Sundial Growers (NASDAQ: SNDL) has managed a feat that few other cannabis operators have – they have managed to remove all debt from their balance sheet. The company this morning announced that it is debt-free following the repayment of a further $21.9 million of outstanding principal on its senior secured credit facility.
The announcement of the additional payment this morning follows the news last week, wherein the company had managed to pay down $50.0 million in debt. The total repayment of $71.9 million in the last week has also effectively removed $3.6 million in annual interest payments from the firms balance sheet.
The repayment of its debts now results in the firms financial restructuring being complete, following a year of selling off assets and raising funds. The company now holds a cash position of $62 million, while it currently has 840 million shares outstanding.
Sundial Growers last traded at $0.44 on the Nasdaq.
Information for this briefing was found via Sedar and Sundial Growers. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
