Cannabis MSO Verano Closes $75M Revolver, Here’s Where The Money Will Go

Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) announced that it has closed a $75 million revolving credit facility with Chicago Atlantic Admin, LLC and a regional bank.

Upon closing the revolver, which is secured by selected real estate, the company drew $50 million to pay off higher-interest debt from its existing credit facility, with no prepayment penalty.

The remaining $25 million is available to fund strategic initiatives, Verano said.

“Closing the $75 million revolving credit facility demonstrates our focus on fortifying the balance sheet, accessing lower cost debt, and leveraging our owned real estate to strengthen our foundation and position Verano to take advantage of future opportunities,” George Archos, Verano founder and CEO, said.

The revolver matures on Sept. 29, 2028, allowing for repayment at any time in $2.5 million increments, subject to an interest-only make-whole if repaid before the six-month anniversary of funding.

Peter Sack, managing partner of Chicago Atlantic, said “Verano’s revolver is what we believe to be the largest such facility among US operators in the history of the industry, granting the Company the dynamic ability to deploy and reduce higher-cost leverage as needed.”

The cannabis multistate cannabis operator operates 15 production facilities with more than 1.1 million square feet of cultivation capacity under various brands, including Zen Leaf, MÜV and Verano, to name a few.

The company will release its third quarter 2025 results on Oct. 29. Revenues, net of discounts, for the second quarter of 2025 totaled $202 million, down from $222 million in the prior year’s quarter. The year-over-year decrease in revenue for the second quarter of 2025 was driven primarily by ongoing price compression, competition, and impacts from its wholesale accounts receivable strategy.

Verano’s shares traded 5% higher at $1.47 per share at the time of writing on Wednesday afternoon.