April 15, 2024
Chicago Atlantic Deploys $25 Million in Senior Secured Financing for Elevate Cannabis
CHICAGO – April 15, 2024 – Chicago Atlantic Admin, LLC (“Chicago Atlantic”) announced that it acted as administrative agent on the funding of a $25 million senior secured credit facility for Elevate Cannabis (“Elevate”), a multi-location, vertically integrated cannabis business operator headquartered in Missouri. The capital provided by Chicago Atlantic, on behalf of its affiliated investment funds, will support Elevate as it aims to acquire additional retail and cultivation assets and expand its presence.
Missouri’s recent legalization of adult use cannabis generated $1.7 billion in revenue its first 12 months on market (December 2022 – December 2023).1 Elevate currently operates thirteen high-end, full-service dispensaries and its growing and manufacturing facility within the state.
“We are thrilled to back a high-performing operator in the state of Missouri, said Peter Sack, Partner at Chicago Atlantic. Elevate CEO Chuck Cuda and his team have proven their proficiency in this market, and we are confident they will drive incremental progress within the industry.”
With a combined 80+ years of cannabis industry expertise, the Elevate team credits its success to an artisanal approach that focuses on clean, high-quality products, and emphasizes its focus on community and the consumers they serve.
“We lead by example, lifting up the Missouri cannabis community through transparency, care for our communities and a wide product offering catered to specific needs,” said Cuda. “Chicago Atlantic’s investment in our brand will only add to our collective success as we continue to develop further locations and resources for this industry.”
1 Missouri Department of Health and Social Services
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
About Elevate Cannabis
After its inception as the Missouri wing of a multi-state operation based out of Colorado, a group of the company’s most localized investors – led by Kansas City resident and philanthropist Chuck Cuda, now Elevate’s CEO – took over in 2022, cementing the groups’ commitment to providing the finest cannabis products to Missourians while continually expanding its brand footprint. Elevate operates thirteen retail stores and two cultivation and manufacturing facilities in Missouri along with one retail store and one cultivation facility in Arizona. A third cultivation facility is planned to open in Missouri later in 2024.
Elevate’s mission is to bring consumers consistent, high-quality cannabis products without sacrificing sustainability or affordability. They pride themselves on being a team of artisans and scientists who cultivate exceptional flower, pre-rolls, extracts, distillates, vape carts and more. Among the most important focuses of Elevate’s brand and mission is their commitment to cannabis education and cultural destigmatization, which is on full display upon walking into their dispensaries. This dedication is further evidenced by visiting ElevateCannabis.com. There, you will find information on every Elevate strain, as well as information on cannabis as a whole and how it can elevate your life.
Press Contact
Alise M. Edgcomb
Managing Director, Public Relations
(419) 202 – 3988