Chicago Atlantic Real Estate Finance, Inc. Funds Senior Secured Credit Facility to MEDfarms

Rhea-AI Summary

Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) has announced a senior secured credit facility for MEDfarms LLC, a leading cannabis operator in Michigan. This partnership aims to bolster MEDfarms' balance sheet and expand its market share. The funding will enable MEDfarms to open more locations, launch new products, and strengthen vendor and customer relationships. MEDfarms has established itself with four dispensaries and strong brands like "HYMAN" and "Chill Medicated." This collaboration highlights Chicago Atlantic's commitment to the cannabis sector and strategic growth for both companies.

Positive

• Facilitated a senior secured credit facility for MEDfarms, enhancing its financial stability.
• MEDfarms plans to expand operations, potentially increasing future revenues.
• The partnership may strengthen Chicago Atlantic's portfolio in the cannabis space.

Negative

• None.

CHICAGO, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic”), announced today it acted as sole lender on a new senior secured credit facility for MEDfarms LLC (“MEDfarms”), a vertically integrated operator in Michigan.

“We are extremely excited to support Brandon and MEDfarms, provide accretive capital to strengthen MEDfarms’ balance sheet, and increase the company’s market share in Michigan. MEDfarms has proven itself as a best-in-class operator in Michigan, with superior branding, best-in-class cultivation, and dispensaries that have a loyal following in a competitive market,” said Tom Miles, Vice President at Chicago Atlantic. “MEDfarms has a strong management team, brand, and operations and this capital will support the company’s continued growth and expansion in Michigan.”

Brandon Dabish, Founder of MEDfarms, said, “We are very excited to continue our strategic growth plan into 2022 with Chicago Atlantic as our financial partner. With Chicago Atlantic’s assistance, MEDfarms will be able to open more locations, release new products, establish new vendor and customer relationships, and expand our footprint into other states. Obtaining key lending relationships in the cannabis industry can be very difficult, that is why we are so excited to establish this new partnership with Chicago Atlantic by our side.”

About MEDfarms

Based in Central Michigan, MEDfarms has four retail dispensaries, two cultivation facilities, and two production facilities, making it among the more established vertically integrated players in Michigan. The MEDfarms family of companies operate under the names “Hashish Boys”, “Fire Creek” and “Dispo”. MEDfarms award-winning brands include “HYMAN”, “Chill Medicated”, and “Covert Cups”, among many more, which MEDfarms distributes through its network to hundreds of dispensaries across the State. MEDfarms specializes in creating and distributing innovative brands and products.

About Chicago Atlantic Real Estate Finance, Inc.

Chicago Atlantic Real Estate Finance, Inc. is a commercial real estate finance company that trades on NASDAQ under the symbol REFI and manages a diversified portfolio of real estate credit investments in the cannabis space and is actively investing across the value chain. The Company’s senior management team has over 100 years of combined experience in real estate credit, direct lending, real estate acquisitions and development, investment advice, risk management and consulting. The Company’s website is available at https://investors.refi.reit/.

Forward Looking Statements

This press release contains forward-looking statements and information relating to REFI that are based on the beliefs of management as well as assumptions made by, and information currently available to management. When used in this press release, words such as “may,” “will,” “should,” “could,” “intend,” “potential,” “continue,” “anticipate,” “believe,” “estimate,” “expect,” “plan,” “target,” “predict,” “project,” “seek” and similar expressions as they relate to the Company are intended to identify forward-looking statements. These statements reflect management’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements.

Any forward-looking statements contained in this communication are based on assumptions that the Company believes to be reasonable as of this date. Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Contact Information:

For financing inquiries regarding Chicago Atlantic, please contact:
Thomas Miles
Vice President
Chicago Atlantic Real Estate Finance, Inc.
(847) 373-5804
tmiles@chicagoatlantic.com

For media and investor inquiries regarding Chicago Atlantic, please contact:

Investor Relations
Chicago Atlantic Real Estate Finance, Inc.
ir@chicagoatlantic.com
(312) 809-7002

FAQ

What is the recent partnership announced by Chicago Atlantic (REFI)?

Chicago Atlantic announced a senior secured credit facility for MEDfarms LLC to support its growth in Michigan.

How will the funding from Chicago Atlantic (REFI) impact MEDfarms?

The funding will allow MEDfarms to open more locations, launch new products, and establish additional vendor relationships.

What are the key brands of MEDfarms in Michigan?

MEDfarms operates under brands such as 'HYMAN', 'Chill Medicated', and 'Covert Cups'.

What is the significance of the credit facility for Chicago Atlantic (REFI)?

The partnership with MEDfarms strengthens Chicago Atlantic's investments in the cannabis sector and supports its growth strategy.

When was the credit facility announced by Chicago Atlantic (REFI)?

The credit facility announcement was made on January 3, 2022.