Sundial Provides Update of Strategic Investment
CALGARY, AB, Jan. 6, 2021 /CNW/ - 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.
SOURCE Sundial Growers Inc.
Sophie Pilon, Corporate Communications, Sundial Growers Inc., O: 1.587.327.2017, C: 1.403.815.7340, E: [email protected]
Share this article