Cannabis industry lender Chicago Atlantic issued a $20 million loan to Massachusetts-based multistate operator Nova Farms.
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The senior secured financing will be used to expand in Connecticut and New Jersey, according to a news release.
Nova Farms already operates a cultivation facility in Massachusetts, seven retail brands and five retail outlets in Maine, Massachusetts and New Jersey.
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“Nova Farms has demonstrated its ability to operate successfully and identify attractive opportunities to accelerate progress,” Peter Sack, a partner at Illinois-based Chicago Atlantic, said in a statement.
“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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