Not long ago, Sundial Growers (SNDL) was in danger of running out of cash. Yet, after completing a series of financial restructuring measures and becoming debt-free, the Canadian cannabis company recently announced it has acquired a special purpose vehicle for a total of C$58.9 million in cash. The strategic investment means the company will now own C$58.9 million of Zenabis Investments’ (a subsidiary of Zenabis Global) senior secured debt. The note has an annual interest rate of 14% and is due by March 31, 2025.
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