The Bank of Montreal, the Canadian Imperial Bank of Commerce and Concentra Bank amended PharmHouse’s syndicated credit facility to provide an additional $10 million of secured debt financing. BMO acted as agent and lead lender for the facility.

Pursuant to the amendment and as part of the increase to the credit facility, the date that required principal repayments under the credit facility are to begin was pushed out one year to March 31, 2021. Additional amendments include an increase to interest rate spreads of 25 basis points and an increase to the company’s limited guarantee by $10 million, commensurate with the increase to the credit facility.

PharmHouse is a 49%-owned joint venture of Canopy Rivers, a venture capital firm specializing in cannabis.

“This incremental debt financing, which comes at a time of significant constraint in capital markets generally, is a testament to the momentum that our joint venture has been building for the past two years,” Eddie Lucarelli, CFO of Canopy Rivers, said. “We believe that it signifies the growing confidence that leading financial institutions have in the quality of the cultivation platform that has been built, the expertise of our partners and PharmHouse’s long-term role in the global cannabis sector.”