CHICAGO--(BUSINESS WIRE)--Chicago Atlantic Admin, LLC (“Chicago Atlantic”) announced that it acted as sole arranger and administrative agent on a senior secured credit facility with an aggregate commitment of $96.5 million to Cansortium Inc. (“Cansortium”), a publicly traded, vertically integrated, multi-state cannabis company operating under the FLUENT™ brand.
A total of $71.5 million was funded at closing to refinance Cansortium’s existing senior credit facility, which was set to mature in 2025. An additional $25 million in delayed draw term loans are in place to support upcoming real estate acquisitions and the funding of future construction expenditures.
“This transaction is a reflection of Chicago Atlantic’s ability to provide institutional-level financing to the world’s leading cannabis companies,” said Peter Sack, Managing Partner at Chicago Atlantic. “Cansortium has executed with prudence and foresight in its core states of Florida, Pennsylvania and Texas, and we have every confidence in their strategic approach to meet demands in additional markets.”
The multi-pronged commitment also demonstrates Chicago Atlantic’s unique capacity to scale lending to facilitate operator growth. The combination of upfront refinancing and delayed draw term loans addresses multiple needs in a single transaction, with terms that create flexibility for the operator and safeguard investor capital.
“As a result of this closing, we have no material debt maturities until late 2028, and can pursue strategic acquisitions and growth initiatives in key markets like Pennsylvania and New York while also targeting new opportunities in emerging high-growth states,” said Robert Beasley, CEO of Cansortium. “With our solid foundation and this enhanced financial flexibility, we are poised to capitalize on exciting industry developments at the state and federal levels. The future for our company – and our shareholders – has never been brighter.”
Cansortium Inc.’s Common Shares trade on the CSE under the symbol “TIUM.U” and on the OTCQB Venture Market under the symbol “CNTMF”.
1 Reference made based on publicly available information on 2024 financing transactions. Larger transactions in 2024 include financing provided to TerrAscend Corp., Ascend Wellness Holdings, Inc. and Green Thumb Industries by institutions separate from Chicago Atlantic.
About Chicago Atlantic
Chicago Atlantic is a private markets alternative investment manager focused on industries and companies where demand for capital exceeds traditional supply. The firm’s investment strategies include opportunistic private credit and equity with focuses on loans to esoteric industries, specialty asset-based loans, liquidity solutions and growth and technology finance. Chicago Atlantic has closed over $2.3 billion in credit facilities since inception. Chicago Atlantic’s team of over 80 professionals has offices in Chicago, Miami, New York and London. For more information on Chicago Atlantic’s investment opportunities and financing products, visit chicagoatlantic.com.
About Cansortium Inc.
Cansortium is a vertically integrated cannabis company with licenses and operations in Florida, Pennsylvania and Texas. The Company operates under the Fluent™ brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium’s unrelenting commitment to operational excellence in cultivation, production, distribution, and retail. The Company is headquartered in Tampa, Florida. Cansortium Inc.’s Common Shares trade on the CSE under the symbol “TIUM.U” and on the OTCQB Venture Market under the symbol “CNTMF”. For more information about the Company, please visit www.getFLUENT.com.
