January 15, 2026

Zuanic & Associates – Fireside Chat: Cannabis Industry Insights

In a recent fireside chat, cannabis equity analyst Pablo Zuanic sat down with Peter Sack, Managing Director at Chicago Atlantic, to discuss the evolving landscape of cannabis investing, private credit markets, and Chicago Atlantic’s differentiated approach to lending in the sector.

During the conversation, Peter provided an overview of Chicago Atlantic’s cannabis-focused investment platform, which spans a publicly listed mortgage REIT (NASDAQ: REFI), a publicly listed BDC (NASDAQ: LIEN), and private credit funds. He highlighted how this multi-vehicle structure allows the firm to deliver tailored financing solutions across real estate-backed loans, cash flow lending, and growth capital, while maintaining disciplined underwriting and a strong focus on long-term borrower relationships.

Peter emphasized the firm’s bottom-up credit approach and its ability to potentially generate compelling risk-adjusted returns in a challenging broader mortgage REIT and BDC environment.

A key theme of the conversation was the impact of cannabis regulatory developments, including the potential rescheduling of cannabis to a Schedule III drug. Peter discussed how improving regulatory clarity could enhance operator cash flow and fuel increased demand for credit, particularly as leading operators pursue growth initiatives and M&A opportunities.

The chat concluded with forward-looking commentary on capital deployment, portfolio performance, and the long-term outlook for private credit in cannabis, reinforcing Chicago Atlantic’s commitment to disciplined growth, consistent dividends, and supporting high-quality operators across the industry.