SunStream Opportunities LP, an affiliate of SunStream Bancorp Inc., a joint venture sponsored by SNDL Inc. SNDL, announced the closing of a $10 million bridge term loan to Surterra Holdings Inc. d.b. Parallel SunStream anticipates that it will announce its investment in Parallel in the first quarter of 2023, as a result of a partnership between a Parallel Brands and certain affiliates.
SunStream financed the interim bridge loan. The interim bridge loan's funds will be used for general working capital purposes. The interim bridge loan will be provided on a super-priority basis with a 16% annual interest rate that will be due in January 2023.
Parallel is a privately held, vertically integrated cannabis company. Parallel has operations in five medical and adult-use markets under the retail brands of Surterra Wellness in Florida, Goodblend in Texas and Pennsylvania, New England Treatment Access NETA in Massachusetts, and a joint venture with the Cookies retail brand in Nevada. Parallel operates 50 store locations, and manufacturing and cultivation sites across the United States.
SunStream is a joint venture between SNDL and the SAF Group that leverages a strategic financial and operational partnership to target attractive risk-return opportunities in the cannabis industry in order to provide exposure to a broad portfolio of investments. SunStream has provided over $400 million in loans to state licensed cannabis operators in the US, which include several multi-state operators over the last two years.
Get your daily dose of cannabis news on Benzinga Cannabis.