Chicago Atlantic

Chicago Atlantic Advisers, LLC is an SEC-registered investment adviser with offices in Chicago, its first-listed office on North Wabash Avenue, plus New York, Miami Beach and London. It calls itself a private markets alternative investment manager focused on industries where traditional financing is constrained. Its team page lists Peter Sack as managing partner, chief executive of the BDC and co-CEO of the REIT, and Tony Cappell as a partner and co-founder. Beyond cannabis it runs opportunistic niche direct credit and emerging markets private credit strategies, so cannabis is one lending book among several.

For cannabis, Chicago Atlantic lends to vertically integrated single- and multi-state operators, with a stated focus on limited-license states. A typical loan runs $5 million to $100 million over one to five years as senior term, delayed-draw, subordinated or senior last-out debt, secured by first or second liens with monthly and quarterly covenants. Featured cannabis deals include $350 million and $96.5 million senior secured facilities to vertically integrated multi-state operators. Capital comes from private funds and two Nasdaq-listed vehicles it manages: Chicago Atlantic Real Estate Finance (REFI), a mortgage REIT making senior secured loans to licensed operators, and Chicago Atlantic BDC (LIEN), the first listed BDC formed to invest across the cannabis industry.

Borrowers apply through the contact form by selecting raising capital. Chicago Atlantic does not publish rates. On June 18, 2026, REFI and LIEN announced an all-stock merger in which REFI would merge into LIEN, with the combined company trading as LIEN and closing expected in the fourth quarter of 2026, subject to both companies' stockholder approvals and regulatory approvals. REFI's SEC filing list showed no completion notice as of October 16, 2026. Under the announced terms, Chicago Atlantic BDC Advisers would remain the combined company's investment adviser.