector alcohol and marijuana merchant in Canada with retail banners that consist of Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, and Spiritleaf. SNDL is a certified marijuana manufacturer that utilizes cutting edge indoor centers to provide wholesale and retail consumers under a marijuana brand name portfolio
that consists of Top Leaf, Sundial Cannabis, Palmetto, Spiritleaf Selects, Value Buds Big Bags and Grasslands. SNDL’s financial investment portfolio looks for to release tactical capital through direct and indirect financial investments and collaborations throughout the worldwide marijuana market.
For more info on SNDL, please go to www.sndl.com.