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Aurora Cannabis Inc. has signed a loan deal with the Bank of Montreal for up to $250 million.

Aurora chief executive Terry Booth called it the largest traditional debt facility in the cannabis industry to date.

Under the agreement, Aurora will receive a $150-million term loan and a $50-million revolving credit facility, both of which will mature in 2021.

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A short period after Ottawa’s legislation to legalize and regulate recreational marijuana comes into effect in October, the company may request an increase of up to $45 million for the term loan.

BMO will also provide up to $5 million in other credit instruments.

The debt facility will be primarily secured by Aurora’s production facilities.

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