JF 4046: Private Credit Alpha, Cannabis Lending and Regulatory Moats ft. Peter Sack
Description
On this week’s episode of Passive Income Playbook, Pascal Wagner interviews Peter Sack. They dig into why Chicago Atlantic targets underserved private credit niches, especially state-by-state cannabis lending where limited competition can mean first-lien structures at lower leverage with mid-teens to ~20% returns, plus classic lender protections. Peter explains how regulatory moats, disciplined underwriting, and downside focus beat “sexy” equity stories, and how potential legalization would likely trigger refinancings, prepayment fees, and warrant upside rather than harm. They also compare private funds to public options through Chicago Atlantic’s BDC and mortgage REIT tickers, LIEN and REFI, and outline what LPs should evaluate in credit managers from lien position to non-accruals and third-party administration.
Peter Sack
Current role: Managing Partner, Chicago Atlantic
Based in: Miami, Florida
Say hi to them at: https://www.chicagoatlantic.com/ | LinkedIn | investors@chicagoatlantic.com
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