Chicago Atlantic Real Estate Finance Funds $30 Million Senior Secured Credit Facility to Single-State Cannabis Operator in Florida

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[{"type":"text","content":"CHICAGO, March 16, 2022 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (\"Chicago Atlantic\" or the “Company”), a commercial real estate finance company, announced today it led a $30 million senior secured credit facility to a private, vertically integrated, single-state cannabis operator in Florida. At closing, Chicago Atlantic funded $17.5 million of its total $22.5 million commitment. The facility will fund a new cultivation and processing facility in Florida that is expected to be fully operational early this year, repay existing indebtedness and build out over 20 dispensaries during the next two years. Tony Cappell, Chief Executive Officer at Chicago Atlantic, noted, “This is a new relationship with a management team that has considerable experience in cannabis operations, and we are pleased to help facilitate their growth plans in such an attractive market. Florida has one of the more limited and unique cannabis license structures in the country along with a rapidly growing patient population and favorable legislative environment. We look forward to building on our reputation as the lender of choice in this market.” Since completing its initial public offering in December 2021, Chicago Atlantic has funded a total of $73.6 million of principal under 7 new loans and credit facilities to 6 separate operators as well as an additional $36.1 million of principal to existing borrowers under current credit facilities in 18 states for total loan fundings of approximately $109.7 million. About Chicago Atlantic Real Estate Finance, Inc.Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-leading mortgage REIT utilizing significant real estate, credit and cannabis expertise to originate senior secured loans primarily to state-licensed cannabis operators in limited-license states in the United States. Chicago Atlantic intends to elect and qualify to be taxed as a REIT under Section 856 of the Internal Revenue Code of 1986 and is managed by Chicago Atlantic REIT Manager, LLC. Forward-Looking Statements This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, regarding future events and the future results of the Company that are based on current expectations, estimates, forecasts, projections about the industry in which th...

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