An earlier version of this report had the wrong dollar total in the header. It has been corrected.
Canadian cannabis company Sundial Growers Inc. SNDL,
said Wednesday it has completed the purchase of a special purpose vehicle for C $ 58.9 million ($ 46 million) in cash, which it funded using its available cash reserves of C $ 110 million. The special purpose vehicle holds C $ 58.9 million of senior secured debt issued by Zenabis Investment Ltd, a unit of Zenabis Global Inc. The loan pays interest at a rate of 14% per annum and expires on March 31, 2025. Zenabis will also pay Sundial a royalty based on quarterly sales of its medical, recreational and wholesale cannabis businesses. US-listed Sundial shares, which were once worth $ 1 billion, closed at 46 cents on Tuesday.