ROCKY VIEW, Alta., February 26, 2018 (GLOBE NEWSWIRE) – Sundial Growers Inc. (“Sundial”) is pleased to announce the closing of an $ 11 million private debt financing agreement that will fund ongoing development of its flagship cannabis production facility in Olds, Alta. This arrangement, combined with private investor capital committed to date, provides Sundial with the financing necessary to complete Phase 1 of the Olds installation.
“We are delighted that funding for Phase 1 of our flagship facility at Olds is now fully in place,” said Sundial Executive Chairman Ted Hellard. “The debt financing provides Sundial with the capital necessary to accelerate the development of our Olds plant. This is a key step in our long term strategy to become one of Canada’s premier licensed cannabis producers and we have an exceptional partner in the town of Olds.
Phase 1 of the facility is expected to be completed by June 2018, covering 35,000 square feet, which, when fully licensed, will produce approximately 3.8 million grams of dry cannabis per year. By the end of 2018, 30,000 square feet of additional grow space will be added to the building, bringing the total annual production capacity of Phase 1 to nearly 10 million grams. Sundial has an additional 30 acres of land adjacent to the Phase 1 building.
“Today’s announcement will be the first in a series of debt financing agreements that have been concluded and will be announced soon in conjunction with our Phase 2 and 3 modular building structures,” Hellard adds. “When fully built, the Olds plant will provide over 500,000 square feet of state-of-the-art cannabis production, employing over 650 people. ”
About Sundial Growers Inc.
Sundial Growers Inc. (“Sundial”) is a private producer of medical cannabis licensed by Health Canada and approved by the RACFM, based in Alberta. Sundial combines proven and authentic farming practices with innovative horticultural techniques to cultivate a select range of cannabis strains. Our goal is to produce consistent cannabis that our customers can trust.
Sundial currently operates an 18,000 square foot production facility in Rocky View, Alberta, and has two separate production facilities in various stages of completion and licensing. By 2020, we plan to be one of the country’s leading cannabis companies with planned production of over 100 million grams of dry cannabis and over 32 million grams of cannabis concentrate or extract.
For more information on Sundial Growers Inc., visit www.sundialgrowers.com.