Chicago Atlantic Closes $30 Million Credit Facility
Chicago Atlantic Admin, LLC announced an impressive $30 million senior secured credit facility aimed at supporting the growth of Deep Roots Harvest. This pivotal funding will enable Deep Roots to enhance its operations significantly.
Supporting Expansion in the Cannabis Market
As a vertically integrated operator in the cannabis sector, Deep Roots Harvest operates five dispensaries and has plans for an additional outlet set to open soon. This strategic move further establishes the company's position within Nevada's burgeoning cannabis industry.
Recent Acquisition of The Source Holdings
Recently, Deep Roots Harvest expanded its footprint by acquiring the majority of assets from The Source Holdings, LLC. This acquisition includes four retail locations and additional operational facilities for cultivation, enhancing their capacity to serve more customers effectively.
A Vision for the Future
Deep Roots anticipates operating a total of 12 dispensaries soon, reinforcing its position as the market leader in Nevada. The firm is poised for further growth as it navigates the evolving landscape of the cannabis industry.
Leadership Insights
David Kite, Managing Partner at Chicago Atlantic, expressed enthusiasm about partnering with Deep Roots. He highlighted the company's proven operational expertise and the excitement surrounding their growth plans for 2025.
About Chicago Atlantic
Chicago Atlantic is a dedicated alternative investment manager focused on sectors where traditional funding falls short. With strategies that encompass private credit and equity, the firm has successfully closed over $2.2 billion in credit facilities to date. Chicago Atlantic operates out of offices in Miami and Chicago, staffed by a team of over 80 professionals.
About Deep Roots Harvest
Founded in 2014, Deep Roots Harvest is dedicated to producing high-quality cannabis in Nevada, catering to both medical and adult use markets. With a strong emphasis on health, safety, and personalized customer experiences, the company’s Farm To Body program focuses on sustainable practices.
Frequently Asked Questions
What is the amount of the credit facility provided?
The credit facility amounts to $30 million and is intended to support the growth of Deep Roots Harvest.
How many dispensaries does Deep Roots Harvest operate?
Deep Roots Harvest currently operates five dispensaries with plans for significant expansion in Nevada.
What recent acquisition did Deep Roots Harvest complete?
Deep Roots recently acquired the majority of assets from The Source Holdings, including multiple retail operations.
Who is the managing partner at Chicago Atlantic?
David Kite serves as the Managing Partner at Chicago Atlantic and spoke highly of the partnership with Deep Roots.
What is the focus of Deep Roots Harvest's operations?
Deep Roots Harvest's focus is on producing high-quality, locally grown cannabis for both medical and recreational use in Nevada.
