Chicago Atlantic Real Estate Finance (REFI) Stock Analysis — March 2026

Chicago Atlantic Real Estate Finance (REFI) stock is currently trading at $12.09 per share on the NASDAQ exchange. This represents a daily gain of +0.33% ($0.04) from the previous closing price of $12.05. Over the past 52 weeks, REFI has traded between a low of $11.62 and a high of $15.67, placing the current price at approximately -23% from its annual high. The stock has a market capitalization of $254.9M, making it a notable cannabis companies tracked by Cannabismarketcap. Chicago Atlantic Real Estate Finance operates in the REIT sector, classified under "REAL ESTATE INVESTMENT TRUSTS", serving the broader cannabis industry.

Chicago Atlantic Real Estate Finance (REFI) has a current market capitalization of $254.9M, calculated by multiplying its 21.1M shares outstanding by the current stock price of $12.09. Market capitalization is a key measure of a company's total equity value as perceived by the public market, and it places Chicago Atlantic Real Estate Finance among the mid-cap cannabis companies tracked on Cannabismarketcap. For context, the enterprise value (market cap plus debt minus cash) stands at $304.2M, which accounts for the company's balance sheet structure. Investors often use market cap alongside revenue and profitability metrics to assess relative valuation within the cannabis sector.

Chicago Atlantic Real Estate Finance (REFI) currently reports a gross margin of 0.0%, which means the company loses 0.0 cents of every revenue dollar after direct costs of goods sold. On trailing twelve month revenue of $55.4M, this translates to an estimated gross profit of approximately $0. Profitability is a critical factor in the cannabis industry, where many companies are still investing heavily in growth and regulatory compliance. Investors should review the full income statement, cash flow trends, and operating expense breakdown on Cannabismarketcap for a complete picture of Chicago Atlantic Real Estate Finance's financial health.

Chicago Atlantic Real Estate Finance (REFI) reports trailing twelve month (TTM) revenue of $55.4M, reflecting the total sales generated by the company over the most recent four quarters. The current price-to-sales ratio is 4.60x, which means investors are paying $4.60 for every $1 of annual revenue — a moderate valuation in the context of the cannabis sector. Revenue is one of the most closely watched metrics for cannabis companies, as many are still scaling operations in a rapidly evolving regulatory environment. View the full income statement and quarterly revenue breakdown on Cannabismarketcap for detailed trend analysis.

Chicago Atlantic Real Estate Finance (REFI) reports several important financial metrics that investors track closely. The company has a market capitalization of $254.9M, trailing twelve month revenue of $55.4M, and a gross margin of 0.0%. On the balance sheet, Chicago Atlantic Real Estate Finance holds $0 in cash and equivalents against $49.3M in total debt, resulting in a debt-to-market-cap ratio of 0.19x. The price-to-sales ratio stands at 4.60x, while the enterprise value to revenue multiple is N/A. With 21.1M shares outstanding, investors should consider both the fundamental financial performance and share structure when evaluating REFI.

Chicago Atlantic Real Estate Finance trades under the ticker symbol REFI on the NASDAQ exchange, and the stock is denominated in US dollars (USD). Shares can typically be purchased through most standard brokerage accounts. The company has been publicly listed since 2021-12-08, giving it a track record in the public markets that investors can analyze for long-term trends. The stock sees average daily trading volume of approximately 134.6K shares, which is an important consideration for liquidity and the ability to enter or exit positions without significant price impact.

Chicago Atlantic Real Estate Finance is classified as a REIT company within the cannabis industry, meaning it operates as a real estate investment trust, owning and leasing properties used for cannabis cultivation and operations. Its official SIC classification is "REAL ESTATE INVESTMENT TRUSTS," which provides additional detail about its core business activities. The REIT sector is a key segment of the cannabis market, and investors often compare companies within the same sector to identify relative outperformers. You can compare REFI with other REIT stocks on Cannabismarketcap's sector page to see how it ranks on metrics like market cap, revenue, and margins.

