Sundial Growers signs deal to make stalking horse bid for Zenabis Group

The Canadian Press

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2 weeks ago

1 minute read

CALGARY — Sundial Growers Inc. has agreed to make a stalking horse bid to acquire cannabis grower Zenabis Group, which obtained court protection from creditors last week.

The agreement will set a minimum acceptable bid for the Zenabis Group’s business and assets.

Zenabis Group, a wholly owned subsidiary of cannabis company Hexo Corp., is restructuring under the Companies’ Creditors Arrangement Act.

In December 2020, Sundial announced the acquisition of an investment which owned $58.9 million in Zenabis Group senior secured debt. The outstanding unpaid principal was $51.9 million as of June 16, 2022.

The assets covered by the agreement Monday include an indoor growing facility in Atholville, N.B., with an annual production capacity of approximately 46,000 kilograms of dried cannabis and 15,000 kgs of extraction capacity.

The agreement also includes a decommissioned indoor facility in Stellarton, N.S., that was used as a packaging, processing, and value-added cannabis product manufacturing facility.

“We are committed to creating continuity for the Zenabis Group’s operations and employees and assisting Zenabis in good faith with its restructuring,” Sundial CEO Zach George said in a statement.

This report by The Canadian Press was first published June 20, 2022.

Companies in this story: (TSX:HEXO)

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Alberta

Alberta extends electricity rebate program until December at a cost of about $600M

Published on July 6, 2022

The Canadian Press

Edmonton – The Alberta government says it will extend its electricity rebates until the end of the year as the cost of living continues to rise.

Dale Nally, who’s the associate minister of natural gas and electricity, says the United Conservative government is doubling the rebate to help reduce the financial burden on Albertans.

The government says the electricity rebate program will now offer about $600 million in relief through 2022.

It says the program will provide nearly two million homes, farms and small businesses with a monthly $50 bill credit each month from July until December.

The government says it will also provide a natural gas rebate to millions of Albertans starting in October, which will continue until March 2023 if prices remain high.

Last week, Finance Minister Jason Nixon announced a $3.9-billion surplus for the 2021-22 fiscal year ending March 31.

This report by The Canadian Press was first published July 6, 2022.

Alberta

Telus Corp. marks opening of Telus Sky in downtown Calgary

Published on July 6, 2022

The Canadian Press

CALGARY — Telus Corp. marked the opening of its new 60-storey Calgary headquarters on Wednesday.

The new $400-million skyscraper, Telus Sky, has been in development for nine years and is now the third-tallest building in downtown Calgary. It features 750,000 square feet of office and retail space as well as 326 rental homes.

The building’s eye-catching design, by architects Bjarke Ingels Group (BIG) and Dialog, along with developer partner Westbank and Allied, starts with a rectangular floorplate and then gradually twists as it rises.

Integrated into the facade of Telus Sky is Canada’s largest public art display. “Northern Lights” by Canadian author and artist, Douglas Coupland, creates a light show across the building’s exterior.

Telus Sky will be home to more than 1,600 Telus employees. It joins TELUS Garden in Vancouver, TELUS Harbour Toronto, TELUS House Ottawa, and Place TELUS Québec as one of the company’s LEED (Leadership in Energy and Environmental Design) Platinum-certified buildings.

Among the building’s environmental features is a storm water management system that recycles rainwater for use in washroom toilets, reducing the building’s municipal water demand by 70 per cent.

This report by The Canadian Press was first published July 6, 2022.

Companies in this story: (TSX:T)

Amanda Stephenson, The Canadian Press