TerrAscend Corp. (CSE) (OTCQX: TRSSF) entered into a CAD 125.5 million debt settlement agreement with Canopy USA, LLC on December 9, 2022. The settlement involved converting loans and accrued interest into 24,601,467 exchangeable shares at CAD 5.10 per share and 22,474,130 new common share purchase warrants with a weighted average exercise price of CAD 6.07. The transaction, which improved TerrAscend's balance sheet and reduced annual interest expenses by approximately USD 10 million, also increased Canopy USA's conditional ownership in TerrAscend from 12.0% to 18.2%. Assuming the exercise of the new warrants, Canopy USA's ownership could rise to approximately 23.4% on a partially-diluted basis. Bennett Jones LLP advised TerrAscend, while Cassels Brock & Blackwell LLP advised Canopy USA.