Nova Farms

Nova Farms Secures $20 Million Financing with Chicago Atlantic

by | May 1, 2024

Nova Farms
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The investment will accelerate Nova Farms’ growth throughout New England and the Mid-Atlantic states

ATTLEBORO, MA – May 1, 2024 – Nova Farms, the Northeast’s largest, privately owned, vertically integrated cannabis operator, is excited to announce it has secured a $20 million capital investment from Chicago Atlantic. This substantial injection of funds is a pivotal moment for Nova as they expand in the world of cannabis commerce. Presently, the industry-leading cannabis company manages a Massachusetts cultivation farm, seven retail brands, and five full-service dispensaries across Massachusetts, Maine, and New Jersey. 

Nova Farms

The secured financing arrives at a critical point for Nova, giving the necessary resources to accelerate growth and capitalize on opportunities in key markets, accelerating its plans to expand dispensaries in key states including New Jersey and Connecticut. These geographies are burgeoning cannabis markets, and Nova is primed and ready to extend its footprint and continue toward its mission of making premium cannabis products readily available and more accessible to consumers, regardless of geographic or regulatory limitations with hopeful near future business endeavors in states like New York.

Since acquiring licenses in Massachusetts upon the state’s legalization of adult-use cannabis in 2016, Nova Farms has demonstrated remarkable growth and profitability. With each new retail opening, Nova has demonstrated its ability to seize market share and establish itself as an industry frontrunner. This record of success positions the company as a trendsetter, creating a future where Nova Farms is synonymous with excellence in the cannabis industry. 

“Nova Farms has demonstrated its ability to operate successfully and identify attractive opportunities to accelerate its progress. We have every confidence in their plans to open additional locations across the Northeast, which will support their mission to increase safe and positive accessibility,” said Peter Sack, Partner at Chicago Atlantic. 

Nova Farms is poised and ready to embark on its next phase of growth, with plans for additional retail openings slated for late 2024. 

“Our partnership with Chicago Atlantic marks a new chapter in our longstanding contributions to the industry. It’s exciting to have a financial partner who believes in our integrated approach working directly with our team to chart a roadmap for realizing our goals,” said Derek Ross, CEO of Nova Farms. 

Ross most notably appreciated the unique insights of Steve Ernest, Vice President, Chicago Atlantic, and said “I evaluated dozens of banks and active investors in the space, and Steve Ernest was the first to not only recognize but truly understand a cannabis innovator’s vision. Steve didn’t just get it, he added significant value to our objectives as an operator, propelling our strategic initiatives forward.”

Nova Farms is not only the cannabis industry’s biggest up-and-comer, it is also fiercely dedicated to social responsibility, its impact on communities, and its legacy. This commitment is exemplified by Ross’s initiative in founding the Aged-Out Foundation, a nonprofit organization working to empower young adults who have aged out of foster and group home care to build promising futures. The foundation was created on Ross’s individual experience in the foster care system and reflects Nova’s broader devotion of giving back to communities. 

Seeking Additional Partners for Growth

As Nova Farms begins its next chapter of growth, it invites equity investors to join them in their journey of expansion and innovation. Interested parties are encouraged to reach out for further details and opportunities for investment and partnership. With Nova Farms, there is the opportunity to shape the future of cannabis commerce, further industry transformation, create jobs, and change lives across the Northeast and beyond. 

About Nova Farms

Nova Farms was established by a group of cannabis entrepreneurs which burgeoned into an organized group of industry pioneers. The business began with several licenses and a farm in Massachusetts, and currently includes adult-use cannabis retail brands and full-service dispensaries in Massachusetts (Attleboro, Dracut and Framingham), Greenville, Maine and Woodbury, New Jersey. For more information, visit NovaFarms.com.

About Chicago Atlantic 

Chicago Atlantic is a private markets alternative investments manager focused on industries and companies where demand for capital exceeds traditional supply. Founding Partners John Mazarakis, Tony Cappell and Andreas Bodmeier established Chicago Atlantic in 2019 to provide capital solutions to state-licensed cannabis operators. The firm’s private investment strategies have grown to include opportunistic credit, private equity, digital mining and impact investing, with focuses on loans to esoteric industries, specialty asset-based loans, liquidity solutions and growth and technology finance. Chicago Atlantic has made over $2 billion in credit and equity investments to date. Chicago Atlantic’s team of over 75 professionals has offices in Miami, Florida and Chicago, Illinois. For more information on Chicago Atlantic’s financing products, visit chicagoatlantic.com.

Media Contact:

Kimberly Duff, Account Manager

DPR Group, on behalf of Nova Farms

kim@dprgroup.com

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