Law360 (July 8, 2020, 9:09 PM EDT) — Cannabis company Verano Holdings and a Chicago-based marijuana investor announced Wednesday that they have inked a $30 million loan to fund acquisitions and expansions in a deal steered by Dorsey & Whitney LLP and Locke Lord LLP.

Verano said the loan, arranged by Chicago Atlantic subsidiary Green Ivy Capital, will be used to fund acquisitions, double its stable of 14 dispensaries and bring additional production facilities online. The two-year financing carries a 15.25% interest rate and does not involve equity.

Verano’s profitability, early foothold in the Illinois cannabis industry and position as a private, middle-market player with minimal debt made it an…

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