ROCKY VIEW, Alberta, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Sundial Growers Inc. (“Sundial”) is pleased to announce the closing of an $11 million private debt financing arrangement that will fund the ongoing development of its flagship cannabis production facility in Olds, Alberta. This arrangement combined with private investor capital committed to date provides Sundial with the funding needed to complete Phase 1 of the Olds facility.
“We are excited that the financing for Phase 1 of our flagship facility in Olds is now fully in place”, said Sundial’s Executive Chairman, Ted Hellard. “The debt financing provides Sundial with the necessary capital to accelerate the development of our Olds facility. This is a key milestone in our long-term strategy of becoming a leading licensed cannabis producer in Canada and we have an exceptional partner in the Town of Olds.”
Expected to be completed by June 2018, Phase 1 of the facility will be 35,000 square feet, which, once fully licensed, will produce an estimated 3.8 million grams of dry cannabis annually. By the end of 2018, 30,000 square feet of additional grow space will be added to the building, bringing the annual total production capacity of Phase 1 to almost 10 million grams. Sundial owns 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 arrangements that have been completed and will be announced soon in conjunction with our Phase 2 and 3 modular construction structures”, Hellard adds. “Once fully built, the Olds facility will deliver over 500,000 square feet of leading edge cannabis production, employing over 650 people.”
About Sundial Growers Inc.
Sundial Growers Inc. (“Sundial”) is a privately held, Alberta-based Health Canada ACMPR-approved licensed producer of medical cannabis. Sundial combines tried and true heartland farming practices with innovative horticultural techniques to grow a select range of cannabis strains. Our focus is on producing 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 expect to be one of the leading cannabis companies in the country with a projected production of over 100 million grams of dry cannabis and over 32 million grams of concentrate or cannabis extract.
For more information about Sundial Growers Inc., visit www.sundialgrowers.com.