CIBC and Bank of Montreal complete C$65M financing to Cronos Group
January 23, 2019
65.00 Million CAD
On January 23, 2019, Cronos Group Inc. entered into a credit agreement with Canadian Imperial Bank of Commerce ("CIBC"), as administrative agent and lender, and Bank of Montreal, ("BMO") as lender, in respect of a C$65 million secured non-revolving term loan credit facility. Cronos intends to use the funds from the credit facility to repay its existing loan facility with Romspen Investment Corporation and for general corporate purposes.
Cronos Group is a Toronto-based cannabis company with a presence across five continents. It operates two wholly-owned Canadian licensed producers including Peace Naturals Project Inc., the first non-incumbent medical cannabis license granted by Health Canada.
McCarthy Tétrault LLP advised CIBC and BMO with a team led by Justin Lapedus that included D.J. Lynde, Vanessa Chung and Eric Frydrych (Financial Services), Robert Hansen (Corporate and M&A), Conrad Rego, Sarit Pandya and Robyn Cooper (Real Property & Planning), Ranjeev Dhillion (Cannabis), Ana Badour (Regulatory) and Stefanie Morand (Tax).