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TerrAscend Canada Announces C$80.5 Million Financing Arrangement With Canopy Growth Corporation
TerrAscend Canada Announces C$80.5 Million Financing Arrangement With Canopy Growth Corpor...
About this update from Terrascend Corp.
[{"type":"text","content":"\n\n\n\nTerrAscend Canada Announces C$80.5 Million Financing Arrangement With Canopy Growth Corporation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 11, 2020\n\n\n\nTORONTO, March 11, 2020 /CNW/ - TerrAscend Corp. (\"TerrAscend\") (CSE:TER, OTCQX: TRSSF), today announced that  TerrAscend Canada Inc. (\"TerrAscend Canada\"), its wholly owned subsidiary, has entered into a loan financing arrangement  with Canopy Growth Corporation (\"Canopy Growth\" ) (TSX:WEED, NYSE:CGC) in the amount of C$80.5 million (the \"Loan\") pursuant to a secured debenture (the \"Debenture\").  In connection with the funding of the Loan, TerrAscend has issued 17,808,975 common share purchase warrants to Canopy Growth (the \"Warrants\"). \n\n \n \n \n \n \n \n\n \nCanopy Growth initially invested in TerrAscend in November 2017 alongside funds managed by TerrAscend Chairman Jason Wild. TerrAscend has achieved considerable milestones since Canopy Growth initially invested, including becoming the first cannabis company licensed for sales in Canada, the United States, and Europe.  Additionally, TerrAscend has expanded its capabilities and portfolio to include domestic and international cultivation, processing and distribution facilities; a growing retail footprint; and best-in-class brands, such as The Apothecarium and Ilera.  \n\"TerrAscend has proven its ability to thrive in the global cannabis industry and this loan is a strong signal that Canopy Growth is confident in their ability to execute over the long term,\" said David Klein, CEO, Canopy Growth. \"We are encouraged by TerrAscend's strong performance and we view the team's experience as an important contributor to its continued success.\"\n\"We are pleased to receive this loan from Canopy Growth as we enter the next stage of TerrAscend's growth and expansion,\" said Jason Ackerman, Executive Chairman and Interim CEO. \"The Canopy Growth team recognizes our operational and management expertise, and this financing allows us to continue to fund and execute on our Canadian, U.S. hemp a...