Weil represented Sunstream USA, a joint venture of Nasdaq-listed SNDL Inc. and asset manager SAF Group, in connection with the closing of a foreclosure acquisition of certain operating assets Parallel, a privately held, Florida-based, vertically integrated, multi-state cannabis company with operations in multiple medical and adult-use markets.

As of the closing, Parallel’s outstanding funded debt obligations totalled over $1.1 billion. Following the closing of the transaction, more than 90% of the company’s total outstanding debt has been extinguished, Sunstream will own two-thirds of the acquiror’s equity, and approximately 70% of its remaining debt.

Sundial expects to be able to convert its interests into direct, consolidated holdings in the coming months, subject to applicable legal, regulatory, accounting and Nasdaq requirements, resulting in SNDL becoming one of the first Nasdaq-listed companies to have direct, consolidated exposure to U.S. medical cannabis operations.

The Weil team was led by Restructuring partner David J. Cohen and Mergers & Acquisitions partners Naomi Munz and Michael Lubowitz, and also included Banking & Finance partner Vynessa Nemunaitis and Litigation partner Luna Barrington.