SPAC Greenrose Acquisition Corp. Gets $130 Million Funding
Greenrose Acquisition Corp. Acquires $130 million from SunStream Bancorp
Finance

Cannabis SPAC Greenrose Acquisition Corp. Gets $130 Million In Funding From SunStream Bancorp

Greenrose Acquisition Corp. Acquires $130 million from SunStream Bancorp
Finance

Cannabis SPAC Greenrose Acquisition Corp. Gets $130 Million In Funding From SunStream Bancorp

Author James Jones
Published Aug 09, 2021
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Marijuana industry Special Purpose Acquisition Company(SPAC) Greenrose Acquisition Corp., announced it has reached agreements for up to $103 million in funding from Sunstream Bancorp. In a news release, Greenrose said, “Sunstream’s investment comprises $78 million in a multi-tranche senior secured loan facility and $25 million in unsecured convertible notes.” Alberta-based Sunstream is a joint venture between two Canadian businesses, marijuana company Sundial Growers and Canadian investment management firm SAF Group.

The new financing is likely to leave Greenrose with as much as $276 million to fund its growth strategy. Greenrose might even raise more capital via a private placement of unsecured convertible notes and common shares said the company. Greenrose CEO Mickey Harley said, “We are grateful for the support of our lenders and investors as we continue to work towards closing our business combination.”

They continued, “This additional capital gives us greater flexibility to execute on our growth objectives, and we will remain focused on creating value for our shareholders as we transition to an exciting and dynamic operating company.” Harley concluded, “Importantly, this investment from and partnership with SunStream is both financially and strategically advantageous to Greenrose, both Greenrose and SunStream are aligned in closing our business combination and continuing the growth of Greenrose.” This merger and acquisition will allow both parties to benefit from this business move and elevate their brands. It also benefits all the cannabis consumers in the U.S. and Canada who need good weed to fill their blunt wraps.

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