On July 9, 2025, TerrAscend Corp., a leading North American cannabis company, finalized a US$79 million (approximately C$108 million) upsize to its senior secured syndicated term loan led by FocusGrowth Asset Management, LP. The proceeds were primarily used to retire US$68 million (approx. C$93 million) in existing debt, with the balance allocated for future growth initiatives. In addition to the upsized loan, an uncommitted term loan facility of up to US$35 million (approx. C$48 million) and a US$4 million (approx. C$5.5 million) delayed draw term loan have been made available, bringing total potential funding to US$258 million (approx. C$353 million).

The loan carries a 12.75% interest rate, matures in August 2028, has no prepayment penalties, and was issued without warrants. It is guaranteed by the company. The transaction qualifies as a “related party transaction” under MI 61–101 due to insider Jason Wild’s US$1.6 million (approx. C$2.2 million) investment as a member of the lending syndicate. However, it was exempt from formal valuation and minority approval due to the low relative value of the insider’s stake.

Cassels acted as Canadian legal counsel to TerrAscend. The financing strengthens TerrAscend’s strategic position by extending its debt maturity profile and supporting its M&A and expansion plans across core U.S. markets and Canadian operations.