09:46 AM EDT, 08/02/2024 (MT Newswires) -- TerrAscend ( TSNDF ) on Friday announced that it has closed on a senior secured term loan for gross proceeds of US$140 million from funds managed by FocusGrowth Asset Management and other members of a loan syndicate.

The loan includes an initial draw of US$114 million in gross proceeds by company entities in Pennsylvania, Maryland and California, with a second draw of US$26 million in gross proceeds expected in September by the company's consolidated entities in Michigan.

The proceeds from the initial draw were used to retire the company's existing indebtedness in Pennsylvania with the remainder available for potential M&A transactions focused on geographic expansion. The proceeds from the second draw will be used to retire the company's existing debt in Michigan.

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