VERANO HLDGS CORP - VRNOF STOCK NEWS

Verano Holdings Corp. (OTCQX: VRNOF) has announced agreements to acquire operations in Virginia and Arizona from The Cannabist Company Holdings Inc. Key highlights include:

1. Acquisition of Virginia Operations for $90 million, including one cultivation facility and six dispensaries in HSA 5, serving nearly two million residents.

2. Purchase of Arizona Operations for $15 million, adding one cultivation facility, one production facility, and two dispensaries.

3. Expansion of Verano's footprint to 14 states, 15 cultivation and production facilities, and 150 dispensaries.

4. The deal positions Verano for growth in Virginia's upcoming adult-use cannabis market and strengthens its presence in Arizona.

5. The Cannabist Company will maintain operations in Virginia's Richmond region (HSA 4) and exit the Arizona market.

Verano Holdings Corp. (OTCQX: VRNOF) has announced the opening of Zen Leaf Fairless Hills, its newest affiliated dispensary in Pennsylvania, on July 26, 2024. The dispensary, relocated from Chester, is situated at 203 Lincoln Highway, a high-traffic area with over 17,000 vehicles passing daily. As the first medical cannabis dispensary in Fairless Hills, it offers an enhanced experience for patients with increased convenience and accessibility, featuring multiple point-of-sale stations and kiosks for seamless browsing and ordering.

Located in Bucks County, the fourth largest county in Pennsylvania with over 630,000 residents, Zen Leaf Fairless Hills strengthens Verano's presence in the state, becoming one of its 18 affiliated Pennsylvania dispensaries. The company also operates a 62,000 square foot cultivation and processing facility in Chester, producing various cannabis products under different brand names.

Verano Holdings, a leading multi-state cannabis company, is set to announce its financial results for the second quarter of 2024 on August 7, 2024, before the market opens. The results will cover the period ending June 30, 2024, and will be discussed in a conference call and webcast scheduled for the same day at 8:30 a.m. ET / 7:30 a.m. CT. Investors and analysts can register for the call in advance. The webcast will be available live and archived on Verano’s investor relations website.

Verano has announced the expansion of its Cabbage Club™, a cannabis membership program, to Connecticut, Maryland, and Michigan. Following successful rollouts in New Jersey and Illinois, the program offers exclusive benefits including monthly store credits, early access to products, special events, and line-skipping privileges. The expansion targets key adult-use markets with a combined population of over 15 million. Cabbage Club™ membership tiers range from $149 to $249 annually, offering cash perks that exceed membership dues. The company plans further expansion across its 142 dispensaries in 13 states. Starting July 1, consumers can join the club at a discounted rate.

Verano Holdings Corp. (OTCQX: VRNOF), a leading multi-state cannabis company, announced the openings of MÜV Naranja and MÜV Port Richey on June 21, 2024. These additions raise Verano’s retail footprint to 77 dispensaries in Florida and 142 nationwide.

MÜV Naranja, located at 26655 South Dixie Highway, strengthens Verano’s presence in Miami-Dade County, home to over 2.7 million residents. MÜV Port Richey, at 9010 U.S. Highway 19, becomes the company's second location in Pasco County, which has a population exceeding 561,000.

Verano supports the Smart and Safe Florida campaign, advocating for the legalization of adult-use cannabis via the Amendment 3 ballot initiative. The company's operations span 13 states, including 142 dispensaries and 13 cultivation and processing facilities, with over 1 million square feet of cultivation capacity.

Both new dispensaries will offer a wide range of award-winning products and patient-centric services, including online menus, virtual consultations, and express in-store pickups.

Verano Holdings has filed a Notice of Application with the Supreme Court of British Columbia to seek a full trial against Goodness Growth Holdings (Vireo). Verano is contesting Vireo's request for a summary determination, which would expedite the case without a full trial. The dispute stems from an Arrangement Agreement for a stock-for-stock acquisition, terminated by Verano due to Vireo's alleged breaches. Vireo claims damages, but Verano disputes the validity of Vireo's damages report. The Supreme Court has scheduled hearings for August 27-28, 2024. If Verano's application succeeds, the trial is expected in 2026.

Verano Holdings announced the authorization to repurchase up to $50 million worth of its Class A subordinate voting shares. This marks the company's first share repurchase program, aiming to return cash to shareholders and support stock value. The company plans to buy back up to 17,320,857 shares, representing 5% of its issued and outstanding shares, over a period ending June 13, 2025. The purchases will be conducted in compliance with Cboe Canada rules and U.S. securities regulations. The actual number of shares repurchased and the timing will depend on market conditions and other factors, with no obligation to repurchase any specific amount.

Verano Holdings, a prominent multi-state cannabis company, announced its participation in two upcoming conferences. On May 16, 2024, CEO George Archos and Chief Investment Officer Aaron Miles will engage in a fireside chat and investor meetings at the 19th Annual Needham Technology, Media, & Consumer Conference, held virtually at 10:15 a.m. ET. Additionally, President Darren Weiss will participate in a fireside chat and investor meetings at the CG 8th Annual Global Cannabis Conference in New York City on May 23, 2024, at 1:15 p.m. ET. These engagements reflect Verano's commitment to investor relations and market visibility.

Verano Holdings Corp. accelerates its retail expansion with the opening of MÜV Haines City, marking its 75th location in Florida and 140th nationwide. Situated in Polk County, the new dispensary enhances the Company's presence in central Florida, offering a wide range of high-quality products and patient-centric care. Verano also supports the Smart and Safe Florida campaign advocating for the legalization of adult-use cannabis in the state.