Verano, a multi-state cannabis company, amended its existing $75 million revolving credit facility agented by Chicago Atlantic Admin, initially entered into on Sept. 30, 2025.
The revolving credit facility commitment was increased from $75 million to $100 million, and the maturity date was extended from Sept. 29, 2028 to Feb. 28, 2029. No additional collateral was pledged by the company to secure the increased borrowing availability, which is secured by certain owned real estate.
“Building on our ongoing strategy to strengthen our balance sheet, we’re pleased to upsize our borrowing availability and extend the maturity of our existing revolving credit facility,” George Archos, CEO of Verano, said. “These improvements to our revolving credit facility provide us added flexibility to deploy capital without pledging any additional collateral, marking a strategic step forward while we continue advancing debt refinancing discussions.”
Peter Sack, managing partner of Chicago Atlantic, added, “We are pleased to support Verano’s growth and the optimization of its balance sheet with innovative solutions.”
The increased revolving credit facility provides Verano a range of benefits including access to lower cost debt, payoff and redraw flexibility, and optionality to have certain real estate released as collateral. Details of the revolving credit facility are as follows:
- To date, $50 million has been drawn under the revolving credit facility, leaving an additional $50 million available to draw upon satisfaction of certain conditions.
- A floating annual interest rate on amounts drawn equal to SOFR plus 6% (subject to a 4% SOFR floor).
- No required amortization payments.
- Matures on Feb. 28, 2029, allowing for repayment at any time in $2.5 million increments, subject to an interest-only make-whole if repaid before the six-month anniversary of the applicable funding.
- The proportionate release of real estate so long as the outstanding principal balance under the revolving credit facility does not exceed 80% of the appraised value of the remaining pledged real estate.
