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Nova Farms Cannabis Raises $20M to Fund Expansion into New Jersey, Connecticut

It has plans for additional retail openings slated for late 2024.

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Nova Farms

Nova Farms, a privately owned, vertically integrated cannabis operator, said it has secured a $20 million capital investment from Chicago Atlantic.

The cannabis company manages a Massachusetts cultivation farm, seven retail brands, and five full-service dispensaries across Massachusetts, Maine, and New Jersey. The secured financing arrives at a critical point for Nova, giving the necessary resources to accelerate growth and capitalize on opportunities in key markets, accelerating its plans to expand dispensaries in key states including New Jersey and Connecticut.

β€œNova Farms has demonstrated its ability to operate successfully and identify attractive opportunities to accelerate its progress. We have every confidence in their plans to open additional locations across the Northeast, which will support their mission to increase safe and positive accessibility,” said Peter Sack, Partner at Chicago Atlantic.

Nova Farms has plans for additional retail openings slated for late 2024. 

β€œOur partnership with Chicago Atlantic marks a new chapter in our longstanding contributions to the industry. It’s exciting to have a financial partner who believes in our integrated approach working directly with our team to chart a roadmap for realizing our goals,” said Derek Ross, CEO of Nova Farms.

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