Verano Holdings Enters Into an Agreement for a Go-Public Transaction in Conjunction with AltMed Merger

Cannabtimes

<![CDATA[CHICAGO – December 15, 2020 – PRESS RELEASE – Verano Holdings, LLC , a multi-state cannabis operator, has announced it has entered into a definitive agreement to consummate a go-public transaction in Canada. The transaction will be effected by Verano participating in a reverse takeover (RTO) of Majesta Minerals Inc., a reporting issuer in Alberta, Canada, with the resulting Canadian reporting company being named “Verano Holdings Corp." The consummation of the transaction is subject to the approval of Majesta’s shareholders, antitrust and other regulatory approvals, court approval and other customary closing conditions. It is a condition of closing that the subordinate voting shares of the resulting issuer will be listed on the Canadian Securities Exchange (CSE).The transaction is expected to close in the first quarter of 2021 and will include the previously announced merger with Alternative Medical Enterprises, LLC, Plants of Ruskin, LLC, RVC 360, LLC and affiliated companies (collectively, AltMed), fully-integrated medical marijuana companies operating in Arizona and Florida. The transaction is projected to be highly-accretive and establish the combined Verano and AltMed companies as one of the three largest multi-state operators (MSOs) in the U.S., and a clear leader in the U.S. cannabis market, which is estimated to be between $15.5 billion and $18.9 billion for 20202. The five-member resulting issuer’s Board of Directors is expected to consist of members nominated by Verano and AltMed, including three independent directors.RTOThe RTO will be structured as a plan of arrangement pursuant to the laws of British Columbia. The plan of arrangement contemplates that Majesta’s existing shares will be consolidated and exchanged for subordinate voting shares of the resulting issuer with an expected aggregate value of US$1 million. Securityholders of Verano and AltMed will receive subordinate voting shares and proportionate voting shares of the resulting issuer which, in the aggregate and on an…

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Source : Verano Holdings Enters Into an Agreement for a Go-Public Transaction in Conjunction with AltMed Merger

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