Verano Raises Credit Limit to $100M, Extending Repayment Deadline to 2029

CHICAGO – Verano Holdings Corp. disclosed an update to its revolving credit facility that lifts the available funds to $100 million and stretches the repayment deadline. The change adds $25 million to the prior $75 million ceiling and shifts the end date from late 2028 to February 28, 2029, without demanding fresh security from the company.

The adjustment, handled through Chicago Atlantic Admin, LLC, stems from an original deal struck in September 2025. Verano has tapped $50 million of the line so far, applying those proceeds to retire a matching sum owed under an earlier Chicago Atlantic arrangement. Borrowings carry interest at the Secured Overnight Financing Rate plus 6 percentage points, with a 4-point floor on the benchmark rate, and include no mandatory principal reductions. Repayments can occur in $2.5 million slices, though an early payoff penalty applies in the first six months.

George Archos, Verano’s CEO, called the revision a deliberate balance-sheet tune-up. “These improvements to our revolving credit facility provide us added flexibility to deploy capital without pledging any additional collateral,” he said in a statement, adding that the firm presses on with broader debt-refinancing talks. Peter Sack, a managing partner at Chicago Atlantic, echoed the sentiment: “We are pleased to support Verano’s growth and the optimization of its balance sheet with innovative solutions.”

For Verano, which runs cultivation sites and retail outlets across 13 states with more than 1.1 million square feet of growing space, the extra headroom arrives at a measured pace. First-quarter 2025 sales fell to $210 million from $221 million a year earlier, reflecting softer demand in mature markets like Illinois and Maryland. The full year closed at $820.8 million, down 6.7% from $879 million in 2024, a sequential slip that tracked quarterly tallies of $202 million in the second period and $203 million in the third, for $615 million through nine months.

Q4 2025 results, expected in late February, would need to deliver around $206 million to meet the full-year target, consistent with seasonal patterns in mature markets or through stepped-up wholesale pushes, cost reductions targeting supply chain efficiencies, and new product launches like the Swift Lifts pre-rolls aimed at high-growth categories.
Analysts still see 4% compound annual revenue growth through 2030, with earnings poised for 79% yearly advances via tighter supply chains and stronger retail footing, where Verano ranks in the top three across multiple states.
Earnings per share could swell 53% annually in tandem.

Such maneuvers matter as the sector grapples with $3 billion to $6 billion in loans maturing through 2026, pressuring firms to refinance at higher rates or sell assets. In the end, this step underscores Verano’s focus on steady capital access over flashy expansion, a pragmatic tack for an operator navigating flat sales and federal reform delays. As debt deadlines stack up across the board, moves like these could separate the refinancers from the rest, positioning survivors to capitalize when credit eases and markets stabilize.