SNDL - Canadian Giant SNDL Speeds Up Acquisition Of Majority Positions In Two US Cannabis Companies As Marijuana Rescheduling Looms | Benzinga
SNDL Inc. (NASDAQ:SNDL), through its joint venture with SunStream Bancorp Inc., announced on Thursday that SunStream USA group of companies will proceed with the process of acquiring equity positions in U.S. cannabis assets, following the completion of a review by SNDL’s listing authority, NASDAQ.
SunStream USA I, LLC and SunStream USA II, LLC are among the entities that comprise the SunStream USA Group, with each entity including one or more third-party investors, all independently managed and governed.
What Happened
The Calgary, Alberta-based company said on Thursday that SNDL’s affiliate, SunStream Opportunities II LP, is anticipated to own non-voting and non-participating exchangeable securities in the SunStream USA entities.
SunStream USA can now acquire certain non-performing credit investments from SunStream Opportunities LP – which is an affiliate of SunStream Bancorp. The move would result in majority equity positions in select assets of Surterra Holdings, Inc. – which is doing business as Parallel – and Greenpeak Industries Inc. – which is doing business as Skymint.
See also: Michigan’s Skymint Acquired Out Of Receivership
Why It Matters
Skymint operates within Michigan, while Parallel is a multi-state cannabis operator ...