Verano Maximizes Ohio Footprint by Closing on Acquisition of Dayton Dispensary, Mad River Remedies
Verano Holdings Corp. (OTCQX: VRNOF) has successfully acquired Mad River Remedies, enhancing its presence in Ohio with five dispensaries, the maximum allowed. This acquisition positions Verano to serve the Dayton metropolitan area, which has nearly 800,000 residents, and is located near major universities. The company aims to leverage Ohio's growing medical cannabis market to drive revenue growth through its premium cannabis product offerings.
- Expansion into Dayton, enhancing market coverage with a population of nearly 800,000.
- Increased retail footprint to five dispensaries, maximizing presence in Ohio.
- Opportunity for revenue growth by utilizing a proven, vertically integrated model.
- None.
- The accretive transaction brings the Company’s Ohio retail footprint to five dispensaries, the maximum permitted in the state.
- The addition of the Mad River Remedies dispensary provides coverage of the Dayton metropolitan area which has a population of nearly 800,000.
- The dispensary location is in close proximity to both the University of Dayton and Wright State University campus communities.
CHICAGO, July 09, 2021 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced it has closed its acquisition of Mad River Remedies, LLC, a highly productive dispensary in Dayton, Ohio.
With the closing of this transaction the Company now operates five dispensaries across Ohio, the maximum permitted in the state, with existing retail storefronts in Bowling Green, Canton, Cincinnati, and Newark.
“Over the course of the last year, Ohio developed into a core market for us, and we’re pleased to gain coverage of the substantial Dayton market through this acquisition of Mad River Remedies,” said George Archos, Verano Founder and CEO. “The dispensary is located just a few miles from the busy and beautiful downtown Dayton area, in the Riverside community, and is positioned across the street from the National Museum of the US Air Force. Ohio’s burgeoning medical cannabis market provides an opportunity for us to leverage our proven, vertically integrated model, enabling revenue growth while serving the considerable patient community.”
The Company’s comprehensive offering of premium medical cannabis products, sold under the Verano™, Avexia™, and Encore™ brands, are available to registered Ohio patients through its own five store footprint and more than 40 other licensed retailers across the state.
About Verano Holdings Corp.
Verano Holdings Corp. is a leading, vertically-integrated, multi-state cannabis operator devoted to the ongoing improvement of communal wellness by providing responsible access to regulated cannabis products across the United States. With a mission to address vital health and wellness needs, the Company 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 eight production facilities comprising approximately 770,000 square feet of cultivation. The Company 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 may include, but are not limited to, the ability of the Company to achieve its business objectives and growth plans going forward, and expectations for other economic, market, business, and competitive factors.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward- looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. 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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