Massachusetts-based integrated cannabis operator Nova Farms has received a $20 million loan facility from Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI).
Nova Farms manages a Massachusetts cultivation farm, seven retail brands and five full-service dispensaries across the Bay State, Maine and New Jersey.
It was among the first businesses to secure licenses in Massachusetts when the state legalized recreational cannabis in 2016.
Chicago Atlantic’s capital investment is expected to back Nova Farms’ efforts to expand its footprint of dispensaries in key states, namely New Jersey and Connecticut.
Derek Ross, CEO of Nova Farms, said the new partnership “not only accelerates Nova Farms’ strategic plans but also ensures its competitive edge as a leader in the cannabis market.”
H/T: MSN.com
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