Chicago Atlantic Provides $30 Million Credit Facility to Verano Holdings, LLC
Ryan Allway
July 8th, 2020
News
CHICAGO, July 7, 2020 /PRNewswire/ — Green Ivy Capital, LLC (“Green Ivy Capital”), an affiliate of Chicago Atlantic Group, LLC (“Chicago Atlantic”), announced today it acted as sole lead arranger and administrative agent on a new $30 million senior secured term loan facility (the “Term Loan Facility”) for Verano Holdings, LLC (“Verano”). The Term Loan Facility was led by an affiliated fund of Chicago Atlantic with participation of other institutional lenders.
The Term Loan Facility is non-dilutive, has a two-year term, and loans issued under the facility will bear interest at a fixed annual rate of 15.25%. Verano will use proceeds of the loan to support working capital, organic growth, and acquisitions.
Based in Chicago, IL, Verano has a footprint in 12 U.S. states, with 14 retail locations and six cultivation and production facilities operational. Verano plans to double the number of retail locations by the end of the year and bring more cultivation and production facilities online. The company has not raised outside equity since 2018 and is cash flow and net income positive.
In making the announcement, John Mazarakis, Principal of Chicago Atlantic, noted, “We are excited to partner with Verano to support its growth plans. Their strong management team, brand, and efficient operations are exactly what we are looking for in our partners. Verano is a clear leader in the cannabis space, and the company’s unique focus profitable growth is what attracted us to this opportunity.”
George Archos, CEO of Verano, said, “We are delighted to partner with Chicago Atlantic as a financing partner who shares our vision. We look forward to working with them given their unique position in the cannabis space and ability to support our growth.”
About Chicago Atlantic Group / Green Ivy Capital
Chicago Atlantic Group, LLC (“Chicago Atlantic”) is an asset management firm specializing in direct lending and opportunistic private credit investing. Founded in 2018 by Tony Cappell, John Mazarakis, and Andreas Bodmeier, the firm seeks to capitalize on North American investment opportunities that are time-sensitive, complex, or in dislocated markets, where risk is fundamentally mispriced. Through its affiliate Green Ivy Capital, LLC, the firm manages a diversified portfolio of credit investments in the cannabis space and is actively investing across the value chain.
Contact Information:
For investor inquiries regarding Chicago Atlantic, please contact:
Tony Cappell
Principal
Chicago Atlantic Group, LLC
(414) 322-0433
tcappell@chicagoatlantic.com
For media inquiries regarding Chicago Atlantic, please contact:
Andreas Bodmeier
Principal
(312) 809-7002
243146@email4pr.com
SOURCE Chicago Atlantic Group
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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