Cannabis REIT Chicago Atlantic Closes $20M Facility With Massachusetts Weed Co. That Plans To Expand In These Key Markets

Massachusetts-based integrated cannabis operator Nova Farms has received a $20 million loan facility from Chicago Atlantic Real Estate Finance, Inc. REFI.

Nova Farms manages a Massachusetts cultivation farm, seven retail brands and five full-service dispensaries across the Bay State, Maine and New Jersey.

It was among the first businesses to secure licenses in Massachusetts when the state legalized recreational cannabis in 2016.

See also: Cannabis REIT Chicago Atlantic’s Net Income Grows 20% YoY In 2023

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Why It Matters

Chicago Atlantic’s capital investment is expected to back Nova Farms’ efforts to expand its footprint of dispensaries in key states, namely New Jersey and Connecticut.

Derek Ross, CEO of Nova Farms, said the new partnership "not only accelerates Nova Farms’ strategic plans but also ensures its competitive edge as a leader in the cannabis market."

"We are extremely proud of our ability to control quality and efficiency in each element of our supply chain," Ross continued. "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."

What's Next

The next Nova Farms retail opening is planned for late 2024.

“Nova Farms has demonstrated its ability to operate successfully and identify attractive opportunities to accelerate its progress," said Peter Sack, partner at Chicago Atlantic. "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.”

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