Chicago Atlantic lends $20 million to Nova Farms cannabis operator

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Cannabis industry lender Chicago Atlantic issued a $20 million loan to Massachusetts-based multistate operator Nova Farms.

The senior secured financing will be used to expand in Connecticut and New Jersey, according to a news release.

Nova Farms already operates a cultivation facility in Massachusetts, seven retail brands and five retail outlets in Maine, Massachusetts and New Jersey.

“Nova Farms has demonstrated its ability to operate successfully and identify attractive opportunities to accelerate progress,” Peter Sack, a partner at Illinois-based Chicago Atlantic, said in a statement.

“We have every confidence in their plans to open additional locations across the Northeast, which will support their mission to increase safe and positive accessibility,”