TerrAscend Corp., a Canadian-headquartered cannabis operator with U.S. assets, has closed on a $140 million senior secured term loan from FocusGrowth Asset Management, a leading capital provider to the marijuana sector, and other members of a loan syndicate.
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According to a news release, the loan:
Carries an interest rate of 12.75%. Matures in August 2028. Contains no prepayment penalties. Is guaranteed by TerrAscend.
The loan will be made in two parts:
The first disbursement of $114 million will go to TerrAscend’s operations in California, Maryland and Pennsylvania. The company used the funding to retire debt at its Pennsylvania operations. If money is left over, it will be used for “potential M&A transactions focused on geographic expansion,” according to the
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