On August 2, 2024, TerrAscend Corp. (TSX: TSND, OTCQX: TSNDF), a leading North American cannabis company, closed a C$190 million (US$140 million) senior secured term loan from funds managed by FocusGrowth Asset Management, LP and other loan syndicate members. The loan was structured with an initial draw of C$158 million (US$114 million) for its Pennsylvania, Maryland, and California operations, followed by a second draw of C$36.1 million (US$26 million) expected in September 2024 for its Michigan operations. The loan carries a 12.75% interest rate, matures in August 2028, and has no prepayment penalties. No warrants were issued as part of the loan.

Proceeds from the initial draw were used to retire existing debt in Pennsylvania, with the remaining funds earmarked for potential mergers and acquisitions aimed at geographic expansion. The second draw will retire debt in Michigan. This financing move was strategically important for TerrAscend, strengthening its balance sheet and providing financial flexibility for growth. Executive Chairman Jason Wild emphasized the positive impact on the company's growth strategy and highlighted the confidence shown by lenders in TerrAscend's vision.

The transaction included a C$10.41 million (US$7.5 million) investment from Jason Wild, marking it as a "related party transaction" under Multilateral Instrument 61–101. TerrAscend relied on specific exemptions due to the fair market value being below 25% of the company’s market capitalization. Ventum Capital Markets served as the exclusive financial advisor for this transaction.