My guest today is Tony Cappell, the Founding Partner at Chicago Atlantic. In 2018, Tony saw an opportunity to do private credit in Cannabis and has since built Chicago Atlantic is the largest lender in the space. We start by talking about the early days of Chicago Atlantic. We then move on to the challenges of underwriting in Cannabis, his views on the industry and on competition from other lenders. We end with a discussion on the overall private credit market. Please enjoy this conversation with Tony Cappell.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.

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Show Notes

(00:00:00) Welcome to Making Markets

(00:02:31) Entering the Cannabis Private Credit Market

(00:04:54) Challenges and Opportunities in Cannabis Lending

(00:08:12) Market Segmentation and State Regulations

(00:11:51) Credit Risk and Market Dynamics

(00:15:12) The Life Cycle of A Cannabis Deal

(00:20:12) Diversification Across State Regulations

(00:23:47) Brand Power and Regulatory Concerns

(00:28:13) Impact of 280E and Rescheduling

(00:33:13) Private Credit and Investment Strategies

(00:36:44) Challenges and Opportunities in Cannabis Lending

(00:45:12) Private Credit Market Outlook

(00:50:31) Entering Into an Agreed Asent in Cannabis Investing

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