Sundial credit facility to allow company to satisfy working capital at home, look abroad

Angela Stelmakowich - thegrowthop.com Posted 6 years ago
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Sundial Growers Inc. has entered into a $30 million credit facility with the Bank of Montreal (BMO) that will allow the company to, among other things, satisfy general working capital requirements in Canada.

 

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The credit facility, which closed on Feb. 22, 2019, “will enable Sundial to finance its European initiatives, accelerate the company’s Heal Help Play opportunity areas and satisfy general working capital requirements in Canada,” reports Sundial, which grows “craft-at-scale” cannabis using purpose-built modular systems and award-winning genetics.

Additionally, “the credit facility strengthens Sundial’s balance sheet and reduces the company’s cost of capital,” the press release notes.

The partnership with BMO “demonstrates their confidence in what Sundial is accomplishing,” Sundial CEO Torsten Kuenzlen suggests in the company statement. “This will enable us to continue our global expansion and support our purpose of proudly crafting pioneering cannabis brands to Heal Help Play,” Kuenzlen continues.

 

 

The proprietary “approach aims to simplify industry jargon and make Sundial cannabis products easy to choose and enjoy. Optimizing company resources towards these distinct opportunities will uniquely position Sundial as a leader in the industry,” the statement goes on to say.

 

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