Cannabis-focused commercial real estate finance company Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) confirmed Thursday it has funded $10 million as the initial advance of a new $25 million senior secured credit facility to Sanctuary Medicinals LLC to support the company's retail and cultivation expansion in Florida.
Headquartered in Apopka, Florida, Sanctuary operates a premier cultivation and processing facility with five operational dispensaries and plans to open more than 18 additional locations in Florida throughout 2022.
“Sanctuary is a best-in-class operator who has proven their ability to obtain highly coveted licenses and build preeminent retail and cultivation assets at incredible speed,” said Tony Cappell, chief executive officer at Chicago Atlantic. “This financing will allow them to continue their expansion in the Florida market, creating one of the top private multi-state operators in the industry.”
Jason Sidman, CEO of Sanctuary, added, “It has been a pleasure to work with the Chicago Atlantic team. This facility will enable Sanctuary Medicinals to expand our dispensary footprint and cultivation capacity at a faster rate, in one of the most robust medicinal markets in the country.”
Since completing its initial public offering in December 2021, Chicago Atlantic has funded a total of $28.6 million of principal under five new loans and credit facilities to five separate operators as well as an additional $45.6 million of principal to existing borrowers under current credit facilities in 12 states for total loan fundings of approximately $74.2 million.
More recent news from Chicago Atlantic:
Chicago Atlantic Real Estate Extends Senior Secured Credit To Michigan's MEDfarms
Cannabis Industry Lender, Chicago Atlantic Real Estate Finance, Declares Quarterly Dividend
Marijuana Industry Lender Chicago Atlantic Debuts On NASDAQ Via $100M IPO
Price Action
Chicago Atlantic shares were trading 0.96% higher at $18.87 per share at the time of writing Thursday.
Photo: Courtesy of CRYSTALWEED cannabis on Unsplash