Chicago Atlantic Real Estate Finance (REFI) has a gross margin of 0.0%, which represents the percentage of revenue the company retains after paying for the direct cost of goods sold. On trailing twelve month revenue of $55.4M, this translates to an estimated gross profit of approximately $0. Gross margin is a critical profitability indicator in the cannabis industry, where companies face unique cost pressures from regulatory compliance, testing requirements, and the tax burden of IRC Section 280E (which prevents cannabis companies from deducting standard business expenses). A negative gross margin like Chicago Atlantic Real Estate Finance's suggests the company is facing challenges in cost management or pricing.

You can compare Chicago Atlantic Real Estate Finance (REFI) side-by-side with any cannabis stock on Cannabismarketcap using the dedicated comparison tool. Key comparison metrics include market cap ($254.9M), trailing twelve month revenue ($55.4M), gross margin (0.0%), and price-to-sales ratio (4.60x). Chicago Atlantic Real Estate Finance sits in the REIT sector, so the most relevant peer comparisons would be against other REIT companies, though cross-sector comparisons can also reveal interesting insights about relative valuation. Visit the rankings page to see where REFI stands across all cannabis companies on metrics like revenue growth (0.00% YoY), cash position ($0), and employee count (N/A).

Chicago Atlantic Real Estate Finance (REFI) has traded between a 52-week low of $11.62 and a 52-week high of $15.67, with the current price of $12.09 sitting approximately -23% from the annual high. This range represents a spread of $4.05 (35% from low to high), which reflects the volatility the stock has experienced over the past year. The 52-week range is a commonly used technical indicator that helps investors understand whether a stock is trading near the top or bottom of its recent range, and it can inform decisions about entry and exit points. Cannabis stocks in general tend to exhibit higher volatility than broader market indices due to evolving regulations and market sentiment.

Chicago Atlantic Real Estate Finance (REFI) is valued at a market capitalization of $254.9M with a price-to-sales ratio of 4.60x, and an enterprise value of $304.2M. In the cannabis industry, valuations can vary significantly depending on sector (MSO, LP, Ancillary, etc.), growth rate, and path to profitability. Chicago Atlantic Real Estate Finance's current revenue trajectory of 0.00% YoY may result in a lower valuation relative to faster-growing peers. Investors can use the Cannabismarketcap rankings and comparison tools to benchmark REFI against specific competitors on valuation multiples, growth rates, and profitability.

Chicago Atlantic Real Estate Finance (REFI) has an estimated enterprise value (EV) of $304.2M, which is calculated by taking the market capitalization of $254.9M, adding total debt of $49.3M, and subtracting cash and equivalents of $0. Enterprise value is widely considered a more comprehensive measure of a company's total value than market cap alone because it accounts for the capital structure, including debt obligations and available liquidity. For cannabis companies in particular, where balance sheet health varies dramatically, enterprise value provides a more accurate picture of acquisition cost and relative valuation.

Determining whether Chicago Atlantic Real Estate Finance (REFI) is overvalued or undervalued requires analyzing multiple valuation metrics in context. The current price-to-sales ratio of 4.60x is moderate for the cannabis sector, suggesting the market is pricing in some growth expectations. The stock is currently trading at $12.09, which is -23% from its 52-week high of $15.67, with a gross margin of 0.0%. Investors should consider the company's enterprise value of $304.2M, its cash position of $0, and the broader cannabis industry outlook when forming a valuation opinion. Cannabismarketcap provides all the data needed for a thorough analysis, but this information should not be considered investment advice.

