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Verano Holdings Corp (VRNOF) is a leading cannabis operator in the United States, with a focus on producing high-quality products and building strong customer relationships. The company's core business includes cultivation, production, and distribution of a wide range of cannabis products, including flower, edibles, and concentrates. Verano has been expanding its footprint through strategic partnerships and acquisitions, positioning itself as a key player in the rapidly growing cannabis industry.
Verano Holdings Corp. (OTCQX: VRNOF) announces the opening of its 34th MÜV™ Dispensary in Orlando, Florida, located at 8103 Vineland Ave., on June 4, 2021. The new dispensary is strategically positioned near popular theme parks, maximizing accessibility for the 65 million annual visitors to the region. This facility will offer a wide range of cannabis products including edibles, topicals, and concentrates. Verano aims to enhance patient care with its extensive product offerings and expects strong traffic from both tourists and local medical cannabis patients.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has announced the opening of its 33rd MÜV Dispensary in Spring Hill, Florida, scheduled for May 28, 2021. Located in a fast-growing area near Tampa, the dispensary will provide easy access and ample parking. Verano aims to serve the local community with a wide array of cannabis products, including edibles, concentrates, and more. This new location is set to enhance Verano's presence in Florida and create job opportunities, contributing to local economic growth.
Verano Holdings Corp. (OTCQX: VRNOF) has successfully completed three strategic acquisitions, enhancing its presence in Pennsylvania's cannabis market. The deals involve acquiring TerraVida Holistic Centers and two other firms, which include a total of six medical marijuana dispensaries. This expansion aims to strengthen Verano's operational footprint, increase revenue potential, and broaden its product availability across a key state in the U.S. cannabis sector.
Verano Holdings Corp. (CSE:VRNO) (OTCQX: VRNOF) reported a robust first quarter 2021, with revenues of $143 million, marking a 117% year-over-year growth. Gross profit margin stood at over 62%, while net income reached $126 million, influenced by biological assets. The company also posted an adjusted EBITDA of $75 million, representing a 52% margin. Verano expanded its retail footprint with acquisitions in Arizona and Pennsylvania and was upgraded to the OTCQX Best Market, enhancing liquidity and visibility for investors.
Verano Holdings Corp. (CSE:VRNO) (OTCQX:VRNOF) has filed a preliminary short form base shelf prospectus in Canada, allowing for securities offerings totaling up to C$1,254,450,000 over 25 months. This move aims to enhance the company's financial flexibility and support its growth strategy, according to CEO George Archos. The filing will enable Verano to issue various securities, including Class A subordinate voting shares and warrants. The company plans to file a shelf prospectus supplement related to special warrants that had previously raised approximately C$100,035,000.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced an Amended and Restated Credit Agreement for a senior secured term loan of US$130 million with an additional US$100 million available. The agreement features a competitive annual interest rate of 9.75% and is non-dilutive, enhancing the Company's liquidity and operational flexibility. This funding supports Verano's strategic growth initiatives, including recent M&A activities, as noted by CEO George Archos. The agreement's favorable terms reflect Verano's strong operating performance and the evolving acceptance of the cannabis industry.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has opened its first Zen Leaf dispensary in Chicago's West Loop, enhancing its presence in the rapidly growing Illinois cannabis market. Located in a bustling area, the new flagship store aims to create jobs and boost local retail activity as the economy recovers. With Illinois adult-use cannabis sales setting records, the market is poised to reach between $2-$4 billion at maturity. Verano's expansion reflects confidence in the state's cannabis industry, which saw nearly $115 million in sales in April alone.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced the release of its first-quarter financial results for 2021, scheduled on May 18, 2021, before market opening. A conference call will follow at 8:30 AM ET to discuss results with analysts and investors. Verano Holdings operates in 11 states with nine production facilities covering approximately 770,000 square feet of cultivation. The company is committed to enhancing wellness through regulated cannabis products under brands like Verano, Avexia, and MÜV.
Verano Holdings is set to open its 32nd MÜV™ Dispensary in Florida on April 24, 2021, located at 400 S. Ponce Blvd., St. Augustine. This site boasts Florida's fourth-largest retail footprint and is the fifth location to feature a drive-through for convenient order pickups. The dispensary will offer a wide range of award-winning cannabis products, including edibles, flowers, and vaporizer pens. With nearly 800 employees in Florida, Verano continues to focus on enhancing patient care and contributing to the local economy.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced a significant expansion in Pennsylvania by acquiring Agri-Kind, LLC and Agronomed Biologics, LLC. These acquisitions will bolster its cultivation capacity with a 62,000 sq. ft. facility and allow for the development of six additional dispensaries. The total cash and stock consideration for Agri-Kind stands at US$66 million, while Agronomed will be acquired for US$60 million. This move is aligned with Verano's strategy to enhance its market leadership in the U.S. cannabis sector.
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