Verano Affiliate to Open Zen Leaf Dispensary in Philadelphia

Rhea-AI Summary

Verano Holdings Corp. has opened its 11th Zen Leaf dispensary in Pennsylvania, located in Northeast Philadelphia. This facility enhances access in the state’s largest medical cannabis market, which is projected to reach nearly $1 billion in sales this year. The new dispensary, operating in a high-traffic area with over 60,000 cars daily, is part of Verano's broader strategy to expand its footprint as it prepares for potential adult-use legislation. Another dispensary is set to open next week, continuing Verano's growth in the region.

Positive

• Expansion of Zen Leaf dispensaries to 11 in Pennsylvania, enhancing market presence.
• Opening in a high-traffic area with potential for significant customer engagement.
• Pennsylvania's medical marijuana market projected to approach $1 billion in sales, indicating strong growth potential.
• Plans for additional dispensaries to further develop market share in Pennsylvania.

Negative

• None.

• Zen Leaf Philadelphia to become the Company’s 11^th affiliated, fully operational dispensary in Pennsylvania, and 79^th nationwide across its active, 11-state footprint. Philadelphia is the sixth-most-populous city in the U.S., with an extended metro-area that is home to over 6 million residents.
• Pennsylvania is projected to approach $1 billion in medical marijuana sales this year, according to MJBizDaily, and the state may soon be poised for the introduction of adult-use legislation.
• Verano continues to develop this core market and plans to open its 12^th affiliated Pennsylvania dispensary next week. The Healing Research Center in Pittsburgh will open on Friday, July 30, and the Company’s affiliates expect to open at least two additional dispensaries in the state during the remainder of 2021.

CHICAGO, July 23, 2021 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (the “Company”), a leading multi-state cannabis operator, today announced the opening of its 11^th affiliated dispensary in Pennsylvania; this Zen Leaf-branded dispensary is located at 2504 Welsh Road in the Tremont Shopping Center in a vibrant retail corridor of Northeast Philadelphia. This location typically sees steady traffic of over 60,000 cars per day, according to the Pennsylvania Department of Transportation.

“The new Verano-affiliated Zen Leaf dispensary in Philadelphia enables us to reach and serve a much larger patient-base in Pennsylvania’s most populous city,” said George Archos, Verano Founder and CEO. “Pennsylvania is a core focus for Verano and we are pleased with the continued development in one of the country’s largest medical cannabis markets, which could soon be poised for adult-use legislation.”

Zen Leaf Philadelphia is the first to open of three permitted dispensary locations tied to the Company’s affiliate, NSE Pennsylvania. Zen Leaf offers a wide range of premium medical marijuana products including concentrates, vaporizers and flower. Customers may pre-order online at www.zenleafdispensaries.com for same day, in-store pick up.

The new Zen Leaf location will open to patients on July 23^rd at 9:00 a.m. local time. Regular business hours are 9:00am – 8:00pm, Monday through Saturday, and 9:00am – 6:00pm on Sunday.

About Verano

Verano is a leading, vertically-integrated, multi-state cannabis operator in the U.S., devoted to the ongoing improvement of communal wellness by providing responsible access to regulated cannabis products. With a mission to address vital health and wellness needs, Verano produces a comprehensive suite of premium, innovative cannabis products sold under its trusted portfolio of consumer brands: Verano^™, Avexia^™, Encore^™, and MÜV^™. Verano’s portfolio encompasses 14 U.S. States, with active operations in 11, which includes 10 production facilities comprising approximately 832,000 square feet of cultivation (including a 26,000 sq. ft. facility in Massachusetts nearing completion of construction). Verano designs, builds, and operates dispensaries under retail brands Zen Leaf^™ and MÜV^™, delivering a superior cannabis shopping experience in both medical and adult-use markets. Learn more at www.verano.com.

Forward Looking Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to statements or information with respect to the Company’s position in the marketplace, the proposed completion or buildout of Company facilities, the Company’s cultivation capacity, the fortification of the Company’s presence in core markets, the possibility of material organic expansion, delivery of shareholder value and the ability to maintain industry-leading margins and add depth to leadership.

Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without limitation, the risk factors discussed in the Company's filings on SEDAR at www.sedar.com.

The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.

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Contacts:

Investors
Verano
Aaron Miles
Chief Investment Officer
aaron@verano.holdings

Media
Verano
David Spreckman
VP, Marketing & Communications
david@verano.holdings
312-819-4852

Sard Verbinnen & Co.
Gabriella Coffey / Ryan McDougald
Verano-SVC@sardverb.com

FAQ

What is the significance of Verano's new dispensary opening in Philadelphia?

Verano's new Zen Leaf dispensary enhances access to medical marijuana in Pennsylvania's largest city, potentially increasing its customer base.

How many dispensaries does Verano have in Pennsylvania?

Verano now operates 11 dispensaries in Pennsylvania, with plans to open more.

What are the projected medical marijuana sales in Pennsylvania?

Medical marijuana sales in Pennsylvania are projected to approach $1 billion this year.

When will the new Zen Leaf dispensary in Philadelphia open?

The new Zen Leaf dispensary in Philadelphia opened on July 23, 2021.

What is the expected impact of potential adult-use legislation in Pennsylvania for Verano?

The introduction of adult-use legislation in Pennsylvania could significantly expand Verano's market opportunities and customer base.