Cannabis Operator Deep Roots Harvest Secures $30M From Chicago Atlantic To Expand Across Nevada

Chicago Atlantic Admin acted as administrative agent on the funding of a $30 million senior secured credit facility for Deep Roots Holdings, a vertically integrated cannabis operator in Nevada. Deep Roots Holdings has a standalone cultivation and processing facility in the Silver State, runs five dispensaries and plans to open one more in Dec. 2024.

"Deep Roots is a company to watch in 2025, and it's our pleasure to take a front-row seat and support their growing investment portfolio," stated David Kite, managing partner at Chicago Atlantic. "Their team has shown operational expertise at every level, exceptional business acumen and a strong balance sheet – We couldn't be more excited to partner with them."

The capital provided by Chicago Atlantic, on behalf of its affiliated investment funds, will support Deep Roots Harvest's expansion as it takes on additional retail and cultivation assets across Nevada. In October 2024, Deep Roots Harvest acquired most of the assets of Nevada cannabis operator The Source Holdings, LLC, including four retail operations, two provisional retail licenses and one operating facility for cultivation.

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The successful move positions Deep Roots to operate 12 total dispensaries and establishes them as the market share leader in Nevada.

Keith Capurro, CEO of Deep Roots Harvest, said the company will continue its strategic growth in 2025 and beyond.

"Chicago Atlantic has quickly proven themselves as a valuable partner as we continue to invest across our portfolio of businesses," said Capurro. "With a larger balance sheet and meaningful additional borrowing capacity, we are well positioned to execute on our broader strategy."

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Photo: Courtesy of Deep Roots Harvest via Business Wire