Verano Announces Release of Last RTO Share Lockups

Rhea-AI Summary

Verano Holdings Corp. (CSE: VRNO, OTCQX: VRNOF) announced the upcoming removal of trading restrictions on 35% of shares from its reverse takeover (RTO) completed on February 11, 2021. The release is expected within two trading days, allowing all shares from the RTO to trade freely. Originally, these shares were under a 400-day lockup with staggered releases, the next being 15% on December 18, 2021. CEO George Archos noted increasing investor interest and emphasized a commitment to long-term value for shareholders.

Positive

• Increased investor demand leading to the lifting of trading restrictions.
• CEO's confidence in the company's long-term strategy and growth potential.
• All shares from the RTO to be freely traded, enhancing liquidity for investors.

Negative

• None.

CHICAGO, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or “the Company”), a leading multi-state cannabis company, today announced the pending release of the last contractual trading restrictions remaining on 35% of the shares it issued in its reverse takeover transaction completed on February 11, 2021 (the “RTO”). The measure is being implemented through the Company’s transfer agent and is expected to be executed within two trading days. As a result, none of the Company’s shares issued in the RTO will be subject to these trading restrictions, and all of the Company’s subordinate voting shares issued in the RTO will be eligible to trade on the Canadian Securities Exchange and the OTCQX market, subject to applicable securities laws and stock exchange rules.

All shares issued in the RTO were subject to a 400-day trading lockup, to be released in periodic installments, with 15% scheduled for release on December 18, 2021, and the remaining 20% balance scheduled for release on March 18, 2022.

“Verano continues to attract strong interest from long-term fundamental and institutional shareholders who are looking to build ownership positions in the company,” said George Archos, Verano Founder and CEO. “Given the increased investor demand, we are taking proactive measures to facilitate additional liquidity in the stock and eliminate the remaining trading restrictions. As the largest Company shareholder, I hold a long-term view of my share ownership, which demonstrates my enduring confidence in our strategy, mission and growth potential. Moving forward, we will continue to lead with the intention of preserving long-term value for our shareholders.”

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, including 12 production facilities comprising over 1,000,000 square feet of cultivation. 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 "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 lifting of certain contractual lockups, potential stock performance, and the delivery of value for our stakeholders.

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 Holdings Corp.
Aaron Miles
Chief Investment Officer
aaron@verano.com

Verano Holdings Corp.
Julianna Paterra
Director, Investor Relations
Julianna@verano.com 

Media:
Verano Holdings Corp.
Steve Mazeika
Director, Communications
Steve.Mazeika@verano.com
312-348-4430

FAQ

What is Verano Holdings Corp. (VRNOF) announcing regarding trading restrictions?

Verano Holdings announced the removal of trading restrictions on 35% of shares from its reverse takeover, effective within two trading days.

When will the next batch of shares be released from trading restrictions for Verano (VRNOF)?

The next release of 15% of shares from the trading restriction is scheduled for December 18, 2021.

How does the removal of trading restrictions affect VRNOF stock?

The removal of trading restrictions allows for increased liquidity, potentially attracting more investors and affecting stock performance positively.

What was the significance of the February 11, 2021 RTO for Verano (VRNOF)?

The reverse takeover completed on February 11, 2021, was crucial for Verano, allowing it to issue shares with certain trading restrictions that are now being fully lifted.