The infusion of capital from Chicago Atlantic is designated to facilitate Nova Farms’ expansion of dispensary footprints in strategic locations, notably New Jersey—a market that has witnessed over $1.3 billion in sales since the commencement of adult-use cannabis transactions in April 2021—and Connecticut, where cannabis legalization in January 2023 led to $274 million in revenue within the first year.
Since Massachusetts legalized adult-use cannabis in 2016, Nova Farms has been at the forefront, securing early licenses and establishing a track record of growth and profitability. This trajectory underscores the company’s significant role in the rapidly evolving cannabis industry, positioning it for continued success.
Peter Sack, a Partner at Chicago Atlantic, commended Nova Farms for its operational excellence and strategic expansion plans in the Northeast. Sack highlighted the company’s commitment to enhancing accessibility to cannabis in a safe and positive manner.
The legal cannabis market in the U.S. is anticipated to approach the $40 billion mark by 2024, signaling robust growth and increasing consumer demand for high-quality cannabis products. Nova Farms is poised to capitalize on this trend, inviting equity investors to join its expansion and innovation efforts.
Derek Ross, CEO of Nova Farms, expressed gratitude for the partnership with Chicago Atlantic, emphasizing the company’s integrated approach to managing its supply chain and its vision for future growth. This collaboration is set to propel Nova Farms into a leadership position within the cannabis market.
With plans for new retail openings by late 2024, Nova Farms is committed to advancing the accessibility and quality of cannabis products, reinforcing its mission and vision within the industry. Interested investors are encouraged to contact Blair Fish, COO of Nova Farms, for further information on investment opportunities.
