Chicago Atlantic, others lend $30 million to Florida medical marijuana company

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Cannabis industry lender Chicago Atlantic Real Estate Finance says it led a $30 million senior secured credit facility to an unidentified vertically integrated medical marijuana company in Florida.

Chicago Atlantic said it had funded $17.5 million of its $22.5 million commitment to the company.

While saying it led the funding, Chicago Atlantic did not identify any other participants.

The Florida company will use the loan to build a new cultivation and processing facility, repay other debt and build more than 20 dispensaries over the next two years, according to a Chicago Atlantic news release issued Wednesday.

In a statement, Chicago Atlantic CEO Tony Cappell described Florida’s medical cannabis market as “attractive,” based on its limited license structure and growing patient count.

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Chicago Atlantic debuted on the Nasdaq stock exchange in December 2021.

Since then it has upsized its own loan taken out from major banks and made several loans to cannabis companies.

In its release, the Illinois-based company said it had funded roughly $109.7 million in loans since its initial public offering.