Foley Hoag LLP advised FocusGrowth Asset Management, LP (“FocusGrowth”), a leading capital provider to the cannabis sector, as agent and lender on an up to $140 million syndicated senior secured term loan facility to TerrAscend Corp., a North American cannabis company. The non-dilutive financing bears a coupon of 12.75% with a four-year term, and the proceeds will be used to refinance existing debt and for general corporate purposes. The deal was announced via a release from TerrAscend.
 
Foley Hoag attorneys Anne Seymour, Eliana Sanchez, Nick Gill, and Will Holt advised FocusGrowth in this transaction, with support from Jeff Ganguly, Kip Cawley, Jesse Alderman and Ken Leonetti. 
 
This marks the second major debt transaction in the cannabis sector on which Foley Hoag advised in recent weeks. In July 2024, Foley Hoag counseled Ascend Wellness Holdings, Inc. (“AWH"), a multi-state, vertically integrated cannabis operator, in a private placement of $235 million of its 12.75% Senior Secured Notes due 2029 (the "Notes"). AWH used the net proceeds of the Notes, together with cash on hand, to prepay $215 million of principal amounts outstanding under its existing term loan. The deal was announced via a release from AWH.

Foley Hoag attorneys Thomas Draper, Stacie Aarestad, Ryan Rourke Reed, Samita Ali-Khan, Eliana Sanchez, Sarah Moore, Emily Cain and Elijah Beal advised AWH in this transaction, with support from Kevin Conroy, Steve Bartlett, Nicholas Romanos, Teresa Martland, Alison Bauer and Bob Teoh.