Marijuana multistate operator TerrAscend Corp. has completed $79 million in debt financing as it exits the Michigan market.
According to a Wednesday news release, $69 million of the loan was used to retire existing debt, with the remainder to be used for future growth initiatives.
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The loan, led by New York-based FocusGrowth Asset Management, has a 12.75% interest rate and matures in August 2028.
“This loan extends the vast majority of our debt until late 2028 and provides additional capital to execute on our growth initiatives, including M&A,” TerrAscend Executive Chair Jason Wild said in a statement.
“This transaction reflects FocusGrowth’s confidence in the company’s vision and strategy.”
Earlier this month, TerrAscend, which has offices in New York and Toronto, said it
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