Canopy Rivers Inc. portfolio company, TerrAscend Corp has a loan financing arrangement with Canopy Growth Corporation
Canopy Rivers Inc. portfolio company, TerrAscend Corp. ("TerrAscend"), today announced that TerrAscend's wholly owned subsidiary, TerrAscend Canada Inc. ("TerrAscend Canada") has entered into an C$80.5 million loan financing arrangement with Canopy Growth Corporation pursuant to a secured debenture. In connection with the loan, TerrAscend has issued 17,808,975 common share purchase warrants to Canopy Growth.
"This additional capital is a vote of confidence in TerrAscend Canada's ability to execute on its strategic mandate for both domestic and international markets," said Narbe Alexandrian, President and Chief Executive Officer, Canopy Rivers
"We believe the TerrAscend team is well-positioned through their resources and network to continue to take advantage of opportunities in regulated jurisdictions. We are also pleased with Canopy Growth's continued support of our portfolio companies."
The net proceeds are expected to be used by TerrAscend Canada for general corporate purposes and the funding of its Canadian operations, its Arise Bioscience U.S. hemp division, international expansion, and the repayment of indebtedness. The funds cannot be used, directly or indirectly, in connection with or for any cannabis or cannabis-related operations in the United States, unless and until such operations comply with all applicable laws of the United States.
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