SNDL Inc (NASDAQ:SNDL), a prominent player in the cannabis industry, has been making headlines with its aggressive loan-to-own strategy. As explained in a recent newsletter from Viridian Capital Advisors, this approach involves acquiring secured debt from cannabis companies, pressuring them into bankruptcy and then using their debt holdings to bid for ownership of these companies’ assets. This method has allowed SNDL to expand its influence and control within the industry, leveraging both its lending arm and operational expertise to take over distressed businesses. Recent Moves With Delta 9 On May 24, 2024, Delta 9 Cannabis revealed that it had received a demand letter from SNDL for the repayment of its 10% Senior Secured second lien convertible debentures, amounting to approximately $10 million. Delta 9 responded by stating that it was not in payment default on the notes, although the issue of potential covenant violations ...