Verano Announces Closing Of Connecticut Pharmaceutical Solutions, Inc and Caring Nature, LLC Transactions

Rhea-AI Summary

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced the completion of its acquisition of Caring Nature, LLC and Connecticut Pharmaceutical Solutions, Inc. This deal enhances Verano's vertical integration in Connecticut, a rapidly growing market for adult-use cannabis. Caring Nature operates a dispensary in Waterbury, while Connecticut Pharmaceutical Solutions boasts a 216,532 sq. ft. cultivation facility in Rocky Hill. With these acquisitions, Verano now operates in 12 states, with a total of 93 dispensaries and over 1 million sq. ft. of cultivation capacity nationwide.

Positive

• Acquisition of Caring Nature and Connecticut Pharmaceutical Solutions enhances Verano's presence in Connecticut's cannabis market.
• Expands operational footprint to 12 states with 93 dispensaries and over 1 million sq. ft. of cultivation capacity.
• Affirms Verano's commitment to vertical integration in a rapidly growing adult-use market.

Negative

• None.

• In consummating the transactions, Verano acquired all of the issued and outstanding equity interests of Caring Nature, LLC, which holds an active dispensary in Waterbury, Connecticut, and Connecticut Pharmaceutical Solutions, Inc., which holds an operating cultivation and production facility in Rocky Hill, Connecticut
• The accretive acquisitions affirm Verano’s vertical integration in Connecticut, one of the most recent states to pass adult-use legislation, and follow the Company’s recent acquisition of an active dispensary in Meriden that closed on October 25, 2021
• Verano’s operational footprint spans 12 states, 10 of which are vertically integrated, and counts 93 dispensaries and over 1,000,000 sq. ft. of total cultivation capacity nationwide
  

CHICAGO, Dec. 28, 2021 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the closing of its previously announced (November 10, 2021) transactions to acquire all of the issued and outstanding equity interests of Caring Nature, LLC and Connecticut Pharmaceutical Solutions, Inc. Collectively, these acquisitions expand Verano’s presence on the East Coast with the addition of vertically integrated operations in the attractive Connecticut market.

Transaction Highlights

Caring Nature, LLC
The acquisition of all of the equity interests of Caring Nature, LLC, includes one active dispensary in Waterbury, Connecticut.

Connecticut Pharmaceutical Solutions, Inc.
The acquisition of all of the equity interests of Connecticut Pharmaceutical Solutions, Inc., includes an active, 216,532 sq. ft. state-of-the-art cultivation and production facility in Rocky Hill, Connecticut.

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, including Verano^™, Avexia^™, Encore^™, and MÜV^™. Verano’s portfolio encompasses 15 U.S. states, with active operations in 12 U.S. states, including 12 production facilities comprising over 1,000,000 square feet of cultivation capacity. Verano designs, builds, and operates dispensaries under retail brands including 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 “projects”, "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 timeline associated with the opening of retail establishments and cultivation and processing facilities, and the Company’s operations. 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 annual and quarterly 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. 

Contacts: 
Media
Verano
Steve Mazeika 
Director, Communications
steve.mazeika@verano.com 
312-348-4430 

Investors
Verano
Julianna Paterra 
Director, Investor Relations 
Julianna@verano.com 

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

FAQ

What recent acquisitions did Verano Holdings make?

Verano acquired Caring Nature, LLC, which includes a dispensary in Waterbury, and Connecticut Pharmaceutical Solutions, Inc., which has a cultivation facility in Rocky Hill.

How does the acquisition affect Verano's operations?

The acquisition increases Verano's operational footprint to 12 states, enhancing its vertical integration in the growing Connecticut cannabis market.

What is the significance of the Connecticut acquisitions for Verano (VRNOF)?

The acquisitions solidify Verano's position in Connecticut, a newly legalized adult-use market, potentially driving growth and revenue.

How many dispensaries does Verano operate after the acquisitions?

After the acquisitions, Verano operates a total of 93 dispensaries across 12 states.