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Foley Hoag Represents Ascend Wellness Holdings in $210M Senior Debt Financing

August 31, 2021

Foley Hoag LLP represented Ascend Wellness Holdings, Inc. (AWH) (CSE: AAWH.U, OTCQX: AAWH), a leading multi-state, vertically integrated cannabis operator, in closing on a $210 million Senior Secured Term Loan with Seaport Global Securities LLC as lead manager. The Term Loan will bear interest of 9.5% per annum, payable quarterly in arrears, with a maturity date of August 27, 2025, and is secured by a first lien on all company assets. Subject to certain conditions of the agreement, AWH has the ability to increase the facility by up to $65 million if desired. AWH intends to use the proceeds to finance its pending investment in US cannabis retailer MedMen NY, Inc.; to support its future growth and acquisition initiatives; and to repay substantially all of its debt excluding approximately $12 million of outstanding acquisition payments with near zero interest rates. 

AWH is a vertically integrated operator with assets in Illinois, Michigan, Ohio, Massachusetts, and New Jersey. AWH owns and operates state-of-the-art cultivation facilities, growing award winning strains and producing a curated selection of products. AWH produces and distributes Ozone branded products.

Foley Hoag attorneys Thomas Draper, Eliana Sanchez, Anne Seymour and Sarah Moore represented AWH in the transaction.