Verano Expands In Illinois, Pennsylvania And Arizona, Opens New MÜV Store In Florida

February 26, 2021 10:38 am
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Verano Expands In Illinois, Pennsylvania And Arizona, Opens New MÜV Store In Florida

Cannabis company Verano Holdings Corp. (CSE:VRNO) opted to boost its retail footprint across several states.

Illinois: The Chicago-based company confirmed Friday it is poised to purchase an Illinois dispensary, operated by The Herbal Care Center Inc., for $17.5 million.

In addition to a store located in Chicago’s Medical District, the company plans to launch an additional adult-use store in the city’s West Loop/Greektown neighborhood.

Pennsylvania: Verano also disclosed plans to merge subsidiaries with TerraVida Holistic Centers LLC and GVB Holding Group LLC — Pennsylvania-based companies that operate three medical dispensaries in Sellersville, Abington, and Malvern.

The price tag is $62.5 million and includes $15 million payable upon the closing of the deal, as well as $10 million payable within three months after the closing. The remaining sum is payable within six months following the transaction’s finalization.

Verano also obtained a license that allows it to launch additional three dispensaries in the Keystone State through its subsidiary.

In exchange, the company agreed to pay $7.35 million in cash and class A and class B shares equivalent to 1.3 million class A shares.

Arizona: On the heels of announcing the purchase of three dispensaries located in Mesa, Chandler, and Gilbert, Verano revealed its intentions to buy yet another store in the Copper State.

Under the deal with Nabis Holdings Inc., the company opted to take over the Emerald Dispensary in Phoenix.

Nabis AZ, a subsidiary, agreed to transfer the management and governance of Perpetual Healthcare Inc. to Verano in exchange for $11.25 million.

Verano expects to close transactions in the late first or early second quarter.

Verano CEO George Archos said they are “enormously excited for what the future holds in Illinois, Pennsylvania, and Arizona,” calling them core markets that “present robust, thoughtfully designed programs with great potential, for sound operators, patients, and consumers alike.”

Florida: Separately, Verano will cut the ribbon on its newest store this Saturday, Feb. 27. The store — located on Merritt Island — is the company’s 31st MÜV medical cannabis dispensary in the Sunshine State.

The store will offer a wide range of cannabis products, including MÜV Wana Soft Chew edibles, flower, pre-rolls, as well as vaporizer pens, metered-dose inhalers, topicals, and oral sprays, to name a few.