Verano Draws $100M To Fuel Strategic Growth Initiatives, Up To Additional $175M Funding Available

 

Vertically integrated cannabis company Verano Holdings Corp. VRNO VRNOF has drawn an additional $100 million under its existing credit agreement pursuant to the fourth amendment to such credit agreement, at a non-dilutive interest rate of 8.50%.

The funding follows a previously-announced intention to draw US$100 million under the existing credit agreement, providing Verano with the flexibility to drive internal expansion efforts and near- and long-term growth strategy.

As part of such amendment to its credit agreement, funding for up to an additional $175 million at a future date was added, which lending commitment is subject to final agreement and conditions with the company’s lenders.

Chicago Atlantic Advisors, LLC is the lead administrative agent and collateral agent, with participation from AFC Gamma, Inc.AFCG.

Verano produces a comprehensive suite of premium, innovative cannabis products sold under its trusted portfolio of consumer brands, including Verano, Avexia, Encore, and MÜV.

The company’s portfolio encompasses 15 U.S. states, with active operations in 12, including 12 production facilities comprising over 1 million square feet of cultivation capacity.

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.

Courtesy of Visual Stories || Micheile on Unsplash

Posted In: FundingCannabisNewsFinancingSmall CapMarkets

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