Verano Holdings, a leading multi-state cannabis company, entered into an amendment to its existing credit agreement for additional funding of US$120 million with an 18-month maturity. The amendment brings the total outstanding senior secured term loans under the credit facility to US$250 million. The incremental credit provides non-dilutive funding of US$120 million, at an annual interest rate of 8.50%, with an option for an additional US$100 million term loan at the same non-dilutive rate.

Chicago Atlantic Advisors is the lead administrative agent and collateral agent, with participation from AFC Gamma, Inc. Closing on the foregoing transaction is subject to customary conditions, contingencies, and approvals.

“Disciplined capital stewardship has always been a focal point for Verano and a key driver of our signature bottom-line performance,” said George Archos, Verano Founder and CEO. “Following the significant growth we delivered over the past two reported quarters, upsizing our credit facility supports further execution of our strategic growth plans and continued value creation for our shareholders. In partnership with Chicago Atlantic, and leveraging Verano’s strong fundamentals, we’ve again lowered our cost of capital on a non-dilutive basis. This transaction dovetails with our short- and long-term objectives to remain acquisitive and expand the Verano platform in both new and existing markets.”

John Mazarakis, Partner of Chicago Atlantic, added, "It’s been exciting to see Verano’s continued execution on its strategic vision, and we welcomed the opportunity to expand our partnership. The improved terms of the increased credit facility reflect Verano’s fundamental strengths and impressive operating performance. A steadfast commitment to profitable growth has always set Verano apart, and that was a key driver of this credit facility carrying one of the lowest costs of capital to-date in the cannabis industry.”