Verano completed the acquisition of Willow Brook Wellness, LLC, which owns an active dispensary in Meriden, Connecticut.
Additionally, Verano has entered into definitive agreements to acquire Caring Nature, LLC, which has an active dispensary in Waterbury, Connecticut, and Connecticut Pharmaceutical Solutions, Inc., which has an operating growing and production facility.
These acquisitions are expected to pay off immediately and accelerate the vertical integration of Verano in Connecticut, one of the most recent states to pass adult use legislation, further expanding the company’s east coast hub and completing Verano’s vertically integrated regional operations in Pennsylvania, New Jersey, Maryland and Massachusetts.
Connecticut Acquisitions to Expand Verano National Presence to 89 Assets1 dispensaries in 12 states, 10 of which are vertically integrated, while exceeding the 1,000,000 square foot mark in total culture capacity.
CHICAGO, Nov. 10, 2021 (GLOBE NEWSWIRE) – Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (âVeranoâ or the âCompanyâ), a leading multi-state cannabis company, today announced that it has entered into several agreements to acquire all issued equity interests and outstanding of Caring Nature, LLC and Connecticut Pharmaceutical Solutions, Inc., as well as the closing of its acquisition of Willow Brook Wellness, LLC.
Caring Nature has an active dispensary in Waterbury, CT; Connecticut Pharmaceutical Solutions has a cultivation and production facility in Rocky Hill, CT; and Willow Brook Wellness has an active dispensary in Meriden, CT. Collectively, these acquisitions expand Verano’s presence on the east coast with the addition of vertically integrated operations in the attractive Connecticut market.
âWe are excited about the continued expansion of our national platform and our East Coast hub. Entering the Connecticut market prior to its transition to adult use offers a clear path for sustainable, long-term growth, âsaid George Archos, Founder and CEO of Verano. “These acquisitions are well aligned with our broader growth strategy and further bolster our operational bandwidth by bringing together management teams who have demonstrated multidisciplinary know-how and a deep understanding of the Connecticut market across channels. retail and wholesale. “
Highlights of transactions
Willow Brook Welfare, LLC
The transaction to acquire 100% stake in Willow Brook Wellness, LLC, includes an active dispensary in Meriden, Connecticut. The agreement was signed on September 13, 2021 and closed on October 25, 2021.
Benevolent Naturee, LLC
The transaction to acquire 100% of the interests of Caring Nature, LLC, includes an active dispensary in Waterbury, Connecticut. The agreement was signed on November 10, 2021.
Connecticut Pharmaceutical Solutions, Inc.
The transaction to acquire 100% of the interests in Connecticut Pharmaceutical Solutions, Inc., includes a state-of-the-art 216,532 square foot cultivation and production facility in Rocky Hill, Connecticut. Total proceeds of the transaction include US $ 113,250,000 in subordinate voting shares of the Company upon closing of the transaction, US $ 18,500,000 in subordinate voting shares of the Company upon the first sale of cannabis for adult use in Connecticut; and additional subordinate voting shares based on achieving 2021 EBITDA performance milestones. The agreement was signed on November 10, 2021. Connecticut Pharmaceutical Solutions, Inc. is a holding company of Tuatara Capital, LP
The closing of the Caring Nature, LLC and Connecticut Pharmaceutical Solutions, Inc. transactions is subject to customary conditions, contingencies and approvals, including regulatory approval.
Verano is a leading, vertically integrated, multi-state cannabis operator in the United States, dedicated to the continuous improvement of collective well-being by providing responsible access to regulated cannabis products. With a mission to meet vital health and wellness needs, Verano produces a full line of innovative and premium cannabis products sold under its portfolio of trusted brands, including Verano.â¢, Avexieâ¢, Stillâ¢, and MÃVâ¢. Verano’s portfolio includes 15 US states, with active operations in 12, including 12 production facilities comprising more than 1,000,000 square feet of cultivation. Verano designs, builds and operates dispensaries under retail brands, including Zen Leafâ¢ and MÃVâ¢, providing a superior cannabis shopping experience in the medical and adult use markets. Learn more at www.verano.com.
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of US Private Securities Litigation. Reform Act. of 1995. These forward-looking information and forward-looking statements are not representative of historical facts or information or the current state of affairs, but represent solely the Company’s beliefs regarding future events, plans or objectives, many of which by their nature, are inherently uncertain and beyond the control of the Company. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terms such as “plans”, “expects” or “does not expect”, “is expected”, “budget” , “Intended”, “believes”, “anticipates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or may contain statements that certain actions, events or results âmayâ, âcouldâ, âwouldâ, âcouldâ or âwill be takenâ, âwill continueâ, âwill take placeâ or âwill be achieved.â The forward-looking information and forward-looking statements contained in hereof may include, without limitation, information regarding the ability of the Company to successfully complete the transaction herein (including compliance with all closing conditions and obtaining all approvals required under the final agreement agreement, including regulatory approval), the the Company’s ability to meet its business objectives and future growth plans and expectations regarding other economic, business, commercial and competitive factors.
Although Verano believes that the assumptions and factors used in the preparation, and the expectations contained in, the forward-looking information and statements are reasonable, such information and statements should not be relied on unduly, and no assurance or guarantee can be given. given that these forward-looking information and statements prove to be correct, 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 contained or referenced herein. , except to the extent required by applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by this notice regarding forward-looking information and statements.
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Director of Investments
Vice-President, Marketing and Communications
[email protected] / 312-819-4852
Sard Verbinnen & Co.
Gabriella Coffey / Ryan McDougald
1 Includes the impact of ongoing acquisitions.