Investing in Chicago Atlantic Real Estate Finance (REFI) carries several risks that investors should carefully consider. First, the cannabis industry remains federally illegal in the United States, creating regulatory uncertainty that can impact stock prices, banking access, and tax obligations (notably IRC Section 280E). Second, Chicago Atlantic Real Estate Finance's balance sheet shows $49.3M in total debt against $0 in cash, which investors should monitor for dilution risk or liquidity concerns. Additionally, the stock has shown a 52-week range of $11.62 to $15.67, reflecting meaningful price volatility. As with all cannabis stocks, investors face risks from changing state regulations, competitive pressures, and the evolving legal landscape. This information is for educational purposes only and is not investment advice.

Chicago Atlantic Real Estate Finance (REFI) holds $0 in cash and equivalents on its balance sheet, set against $49.3M in total debt. This gives the company a net debt position of $49.3M. Balance sheet strength is especially important in the cannabis industry, where companies often face limited access to traditional banking and capital markets. Investors should track these metrics over time on Cannabismarketcap to identify trends in cash consumption and debt management.

Chicago Atlantic Real Estate Finance (REFI) currently has 21.1M shares outstanding, which when multiplied by the current stock price of $12.09 gives the company its market capitalization of $254.9M. Share count is important because all per-share metrics (earnings per share, book value per share, etc.) are directly impacted by changes in shares outstanding. Cannabis companies frequently issue new shares to raise capital, so monitoring dilution trends on Cannabismarketcap is recommended for long-term investors.

Most cannabis companies, including Chicago Atlantic Real Estate Finance (REFI), do not currently pay dividends. The cannabis industry is still in a growth phase, and companies typically reinvest available capital into expanding operations, securing new licenses, building out retail and cultivation infrastructure, and navigating complex regulatory requirements. Additionally, the IRC Section 280E tax burden significantly reduces the free cash flow available for shareholder distributions. Investors in cannabis stocks should generally expect returns to come from capital appreciation rather than dividend income. If Chicago Atlantic Real Estate Finance initiates a dividend in the future, it would be reported in their SEC filings and reflected on Cannabismarketcap.

To research Chicago Atlantic Real Estate Finance (REFI) before investing, start with the company overview on Cannabismarketcap, which provides current price ($12.09), market cap ($254.9M), and key financial metrics. Next, review the full financial statements page for quarterly revenue trends, margins, and balance sheet details. Check the analyst ratings page for Wall Street consensus and price targets, and the technical analysis page for chart patterns and momentum indicators. Compare REFI against sector peers using the comparison tool to understand relative valuation. Review recent news coverage for regulatory developments or corporate events. Finally, read the investment analysis page for a comprehensive deep-dive. Cannabis investing carries unique risks including federal illegality, regulatory uncertainty, and limited banking access — always conduct thorough due diligence before making any investment decision.

Chicago Atlantic Real Estate Finance's market capitalization of $254.9M represents the total market value of all its outstanding shares (21.1M shares multiplied by the current stock price of $12.09). Market cap is the primary measure investors use to classify companies by size: mid-cap companies ($100M–$1B) like Chicago Atlantic Real Estate Finance offer a balance between growth potential and stability. In the cannabis sector, market cap is especially important because it determines index weighting, institutional investment eligibility, and often correlates with the company's operational scale and geographic reach. Chicago Atlantic Real Estate Finance currently ranks # among cannabis stocks tracked on Cannabismarketcap.

Chicago Atlantic Real Estate Finance (REFI), like all cannabis companies, faces significant regulatory risks that investors should understand. At the federal level, cannabis remains a Schedule I controlled substance in the United States, which restricts banking access, prevents standard business expense deductions under IRC Section 280E, and creates legal uncertainty. Chicago Atlantic Real Estate Finance is subject to the evolving regulatory landscape across the jurisdictions where it operates. Potential catalysts include federal rescheduling (which could ease 280E burdens), the SAFE Banking Act (which would improve banking access), and individual state legalization events. Conversely, regulatory setbacks such as license moratoriums, increased enforcement, or unfavorable tax policy changes pose downside risks. Investors should monitor legislative developments closely using Cannabismarketcap's news and legalization tracker.