Verano Welcomes Veteran CPG Industry Finance Executive Brett Summerer as Chief Financial Officer

Rhea-AI Summary

Verano Holdings Corp. (OTCQX: VRNOF) has appointed Brett Summerer as the new Chief Financial Officer, succeeding Brian Ward, who will assist during the transition. Summerer brings over 21 years of financial leadership experience from various sectors, including CPG and automotive industries. His notable roles include CFO at The Kraft Heinz Company and positions at General Motors and Corning Incorporated. Verano aims to leverage Summerer's expertise to enhance growth while maintaining robust financial management, with regulatory approval anticipated for his role.

Positive

• Brett Summerer appointed as CFO, bringing 21 years of diverse financial leadership.
• Summerer's experience includes significant roles at The Kraft Heinz Company and General Motors.
• Company expresses confidence that Summerer will enhance growth and maintain sound financial practices.

Negative

• None.

CHICAGO, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the appointment of Brett Summerer as Chief Financial Officer. Summerer assumes the role previously held by Brian Ward, who will continue to serve as an advisor during the transition period before departing Verano.

Summerer brings more than 21 years of diverse financial leadership experience to Verano’s executive team. Throughout his career, he has held leadership positions of increasing responsibility across multiple information technology, manufacturing, and CPG companies. Summerer began his career in the IT sector at Modern Engineering, and after serving as Head of Information Technology, he ultimately rose to the CIO position, where he managed the firm’s budget, vendor contracts, and operational integration for four acquisitions. He then spent 10 years at General Motors in Financial Planning and Analysis, Controller, and CFO positions in the U.S. and Asian markets. After leaving GM, he served as the Head of Financial Planning and Analysis and Supply Chain Finance for Corning Incorporated, and subsequently gained pharmaceutical industry experience as the Head of Finance for their pharmaceutical business. Most recently, Summerer served as Vice President, Head of Supply Chain Finance and CFO of The Kraft Heinz Company’s U.S. Operations, where he led all aspects of the CPG company’s financial activities across its extensive national manufacturing footprint in its largest market.

“On behalf of Verano and our Board of Directors, I’d like to thank Brian for his significant contributions to Verano, and wish him all the best and much success in his future endeavors,” said George Archos, Verano Founder and Chief Executive Officer.

“It has been an honor to work alongside so many talented colleagues building the foundation of Verano’s bright future, and I look forward to lending my support to ensure a smooth transition,” said Ward. “I’d like to thank George and the team and wish everyone at Verano much continued success moving forward.”

“Following the conclusion of an expansive search, we’re confident Brett’s extensive leadership experience across multiple industries and markets, particularly in the CPG space, will be a valuable asset to our organization as we further grow and scale the Verano platform,” Archos continued. “Building on the solid foundation Brian set, with Brett’s leadership, we will continue to maintain sound financial principles while propelling our business forward.”

“I am thrilled to join Verano and help lead the future growth of the organization,” said Summerer. “The positive momentum the company and the industry are driving is incredibly exciting, and I look forward to combining my experience with the energy and capability of my talented team to elevate Verano to even greater heights in pursuit of our growth and strategic business objectives.”

Summerer will report directly to Verano Founder and CEO George Archos and will be based in the Company’s Chicago headquarters office. The Company will seek regulatory approval, as necessary, to effectuate Summerer’s role and responsibilities in the various jurisdictions where Verano is, or will become, a licensed cannabis operator.

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.

Contacts:

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

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

Sard Verbinnen & Co. Gabriella Coffey / Ryan McDougald
Verano-SVC@sardverb.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 opening of certain retail establishments, 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 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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FAQ

Who is the new CFO of Verano Holdings Corp. (VRNOF)?

Brett Summerer has been appointed as the new Chief Financial Officer of Verano Holdings Corp.

What experience does Brett Summerer bring to Verano (VRNOF)?

Brett Summerer brings over 21 years of financial leadership experience from various industries, including roles at General Motors and The Kraft Heinz Company.

When did Verano Holdings Corp. announce the CFO appointment?

Verano announced the appointment of Brett Summerer as CFO on January 3, 2022.

What role did Brian Ward have at Verano Holdings (VRNOF)?

Brian Ward previously served as Chief Financial Officer before transitioning to an advisory role.

What impact could Brett Summerer's appointment have on Verano (VRNOF)?

Summerer's extensive experience is expected to support Verano's growth and maintain solid financial practices.