Item 2.01. Completion of Acquisition or Disposition of Assets.

Reference is made to that certain Credit Agreement, entered into on March 5, 2021 (the "Credit Agreement"), by and among a vertically integrated single-state cannabis operator in Michigan, as parent and guarantor, and certain of its subsidiaries and affiliates as borrowers and/or guarantors (collectively, with the single-state operator in Michigan, the "Borrowers"), Chicago Atlantic Admin, LLC, as agent (in such capacity, the "Agent"), Green Ivy Capital, LLC, as lead arranger, Chicago Atlantic Real Estate Finance, Inc. (the "Company") as a lender named in the Credit Agreement, and the other lenders from time to time party thereto (collectively, the "Lenders").

On January 13, 2022, the Company entered into the First Amendment to the Credit Agreement, which provides for the funding of certain loan commitments made pursuant to the Borrowers' existing $100 million senior secured credit facility. Pursuant to the First Amendment, the Lenders collectively funded $67.3 million of the aggregate principal amount, with the Company funding approximately $16.09 million of such principal amount. Following the closing of the First Amendment, the Company has funded an aggregate of approximately $29.2 million to the Borrowers pursuant to the Credit Agreement. The Lenders are obligated to fund the remaining $15 million at any time on or prior to June 30, 2022 upon the Borrowers' request subject to the terms and conditions of the First Amendment. The Company is not obligated to fund any portion of the remaining $15 million.

The Company's commitment under the First Amendment and the Credit Agreement is secured by liens on substantially all assets of the Borrowers, including, in particular, owned real estate in a single state.

Item 9.01. Financial Statements and Exhibits.

a) Financial statements of businesses or funds acquired

No financial statements are being filed with this report. Any required financial statements in connection with the transactions described in Item 2.01 will be filed by amendment pursuant to Item 9.01(a)(3) within 71 calendar days after the date on which this Current Report on Form 8-K is required to be filed.

b) Pro forma financial information

No pro forma financial information is being filed with this report. Any required pro forma financial information in connection with the transactions described in Item 2.01 will be filed by amendment pursuant to Item 9.01(b)(2) within 71 calendar days after the date on which this Current Report on Form 8-K is required to be filed.





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