Nova Farms, an up-and-comer in the cannabis industry, has achieved a significant milestone with the acquisition of a ground-breaking $20 million financing facility in senior secured financing from Chicago Atlantic. This substantial injection of funds is a pivotal moment for Nova as they expand in the world of cannabis commerce.
Nova Farms is committed to redefining the standards of quality within the cannabis market. Employing a fully integrated approach spanning cultivation, retail, and distribution, Nova Farms is a prominent player in the Northeast region. Managing a Massachusetts cultivation farm alongside a diverse portfolio of retail brands and dispensaries across Massachusetts, Maine, and New Jersey, Nova Farms wants to elevate consumer experience.
The funding from Chicago Atlantic arrives at a critical point for Nova, giving the necessary resources to accelerate growth and capitalize on opportunities in key markets. With sights set on expansion in states like New Jersey and Connecticut, where the cannabis markets have demonstrated growth, Nova is primed and ready to extend its footprint and make premium cannabis products more accessible.
Since acquiring licenses in Massachusetts following the state’s legalization, 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 a frontrunner. This record of success positions Nova Farms as a trendsetter, aiming for market dominance.
Peter Sack, Partner at Chicago Atlantic, expressed confidence in Nova Farms’ strategic vision and operational success, pointing toward the company’s skill in capitalizing on strategic opportunities. Sack affirmed Chicago Atlantic’s support for Nova’s mission to create a space where high-quality cannabis products are accessible and economic growth can flourish. Additionally, Derek Ross, CEO, enthusiastically praised the partnership with Chicago Atlantic, emphasizing the unique insights of Steve Ernest, their representative. ‘I evaluated every bank actively investing in the space, and Steve Ernest was the first to not only recognize but truly understand a cannabis visionary’s vision,’ Ross said. ‘Steve didn’t just get it; he added significant value to our objectives as an operator, propelling our strategic initiatives forward.’ Ross’s acknowledgment underscores the critical role Ernest has played in aligning financial acumen with the operational needs of the burgeoning cannabis market.
The collaboration between Nova Farms and Chicago Atlantic represents a convergence of industry expertise aimed at shaping a future cannabis industry. Together, they aim to drive innovation, and economic growth, and deliver value to consumers and stakeholders alike. Nova Farms specifically, is poised and ready to embark on its next phase of growth, with plans for additional retail openings slated for late 2024.
In addition to its remarkable achievements in the cannabis sector and recent achievements in attaining funding, Nova Farms has overcome significant challenges to become a leading cannabis operator in the Northeast, privately owned and vertically integrated. Despite encountering challenges, including legal setbacks and regulatory hurdles, Nova has emerged stronger and more resilient. The team at Nova Farms views adversity as an instrumental facet of shaping Nova’s identity, stressing the company’s collective resilience and motivation to succeed. Nova Farm’s determination in the face of adversity is likely one of the factors that secured their partnership with Chicago Atlantic.
Another possible factor is that Nova Farms remains deeply committed to social responsibility and the impact they have on the community and legacy they leave behind. This is exemplified by Ross’s initiative in founding the Aged-Out Foundation. Drawing from his individual experiences in the foster care system, he aims to improve outcomes for individuals transitioning out of foster care, reflecting Nova’s broader ethos of giving back to the community.
As Nova continues into its next chapter of growth, interested parties are encouraged to reach out for further details on opportunities for investment and partnership. Together, Nova Farms and Chicago Atlantic look forward to shaping the future of cannabis commerce, pushing further industry transformation, creating jobs, and changing lives across the Northeast and beyond.
Written in partnership with Maria Williams.
