Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) led a $30 million senior secured credit facility to a private, vertically integrated, single-state cannabis operator in Florida. At closing, Chicago Atlantic funded $17.5 million of its total $22.5 million commitment.
The facility will fund a new cultivation and processing facility in Florida, which is expected to be fully operational early this year, repay existing indebtedness and build out over 20 dispensaries during the next two years.
“This is a new relationship with a management team that has considerable experience in cannabis operations, and we are pleased to help facilitate their growth plans in such an attractive market,” said Tony Cappell, CEO at Chicago Atlantic. “Florida has one of the more limited and unique cannabis license structures in the country along with a rapidly growing patient population and favorable legislative environment. We look forward to building on our reputation as the lender of choice in this market.”
Since completing its initial public offering in December 2021, Chicago Atlantic has funded a total of $73.6 million of principal under 7 new loans and credit facilities to 6 separate operators as well as an additional $36.1 million of principal to existing borrowers under current credit facilities in 18 states for total loan fundings of approximately $109.7 million.