Shares of Sundial Growers Inc. (SNDL) surged 3.9% in premarket trading Monday, after the Canada-based cannabis company announced an agreement with SAF Group to form a joint venture, SunStream Bancorp Inc.
The 50/50 JV will generate investment opportunities in the cannabis industry, by providing exposure to debt, equity and hybrid investments. The first mandate of the JV is to form a special opportunities fund, with commitments from third party limited partnerships with an initial commitment of $100 million from Sundial.
"SunStream will enable Sundial to remain focused on our core operations, while leveraging the strength of SAF's private equity and credit investment expertise on a global scale," said Sundial Chief Executive Zach George.
Sundial's stock has soared 183.9% over the past three months, while the Cannabis ETF (THCX) has climbed 69.8% and the S&P 500 has gained 6.7%.
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