TerrAscend Corp., a Canadian-headquartered marijuana multistate operator with U.S. assets, said it withdrew $26 million from its $140 million loan to pay off higher-interest debt it holds in Michigan.
An initial $114 million disbursement from the senior secured term loan was used in August to pay TerrAscend’s debt related to its Pennsylvania operations.
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The remainder was intended for “potential M&A transactions focused on geographic expansion,” according to the company’s August news release announcing the loan from marijuana capital provider FocusGrowth Asset Management and other members of a loan syndicate.
The loan, which carries an interest rate of 12.75%, matures in August 2028.
There are no prepayment penalties, and it is guaranteed by the company and TerrAscend USA.
Ventum Capital Markets was the
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