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