Verano Holdings Corp. has amended its existing revolving credit facility, raising the commitment from $75 million to $100 million. The additional $25 million tranche becomes available upon satisfaction of customary conditions, bringing total undrawn capacity to $50 million. This upsized facility is agented by Chicago Atlantic Admin, LLC and remains secured by certain owned real estate without the need for any new collateral pledges.

Under the amendment, the maturity date of the revolver has been shifted from September 29, 2028, to February 28, 2029. The extended term grants Verano additional runway to execute on its debt refinancing strategy and deploy capital into growth initiatives, with repayment permitted at any time in $2.5 million increments—subject to an interest-only make-whole if repaid before the six-month anniversary of each drawdown.

Amounts drawn under the facility carry a floating rate set at SOFR plus 6 percent, subject to a 4 percent SOFR floor, with no scheduled amortization payments. The amendment also introduces payoff and redraw flexibility and allows Verano to release pledged real estate proportionately, provided outstanding borrowings remain at or below 80 percent of the appraised value of the remaining collateral pool.

By upsizing and extending the revolver without additional collateral requirements, Verano strengthens its liquidity profile and cost of capital position. With $50 million already drawn, the undrawn capacity provides a buffer for working capital, acquisitions or capex. Management views the transaction as a key step in advancing its broader debt optimization plan while preserving operating flexibility across its 13-state footprint.