[PRESS RELEASE] – CHICAGO, Oct. 1, 2025 – Verano Holdings Corp. announced that it had closed a credit arrangement with Chicago Atlantic Admin LLC and a regional banking institution to offer the company a revolving facility of US$75,000,000. The company used the US$50 million it received upon closing the revolver to repay $50 million in debt with higher interest rates from its senior secured credit facility, without any prepayment penalties. It then had the $25 million remaining to use for strategic initiatives.
Verano benefits from the revolver secured by real estate. These include lower cost debt, flexible payoff and drawback options, as well as an option to use certain real estate collateral.
Verano’s founder and CEO George Archos stated that the closing of the $75 million revolving loan facility demonstrated Verano’s focus on strengthening the balance sheet and accessing low-cost debt. It also showed Verano was positioned to benefit from future opportunities. Verano founder and CEO George Archos said, “We see today’s close as a significant step forward as we execute our capital and financial strategy. It will benefit Verano in the long run, as well as our employees and investors. We look forward to continuing progress as we continue exploring opportunities in the marketplace.”
Here are some details about the revolver:
- The floating rate of interest on the amount drawn is equal to Securing Overnight Financing at a Low Rate (SOFR) plus 6% (subject to a 4% SOFR floor).
- There are no amortization fees required over the life of the revolver.
- This loan matures on September 29, 2028 and allows repayment at any point in increments up to $2.5 million, but only with an interest-only payment if the debt is repaid within six months of its funding.
- On request, the proportionate release is made of some real estate as long as the principal outstanding under the revolver doesn’t exceed 60% of appraised value.
Peter Sack, Managing Partner of Chicago Atlantic said: “Chicago Atlantic’s flexible financing option reflects Verano’s strength in its various markets.” The cannabis industry is not the only industry that uses revolving credit. In fact, the revolver Verano has in place may be the biggest facility of its kind among U.S. operators.