North American marijuana company TerrAscend Corp. said it closed on a $25 million commercial loan with Stearns Bank.
The Mississauga, Ontario-headquartered cannabis operator said the proceeds would be used to pay down higher interest-rate debt.
ADVERTISEMENT
The loan has an interest rate of prime plus 2.25% – currently 10.5% – and matures in December 2024.
“Our team has worked tirelessly over the last twelve months to transform our balance sheet, lower expenses, improve margins and drive positive cashflow, all while leading the industry in revenue growth,” Executive Chair Jason Wild said in a statement.
Separately, TerrAscend said it entered into a definitive agreement to acquire Hempaid, a medical marijuana dispensary in Maryland.
Hempaid does business as Blue Ridge Wellness.
The acquisition increases TerrAscend’s footprint in the state to three stores.
Adult-use sales are set to commence in Maryland on July 1.
According to the terms of the
Read full article on Marijuana Business Daily
