Ontario Retail Cannabis Deal
August 27, 2025
by an intermediary from University of Alberta in Toronto, ON, Canada
Hey everyone! Looking for structuring advice on a cannabis retail deal in Ontario.
I’m brokering a transaction where debt financing is being provided to acquire cannabis retail stores (RSAs). The borrower is the licensed operator (ROL holder).
The challenge is enforcement on default. Standard GSA remedies are limited since lenders can’t legally take possession of the ROL or RSAs.
For those who’ve structured private debt in regulated sectors: What security structures or contractual protections have you seen work to de-risk capital and ensure recovery when licenses can’t be directly pledged or transferred?
Also open to recommendations for legal teams with strong M&A experience in the Ontario cannabis market.
Appreciate any real-world insights.
from Queens University in Toronto, ON, Canada