CALGARY, March 7, 2019 /CNW/ - Sundial Growers Inc. ("Sundial" or the "Company") is pleased to announce that it has entered into a $30 million credit facility ("Credit Facility") with the Bank of Montreal ("BMO"). The Credit Facility closed on February 22, 2019.
The BMO Credit Facility will enable Sundial to finance its European initiatives, accelerate the company's Help and Play opportunity areas and satisfy general working capital requirements in Canada. The Credit Facility also strengthens Sundial's balance sheet and reduces the company's cost of capital.
"The partnership with BMO, one of Canada's leading banks, demonstrates their confidence in what Sundial is accomplishing," said Torsten Kuenzlen, CEO of Sundial. "This will enable us to continue our global expansion and support our purpose of proudly crafting pioneering cannabis brands to Heal Help Play™."
About Sundial Growers Inc.
Sundial proudly crafts pioneering cannabis brands to Heal Help Play™. To better understand and meet consumer needs, Sundial focuses its efforts on three key opportunity areas we call Heal Help Play™. The proprietary Heal Help Play™ 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.
Sundial grows premium quality, small-batch cannabis with its best-in-class facilities. The company differentiates itself from other licensed producers by growing "craft-at-scale" cannabis using purpose-built modular systems (Solaria Modules) and award-winning genetics.
Sundial operates two facilities in Alberta, including our flagship facility in Olds and a second production facility in Rocky View, with plans to build a third facility in British Columbia.
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"). Forward looking statements in this release includes, but is not limited to, the potential expansion plans of the Company in Canada, the ability of the Company to satisfy the conditions required to draw down under the Credit Facility, and statements regarding the future performance of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "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. 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
For further information: Media Contact: Sophie Pilon, Corporate Communications Manager, Sundial Growers Inc., C: 1.403.815.7340, E: [email protected]