representative work

Canopy Rivers’ Joint Venture PharmHouse Increases Bank Debt Facility by $10 Million

04/16/2020

On April 16, 2020, Canopy Rivers Inc. announced that PharmHouse Inc., its 49%-owned joint venture in Leamington, Ontario, amended its syndicated credit facility with the Bank of Montreal, as the agent and lead lender, and the Canadian Imperial Bank of Commerce and Concentra Bank. The amended terms provide PharmHouse with an additional $10 million of secured debt financing, extend the date that required principal repayments are to begin by one year to March 31, 2021, increase the interest rate spreads by 25 basis points and increase Canopy Rivers’ limited guarantee by $10 million.

Cassels acted for Canopy Rivers with a team that included Chuck Rich and Daniel Cipollone (Financial Services and Cannabis) and Jonathan Sherman (Business and Cannabis).