NEWPORT BEACH, Calif., Oct. 12, 2022 (GLOBE NEWSWIRE) — Pelorus Equity Group (“Pelorus” or “the Company”), the leading provider of commercial real estate loans for the cannabis sector, is pleased to announce the closing of its US$45.5M debt financing agreement (the “Loan”) with TerrAscend Corp. (“TerrAscend”) (CSE: TER) (OTCQX: TRSSF), and its subsidiaries, TerrAscend NJ, LLC and HMS Hagerstown, LLC (together the “Borrowers”). TerrAscend is a leading North American cannabis operator with operations in Pennsylvania, New Jersey, Maryland, Michigan and California, as well as licensed production in Canada. Proceeds from the Loan, which closed Oct. 11, 2022, will support TerrAscend’s ongoing growth initiatives.

“With this agreement, we are excited to help fuel TerrAscend’s growth and long-term business goals,” said Dan Leimel, CEO of Pelorus Equity Group and manager of the Pelorus Fund. “Our investment and lending philosophy is focused on being honest, upfront and doing what we say we’re going to do for both our borrowers and our investors. As the demand for capital continues to increase in tandem with the growth of the cannabis industry, we plan to deliver even more innovative, flexible lending solutions and stabilized loans like this one to meet the needs of a wide range of clients, including MSOs, SSOs and ancillary businesses.”

“We are pleased to announce this non-dilutive financing at attractive terms given the current market environment,” said Jason Wild, Executive Chairman of TerrAscend. “The Pelorus team has been a pleasure to work with, delivering exactly what they promised. We look forward to a long successful partnership as we continue to grow.”

Under the terms of the agreement, Pelorus has issued a floating rate loan currently bearing interest of 12.77% based on prevailing Secured Overnight Financing Rate (SOFR), with a 2.5% SOFR floor. The duration of the Loan is 60 months, with a minimum earned interest period of 36 months. The Loan is secured by the Borrowers real estate assets in New Jersey and Maryland and is subject to customary covenants and requirements.

“We really enjoyed working with the TerrAscend team on our first deal together – they were great throughout the entire process,” said Pelorus Equity Group Managing Partner Travis Goad. “As the largest privately held commercial real estate lender in cannabis, we are seeing an increase in deals coming through our pipeline, and are strategically closing on them – even during this time of market volatility. With the longest history in the space of deploying capital successfully and seeing it returned, we spend a lot of time underwriting the company we’re working with, the real estate and the projections prior to making any loans. As more states come online and transition from medical to adult use, we remain excited about new opportunities in expanding markets like Maryland and New Jersey, and we are also closely following emerging markets like Alabama and Mississippi and will continue to look for strong sponsors, great projects and attractive markets.”

To date, Pelorus has completed 72 commercial real estate loan transactions and deployed $500+ million to cannabis businesses and real estate owners, comprising 4 million square feet in 10 states across the U.S. With the ability to approve construction draws to reimburse borrowers in an average of one-to-three days – and by way of a single agreement that covers the financing of the entire project – the Pelorus Fund helps to stabilize cash flow for clients so they can remain focused on their core business.

About Pelorus Equity Group
Pelorus Equity Group (“Pelorus”), the leading provider of commercial real estate loans for the cannabis sector, and its Pelorus Fund, a private mortgage real estate investment trust (“mREIT”), are changing the commercial real estate lending landscape in the cannabis sector. Pelorus Fund offers a range of innovative transactional solutions to address the diverse needs of real estate investors and portfolio managers, and its flexible acquisition and bridge lending programs are the direct result of the firm’s involvement in more than 5,000 transactions of varying size and complexity. Since 1991, Pelorus’ principals quickly understand an opportunity, structure a logical solution, execute a timely close and have participated in more than $5B of real estate investment transactions using both debt and equity solutions. To date, Pelorus has completed 70 commercial real-estate loan transactions and deployed more than $451 million to cannabis businesses and real estate owners, comprising nearly 4,000,000 sq. ft. in eight states across the U.S. With the ability to fund approved construction draws for reimbursement in an average of one to three days and a single agreement covering the financing of the entire project, the Pelorus Fund helps to stabilize cash flow for its clients, so they are able to remain focused on their core business goals and objectives. For more information, visit

About TerrAscend
TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, Michigan and California, licensed cultivation and processing operations in Maryland and licensed production in Canada. TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend’s cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses and brands, including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit

For further information, please contact:

Pelorus Equity Borrower/Broker Inquires:

Pelorus Fund Inquires:

Pelorus Equity Group Media Contact:
Henry Robertson

For more information regarding TerrAscend:
Keith Stauffer
Chief Financial Officer