There are a number of initiatives that are going to drive efficiencies and improvement and ultimately improve the consumer experience that are undeniable positives – but we expect a pretty slow pace of change on some of the larger items such as excise reform.
Unidentified Analyst: Got it. Thanks so much. I’ll jump back into the queue.
Operator: The next question comes from Pablo Zuanic with Zuanic & Associates. Please go ahead.
Pablo Zuanic: Good morning everyone. Zach, regarding SunStream portfolio, maybe I lost – I missed it in the presentation, but I think the fair value, it is $551 million. I don’t if you can comment about the outstanding principle – and it’s five credits, how much of that is parallel and mint. And if you can remind us what is the rest. I think in the past, you’ve given some color on that. But it’d be nice to know of the principle, how much is being equitized and how much is still outstanding, if you can give some color there? Thank you.
Zachary George: Yes. Thank you, Pablo, and good morning. Good to hear from you. So we haven’t given delineation on individual credits. You’re correct that of the five, we have three performing credits in the portfolio, two are in the process of being equitized because those capital structures need to be solidified in the restructuring itself and the fact that we are right in the midst of a review with NASDAQ. We’re going to hold off on commenting on the scale and individual valuation of those equitized credits that we expect to occur in the near-term. And when we do move forward and the NASDAQ review is completed, we expect to give significantly more transparency on the state of play with those entities, the structure and the initial valuation.
Pablo Zuanic: Thank you. And then in terms of SunStream USA, the new company you’re setting up, is the only thing pending the NASDAQ issue? Or is there any type of litigation still going on? I mean the trade press has had comments on the matter, especially around Skymint and I think in parallel, but just some color would be helpful there. Is it all done and completed and is now a matter of the NASDAQ issue? Or is there still anything outstanding? Thank you.
Zachary George: Yes. In terms of outstanding matters, the key issue for us to close is this final hurdle with the NASDAQ. There are, as you point to, there are lingering litigation issues involved in these restructurings, frustrated stakeholders pursuing different outcomes and taking action against various stakeholders, sometimes legacy stakeholders and sometimes existing creditors, which would include our SunStream group. So those are ongoing, and we’re not going to get into too much detail about current litigation, but we don’t believe that this is going to hold up our time line, any further.
Pablo Zuanic: Understood. And then if I can just add one more. I mean, obviously, Florida, we are all waiting for April 1, right? [Indiscernible] to Supreme Court there. There could be a scramble for expansion capital investments, is Surterra to some extent or Parallel how strong for the time being until this whole deal closes? Or can you help them in any way to expand if they were to make sense.
Zachary George: I would not describe either Skymint or Parallel as being hamstrung. The existing management teams are aggressively working to rightsize their business. There’s been significant improvement in their cost structures over the last two years. They have – they’re very much living in reality and the improvement in the performance of those businesses has been material. Again, we don’t have those positions consolidated. And so we’re excited about being able to provide detailed supplemental information as we complete these restructurings.
Pablo Zuanic: Okay. Thank you. If you mind I mean, I don’t know if there’s more people in the queue, but I’ll have a couple of more. So regarding the other three credits on SunStream – and I know you can’t say much there. But on the JV SunStream Bancorp. Once you set up SunStream USA and you have all these very attractive assets in Florida, Michigan and other places, you become an attractive partner to a number of people, right? So I know it’s a bit hypothetical, but the three other credits even though they maybe performing, they could still become part of the ecosystem, right? I’m saying you go even equitize it means that were to make sense that you can negotiate that. Can you make any general comments on that? Or that’s just out of a question.
Zachary George: No, it’s an astute observation. There are a number of opportunities for further consolidation in the U.S. We have been approached by a handful of parties that are very interested in gaining greater efficiencies and scale and consolidating the U.S. landscape. Those parties maybe part of the existing credit book, but there’s also a number that are outside of that group as well. So there are a number of broader discussions that get had from time to time. If something material were to arise, it would certainly be disclosed. And until then, we’re really focused internally on improving performance within our platform, but do expect at the margin that consolidation and M&A opportunities will arise over the next 12 to 24 months.
Pablo Zuanic: And very last one, I mean, obviously, there’s a lot of focus on the U.S., but this Friday, we may have some good positive news out of Germany with the [indiscernible] decision. When people are asking about Canadian companies and exposure they had to go till we talk about Aurora and others, of course, and [indiscernible] continues to make inroads there. What can we say about SNDL in terms of their current position in front of European opportunities or the plans that you may have? Thank you. That’s all.
Zachary George: I’m going to have Tyler just comment on the current state of play in international and related opportunities.