May 22, 2025

Chicago Atlantic Breaks Down The State of Cannabis Lending – The Dales Report

In the latest Trade To Black podcast, host Shadd Dales and Anthony Varrell sit down with Peter Sack, Managing Partner at Chicago Atlantic (NASDAQ: REFI)(NASDAQ: LIEN)—one of the largest and most active lenders in the cannabis industry.

This conversation goes beyond just numbers. With over $407 million in outstanding loans and a portfolio yield holding strong at 16.9%, Chicago Atlantic’s Q1 performance offers a real-time pulse check on the state of cannabis finance. From a 20.5% jump in earnings per share to a rare $0.47 dividend payout, this is a company operating at the center of the industry’s capital flows.

What makes this interview essential is that Chicago Atlantic’s lending data tells a bigger story—about risk, borrower quality, regulatory pressure, and where capital is (and isn’t) flowing in the cannabis space. If you want to understand the trends, challenges, and opportunities shaping the sector in 2025, this conversation delivers the clarity you need.

Whether you’re a cannabis investor, operator, or just following the path of reform and rescheduling, this episode gives you a front-row seat to what’s really happening in cannabis finance right now.