Calgary company purchases Delta 9’s cannabis debt
A Calgary-based company has officially purchased the debt of a Manitoba-based cannabis chain.
SNDL Inc. announced on Friday it had completed the purchase of the debt held by Delta 9 Cannabia from Connect First and Servus Credit Union. According to a news release, SNDL bought the debt for $28,138,284.
“As a result of the Debt Acquisition, SNDL has become Delta 9’s senior secured creditor with a first priority security interest in all of the assets of Delta 9 and certain Delta 9 subsidiaries,” said a news release touting the sale.
Delta 9’s total debt owed to SNDL now sits at over $40 million.
Last year, the company laid off 40 workers due to struggles with its cultivation and wholesale outlets.
This is a developing story. More to come.
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