Chicago Atlantic BDC (LIEN) Fireside chat summary

Introduction and agenda

• Discussion focused on the structure and strategy of operating multiple lending vehicles, industry trends, and the impact of regulatory changes on cannabis finance.

• Covered investor sentiment, portfolio construction, and the unique risk-reward profile of cannabis lending.

Background and experience of the speaker

• Speaker has a background in private and idiosyncratic credit, with seven years of focus on the cannabis industry.

• Built an organization with industry-leading expertise in cannabis finance.

Current industry trends

• Mortgage REIT and BDC sectors underperformed in 2025 due to declining interest rates and concerns over private credit market saturation and defaults.

• Cannabis lending portfolios are less exposed to interest rate declines due to high floors on floating-rate loans.

• Investor sentiment in cannabis finance is buoyed by diversification benefits and industry-specific growth drivers.

• Rescheduling of cannabis is expected to increase demand for credit and equity optimism among operators.

• No significant influx of new lenders into cannabis despite regulatory optimism; capital constraints persist.