Verano Announces Closing of Three Pennsylvania Transactions

Rhea-AI Summary

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.

Positive

• Closed three acquisitions, enhancing market presence in Pennsylvania.
• Acquisition includes six medical marijuana dispensaries, increasing revenue potential.
• Strengthens Verano's position in a key growth market for cannabis.

Negative

• None.

CHICAGO, May 24, 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 three previously announced, accretive transactions for all of the issued and outstanding equity interests in TerraVida Holistic Centers, LLC (“TerraVida”), GVB Holding Group, LLC, The Healing Center, LLC, and NSE Pennsylvania, LLC.

Transaction Highlights

TerraVida

• The transaction included three medical marijuana dispensaries in Sellersville, Abington, and Malvern, Pennsylvania.
  

The Healing Center

• The transaction included three medical marijuana dispensaries in Cranberry Township, Washington and Monroeville, Pennsylvania. Please refer to the Company’s previous announcement for more information.
  

NSE Pennsylvania

• The transaction included the ability to open three medical marijuana dispensaries in Pennsylvania.
  

About Verano

Verano Holdings Corp. 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^™. The company’s portfolio encompasses 14 U.S. States, with active operations in 11, which includes nine production facilities comprising approximately 770,000 square feet of cultivation. 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 may contain 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". Forward-looking information and forward-looking statements may include, but are not limited to statements or information with respect to the Company’s position in the marketplace, the accretive nature of acquisitions and the fortification of the Company’s presence in core markets.

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. 

Any 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 Holdings Corp.
Aaron Miles
Head of Investor Relations
aaron@verano.holdings

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

FAQ

What acquisitions did Verano Holdings announce on May 24, 2021?

Verano announced the closing of three acquisitions, including TerraVida Holistic Centers, GVB Holding Group, and The Healing Center.

How many dispensaries did Verano acquire in Pennsylvania?

Verano acquired a total of six medical marijuana dispensaries through its recent transactions.

What is the impact of the recent acquisitions on Verano's market position?

The acquisitions are expected to strengthen Verano's market position and expand its revenue potential in Pennsylvania.

What is the stock symbol for Verano Holdings?

The stock symbol for Verano Holdings is VRNOF.

When did Verano complete its acquisitions?

Verano completed the acquisitions on May 24, 2021.