An earlier version of this report had the incorrect dollar amount. Was corrected.
Canadian cannabis company Sundial Growers Inc. SNDL,
said on Wednesday that it had closed the purchase of a special purpose vehicle for C $ 58.9 million ($ 46 million) in cash, which it financed using its available cash reserves of C $ 110 million. The special purpose vehicle has C $ 58.9 million in senior guaranteed debt issued by Zenabis Investment Ltd, a unit of Zenabis Global Inc. The loan pays interest at a rate of 14% per annum and matures on March 31, 2025. Zenabis will also pay Sundial a royalty based on quarterly sales of its medical, recreational and wholesale cannabis business. Sundial’s US-listed shares, once valued at $ 1 billion, closed at 46 cents on Tuesday.