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Nova Farms Cannabis Raises $20M to Expand Footprint

The next Nova Farms retail opening is planned for late 2024.

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iStock/Yanukit Raiva

Chicago Atlantic has closed a $20 million facility in senior secured financing to Nova Farms, a fully integrated cannabis operator managing a Massachusetts cultivation farm, seven retail brands and five full-service dispensaries across Massachusetts, Maine and New Jersey.

Chicago Atlantic’s capital investment will support Nova Farms’ efforts to expand its footprint of dispensaries in key states, including New Jersey, a burgeoning market that has earned more than $1.3 billion since the beginning of adult-use cannabis sales in April 20221, and Connecticut, which legalized adult-use cannabis in January 2023 and saw $274 million in revenue its first year2.

Nova Farms secured its first licenses in Massachusetts shortly after the state’s legalization of adult-use cannabis in 2016, and its new openings to date have shown a consistent track record of growth and profitability.

With the legal U.S. cannabis industry expected to reach nearly $40 billion in 20243, Nova Farms and other multi-state operators are experiencing increased demand for high-quality retail products and convenient points of purchase.

The next Nova Farms retail opening is planned for late 2024.

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