- The accretive transaction, along with other pending deals, expected to bring Verano’s Ohio retail footprint to five dispensaries, the maximum permitted in the state.
- Expected to give the Company retail coverage of the substantial Dayton metropolitan area encompassing a population of nearly 800,000.
- Close proximity to the University of Dayton and Wright State University.
CHICAGO, April 01, 2021 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE:VRNO) (“Verano” or “the Company”), a leading multi-state cannabis company, today announced it has entered into an agreement to acquire Mad River Remedies, LLC, a highly productive dispensary in Dayton, Ohio.
Assuming closing of this accretive transaction, and in combination with other pending transactions, Verano will operate five dispensaries, the maximum permitted in the state of Ohio, with other retail storefronts in Bowling Green, Canton, Cincinnati, and Newark. The closing of the transaction is conditional upon receipt of regulatory approval from the Ohio Board of Pharmacy as well as other customary closing conditions. Verano expects closing to occur in Q2 2021.
“Ohio has developed into a core market for us, and we’re pleased to gain coverage of the substantial Dayton market through this agreement to acquire Mad River Remedies, LLC,” said George Archos, Verano Co-Founder and CEO. “The dispensary is primely located just a few miles from the busy and beautiful downtown Dayton area, situated in the Riverside community, across the street from the National Museum of the US Air Force. Ohio’s burgeoning medical cannabis market continues to provide Verano with an exceptional opportunity to leverage our proven, vertically integrated model, allowing us to drive revenue growth while satisfying the considerable patient demand.”
The Company’s full suite of premium medical cannabis products, sold under the VeranoTM, AvexiaTM and EncoreTM brands, are expected to be available to patients across their five store footprint.
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 MÜVTM. The company’s portfolio encompasses 14 U.S. States, with active operations in 11, which includes eight production facilities comprising approximately 750,000 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 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, information concerning the ability of the Company to successfully close the transaction herein (including satisfying all conditions to closing and obtaining all approvals required pursuant to the definitive agreement, including regulatory approval), 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 Verano 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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Contacts:
Investors
Verano Holdings
Aaron Miles
Head of Investor Relations
aaron@verano.holdings
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Verano Holdings
David Spreckman
Sr. Director, Corporate Communications & Retail Marketing
david@verano.holdings
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Verano Holdings
Debbie Douglas
Senior Vice President
ddouglas@finprofiles.com
949-375-3436