Cannabis REIT Chicago Atlantic Closes $20M Facility With Massachusetts Weed Co. That Plans To Expand In These Key Markets
Portfolio Pulse from Jelena Martinovic
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) has provided a $20 million loan facility to Massachusetts-based cannabis operator Nova Farms. This funding aims to support Nova Farms' expansion in New Jersey and Connecticut, enhancing its footprint of dispensaries. Nova Farms, which operates a cultivation farm, seven retail brands, and five dispensaries across Massachusetts, Maine, and New Jersey, plans its next retail opening for late 2024. The partnership is expected to bolster Nova Farms' position in the cannabis market by accelerating its strategic plans and ensuring a competitive edge.
April 09, 2024 | 5:18 pm
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Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) has provided a $20 million loan to Nova Farms, aiming to support the cannabis operator's expansion in New Jersey and Connecticut.
The investment in Nova Farms by Chicago Atlantic is likely to be viewed positively by investors as it demonstrates the company's active role in supporting growth in the cannabis sector. This strategic move could potentially enhance Chicago Atlantic's revenue streams and profitability in the short term, as it taps into the expanding cannabis market in New Jersey and Connecticut.
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