Calgary-based Sundial Growers Inc. is investing $22 million into a cannabis edibles producer in London, Ont.
Zach George, CEO of Sundial Growers, the strategic investment with Indiva Limited could broaden the company’s exposure to the edibles market.
Indiva hopes to use the proceeds of the deal to retire its outstanding debts.
“The capital from this investment significantly improves Indiva’s balance sheet, expands our working capital, and provides the resources necessary to support strong growth in our business,” said Niel Marotta, President and CEO of Indiva, in a statement.
“Indiva will now have the ability to make additional capital investments, primarily into automation, which will drive higher throughput and profitability, while ensuring our product quality maintains the best-in-class standard our customers and clients depend upon.”
Sundial and Indiva intend to complete the Investment on or about Feb. 23.
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