12:02 PM EDT, 07/09/2025 (MT Newswires) -- TerrAscend ( TSNDF ) on Wednesday said it closed on an upsized senior secured syndicated term loan of $79 million.

The cannabis company said proceeds were used to retire $68 million of existing debt with the remainder designated for future growth initiatives.

The loan, led by FocusGrowth Asset Management, LP, a 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.

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, said the company.

"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 Executive Chairman, Jason Wild.

The company's shares were last seen up $0.01 to $0.46 on the Toronto Stock Exchange.

Price: 0.47, Change: +0.02, Percent Change: +3.33