Verano Holdings Corp. has amended its existing revolving credit facility, increasing the commitment from $75 million to $100 million and extending the maturity date from September 29, 2028 to February 28, 2029. The amendment, agented by Chicago Atlantic Admin, LLC, requires no additional collateral and remains secured by certain owned real estate. This upsizing provides Verano with an incremental $25 million in liquidity to support operations and strategic initiatives through early 2029.

As of the amendment date, Verano has drawn $50 million under the facility, leaving $50 million available to draw upon satisfaction of customary conditions. Borrowings carry a floating annual interest rate equal to SOFR plus 6%, subject to a 4% SOFR floor, with no required amortization payments. The company may repay in $2.5 million increments at any time, though early repayments within six months of a funding incur an interest-only make-whole.

Under the revised terms, Verano may obtain proportionate release of pledged real estate so long as outstanding principal does not exceed 80% of the appraised value of the remaining collateral. This feature provides optionality to free up real estate assets over time, enhancing balance sheet flexibility without compromising lender security.

According to CEO George Archos, the upsized facility strengthens Verano’s balance sheet and supports ongoing debt refinancing discussions by adding capital deployment flexibility. Chicago Atlantic’s Managing Partner Peter Sack emphasized the partnership’s role in optimizing Verano’s capital structure. The enhanced facility positions Verano to execute expansion plans across its 13-state footprint, maintain production in 15 facilities, and pursue targeted M&A or product innovations without pledging further collateral.