TerrAscend Completes $79 Million Non-Dilutive Debt Financing
Proceeds used to retire $68 million of existing debt with the remainder designated for future growth initiatives
Additional facility of up to $35 million available for strategic M&A
No material debt maturing until late 2028
TORONTO, July 09, 2025 (GLOBE NEWSWIRE) -- TerrAscend Corp. ("TerrAscend" or the "Company") (TSX:TSND, OTCQX:TSNDF), a leading North American cannabis company, today announced that the Company, together with certain entities that are consolidated by the Company (the "Consolidated Entities"), has closed on an upsize to its senior secured syndicated term loan (the "Loan") of $79 million (the "Transaction"), $68 million of which were used to retire existing indebtedness across other lenders, with the remainder designated for future growth initiatives. As part of the Transaction, an additional uncommitted term loan facility in an aggregate principal amount of up to $35 million will be available for future mergers and acquisitions ("M&A").
The Loan, led by FocusGrowth Asset Management, LP ("FocusGrowth"), a leading capital provider to the cannabis sector, carries an interest rate of 12.75%, and matures in August 2028. It contains no prepayment penalties, and is guaranteed by the Company. No warrants were issued as part of the Loan.
"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," said Jason Wild, Executive Chairman of TerrAscend. "This transaction reflects FocusGrowth's confidence in the Company's vision and strategy. Their team has been a pleasure to work with, and we look forward to a long and successful partnership together."
"Our team is excited to further our partnership with the TerrAscend team to support their growth," said Peter Bio, Partner of FocusGrowth. "TerrAscend has established itself as a market leader in multiple states with ample greenfield opportunities for growth in both new and existing markets. We have enjoyed working with the team on this transaction and are already working with management to evaluate additional opportunities."
The Transaction constitutes a "related party transaction" within the meaning of Multilateral Instrument 61–101 Protection of Minority Security Holders in Special Transactions ("MI 61–101") because Jason Wild, an insider of the Company, directly ...
