Asset-based lenders closed out the week with the market’s clearest signal yet that bank appetite for clean, availability-governed collateral is expanding into previously untouchable corners of the economy. On August 7, Vireo Growth Inc. announced a $65 million five-year senior secured asset-based revolving credit facility for its non-cannabis subsidiaries, led by Bank of Montreal, priced at SOFR plus 175 to 200 basis points and expandable to $105 million through a $20 million accordion1 — pricing more typical of an investment-grade borrowing base than a cannabis-adjacent platform, and announced the same morning Vireo completed its acquisition of PharmaCann’s Colorado retail assets.2 It was BMO’s second secured-lending strike of the week, following the August 5 closing of C$40 million in senior secured facilities for cannabis retailer High Tide that refinanced second-lien debentures and credit-union debt3 — while bank groups also put $600 million behind Golar LNG’s vessel-secured revolver4 and $1.05 billion behind Avantus’ upsized corporate facility.5 The macro backdrop shifted abruptly on Friday. July nonfarm payrolls fell by 23,000 against expectations for an 83,000 gain, with government employment down 53,000 and average hourly earnings growth slipping to 3.2 percent year over year — the weakest since May 20216 — even as the unemployment rate edged down to 4.1 percent.7 With the federal funds target range held at 3.50 to 3.75 percent at the July 29 FOMC meeting8, the miss upended positioning for September 16: CME FedWatch odds of a hold jumped to 56 percent from 45 percent a day earlier as hike probabilities collapsed.9 Equities read the data as relief — the S&P 500 closed at a record 7,757.64, up 3.6 percent for the week10 — while the 10-year Treasury eased to 4.64 percent.11 For middle market lenders, the combination is potent: cheaper forward SOFR expectations, a refinancing window swinging open, and borrowers accelerating to lock in structure while bank credit committees remain aggressive. BMO Leads a $65 Million ABL for Vireo at SOFR Plus 175–200 — the Week’s Marquee Borrowing-Base Deal The Vireo facility is the week’s benchmark for how tightly banks will price a well-constructed borrowing base. The five-year revolver carries a $65 million initial commitment, expandable to $85 million and then to $105 million via a $20 million accordion, with drawn pricing at Term SOFR plus an applicable margin of 1.75 to 2.00 percent — or base rate plus 0.75 to 1.00 percent — determined by average availability, plus a 0.25 percent annual unused commitment fee. Bank of Montreal serves as administrative agent, with BMO Capital Markets as arranger and bookrunner, and the facility is secured by substantially all assets of the participating non-cannabis subsidiaries.1 “This facility marks an important milestone in the continued evolution of Vireo’s capital structure and further enhances our financial flexibility,” said Chief Financial Officer Tyson Macdonald, adding that the financing provides “an efficient and scalable source of capital to support our disciplined acquisition strategy.”1 The structure’s ring-fencing is the craft worth studying: by carving the borrowing base out of non-plant-touching subsidiaries, the lender group captured agricultural-markets collateral while insulating itself from federal cannabis exposure. Proceeds may refinance existing debt, fund working capital and capital expenditures, and finance permitted acquisitions — capacity Vireo put to work immediately with the completed PharmaCann Colorado retail purchase announced the same day.2 For asset-based lenders, the read-through is twofold: availability-based pricing grids in the high-100s are now achievable for multi-state platforms with segregated collateral pools, and banks — not just independent lenders — are willing to do the structuring work to get there. Expect sponsors and CFOs to arrive at renewal conversations quoting this print.12 High Tide’s C$40 Million BMO Package: Bank Capital Refinances Out Junior Debt Two days before the Vireo print, BMO closed C$40 million in senior secured credit facilities for Calgary-based cannabis retailer High Tide Inc. — a C$25 million committed revolving facility with a three-year maturity paired with a C$15 million committed delayed-draw term loan earmarked to refinance the company’s C$15 million second-lien debentures. A portion of the revolver repaid a C$6 million loan from ConnectFirst Credit Union, with remaining capacity available for working capital, permitted acquisitions, and permitted investments. The facilities are secured by substantially all assets of the company and certain subsidiaries, subject to customary financial covenants.3 The transaction is a clean case study in this cycle’s dominant refinancing pattern: senior secured bank capital displacing expensive junior paper. High Tide is retiring second-lien debentures and credit-union debt in a single stroke, conve