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Cannabis lender Chicago Atlantic increases credit facility to $65 million

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Cannabis industry real estate lender Chicago Atlantic Real Estate Finance increased the size of its revolving credit facility by $20 million to $65 million.

Chicago Atlantic had already increased the size of the revolving credit facility from $10 million to $45 million in December.

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The Illinois-based company announced in a Thursday news release that its financing subsidiary boosted the maximum size of the loan.

The credit facility is from two unspecified FDIC-insured banks, with one bank committing $42.5 million and the other committing $22.5 million, according to a regulatory filing.

The loan still matures in December 2023 with an option for a one-year extension.

It carries a floating interest rate of up to 1.25% over a prime rate of no less than 3.25%.

“The company expects to use the available borrowing base from the revolving loan to fund additional loans and for general corporate purposes,” Chicago Atlantic

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Marijuana Business Daily

US appeals court: Hemp-derived Delta-8 THC products are ‘lawful’

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Delta-8 THC derived from hemp is “lawful” and eligible for trademark protection, a federal appeals court ruled in a vaping dispute.

The 9th Circuit Court of Appeals said in its ruling Thursday that because Congress legalized not just hemp but its “derivatives” and “extracts” in the 2018 Farm Bill, delta-8 THC is legal if it is derived from a hemp extract – in this case, CBD.

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The ruling gives delta-8 vape maker AK Futures another opportunity to block fellow California company Boyd Street Distro from allegedly selling counterfeit versions of AK Futures’ “Cake” vapes containing delta-8 THC.

The three-judge appeals panel sided with AK Futures and said that delta-8 THC is not a controlled substance under federal law if it comes from hemp.

“Regardless of the wisdom of legalizing delta-8 THC products, this court will not substitute its own policy judgment for that of Congress,” Judge D. Michael

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Marijuana Business Daily

New York approves 58 more hemp cultivators to grow adult-use marijuana

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The essential resource for cannabis business leaders across all sectors provides the latest data and in-depth analysis you need to develop informed business strategies and avoid costly missteps.

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    Second Delaware bill to legalize adult-use marijuana loses in House vote

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    Learn the fundamentals for getting started in cannabis retail in this comprehensive guide curated by the editors at MJBizDaily with help from industry experts.

    Inside the MJBizDaily Retail Buyers Guide: Learn best practices for designing a cannabis dispensary. Select display infrastructure that supports industry compliance. Choose the right point-of-sale system for your operation. How to incorporate e-commerce and home delivery. And more!

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