TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
Mar 7, 2019If you’re like most of us, we try to stay organized in business and life, but it gets increasingly complicated…
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The Importance of Stretching
Mar 7, 2019Every personal trainer and athletic coach I have ever worked with has stressed the importance of stretching. When working out…
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SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
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SFNet's Inaugural YoPro Leadership Summit
Mar 6, 2019The Secured Finance Network brought together the next generation of commercial finance leaders for a full day of learning and…
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It’s a Marathon, Not a Sprint
Aug 22, 2018I was recently invited to participate in an executive panel to answer questions from a credit training class comprised of...
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It’s Not Too Late – Five Member Benefits to Cash In On Now
Aug 1, 2018As we hit the half way mark on calendar year 2018, it is a good time to take stock and…
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It’s Time To Break Up With Your Phone
Jul 18, 2018Do I have your attention? Let’s be honest here: do you have the attention span to read this article? Compared…
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Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
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Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
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How to be a Good Leader
Dec 5, 2017I know what you’re thinking…another article about how to be a good leader? The short answer is yes…but this time,…
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
Oct 30, 2017The fintech sector has gone through a number of manifestations in the past two decades.
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A Commercial Banker’s Tickler Transition Plan
Oct 18, 2017Just do a keyword search for “bank tickler,” and you’ll quickly realize that banks are still heavily reliant on manual…
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
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Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
Feb 7, 2017How many times have you come across a potential client who’s financials are either not up to date, not accurate,…
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
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April 10, 2024
Source: PR Newswire
CHICAGO, April 8, 2024 /PRNewswire/ -- Chicago Atlantic has deployed a $20 million facility in senior secured financing to Nova Farms, a fully integrated cannabis operator managing a Massachusetts cultivation farm, seven retail brands, and five full-service dispensaries across Massachusetts, Maine, and New Jersey.
Chicago Atlantic's capital investment will support Nova Farms' efforts to expand its footprint of dispensaries in key states, including New Jersey, a burgeoning market that has earned more than $1.3 billion since the beginning of adult-use cannabis sales in April 20221, and Connecticut, which legalized adult-use cannabis in January 2023 and saw $274 million in revenue in its first year2.
Nova Farms was among the first to secure licenses in Massachusetts upon the state's legalization of adult-use cannabis back in 2016. Its new openings to date have shown a consistent track record of growth and profitability. This trajectory solidifies Nova Farms' rising prominence in the cannabis industry, positioning the company for unparalleled success in the evolving market.
"Nova Farms has demonstrated its ability to operate successfully and identify attractive opportunities to accelerate its progress. 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," said Peter Sack, Partner at Chicago Atlantic.
With the legal U.S. cannabis industry expected to reach nearly $40 billion in 20243, Nova Farms and other multi-state operators are experiencing increased demand for high-quality retail products and convenient points of purchase. As Nova Farms continues to meet this demand, they invite equity investors to join them in their journey of expansion and innovation.
"Our partnership with Chicago Atlantic marks a new chapter in our longstanding contributions to the industry. We are extremely proud of our ability to control quality and efficiency in each element of our supply chain. It's an honor to have a financial partner who believes in our integrated approach working directly with our team to chart a roadmap for realizing our goals," said Derek Ross, CEO of Nova Farms. This collaboration not only accelerates Nova Farms' strategic plans but also ensures its competitive edge as a leader in the cannabis market.
The next Nova Farms retail opening is planned for late 2024. This expansion reflects Nova's commitment to enhancing accessibility to quality cannabis products and reinforces their vision for a future where Nova Farms is synonymous with excellence in the cannabis industry. For those interested in contributing to Nova's growth, please contact Blair Fish, COO, for more details.
1 NJ.gov, March 2024.
2 NBC Connecticut, December 2023.
3 Statista Market Insights, April 2024.
About Chicago Atlantic
Chicago Atlantic is a private market investment manager focused on alternative industries and companies where demand for capital exceeds traditional supply. Founding Partners John Mazarakis, Tony Cappell and Andreas Bodmeier established Chicago Atlantic in 2019 to provide capital solutions to state-licensed cannabis operators. The firm's private investment strategies have grown to include opportunistic credit, private equity and impact investing with focuses on loans to esoteric industries, specialty asset-based loans, liquidity solutions and growth and technology finance. Chicago Atlantic has made over $2 billion in credit and equity investments to date. Chicago Atlantic's team of over 75 professionals has offices in Miami, Florida and Chicago, Illinois. For more information on Chicago Atlantic's financing products, visit chicagoatlantic.com.
About Nova Farms
Nova Farms was established by a group of cannabis entrepreneurs which burgeoned into an organized group of industry pioneers. The business began with several licenses and a farm in Massachusetts, and currently includes adult-use cannabis retail brands and full-service dispensaries in Massachusetts (Attleboro, Dracut and Framingham), Greenville, Maine and Woodbury, New Jersey. For more information, visit NovaFarms.com.
Press Contact
Alise M. Edgcomb
Managing Director, Public Relations
(419) 202 – 3988
aedgcomb@chicagoatlantic.com
Derek Ross
CEO, Nova Farms
(508) 212 – 4490
derek@novafarms.com
