Marijuana lender Chicago Atlantic increases credit facility to $65 million

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Marijuana industry real estate lender Chicago Atlantic Real Estate Finance increased the size of its revolving credit facility by $20 million to $65 million.

Chicago Atlantic had already increased the size of the revolving credit facility from $10 million to $45 million in December.

The Illinois-based company announced in a Thursday news release that its financing subsidiary boosted the maximum size of the loan.

The credit facility is from two unspecified FDIC-insured banks, with one bank committing $42.5 million and the other committing $22.5 million, according to a regulatory filing.

The loan still matures in December 2023 with an option for a one-year extension.

It carries a floating interest rate of up to 1.25% over a prime rate of no less than 3.25%.

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“The company expects to use the available borrowing base from the revolving loan to fund additional loans and for general corporate purposes,” Chicago Atlantic said in the release.

Chicago Atlantic shares trade as REFI on the Nasdaq.