Verano Holdings Enters into Agreement to Expand Arizona Footprint

Cannabtimes

<![CDATA[CHICAGO, Feb. 24, 2021 (GLOBE NEWSWIRE) — PRESS RELEASE — Verano Holdings Corp., a leading multi-state cannabis company, today announced it has entered into an agreement to acquire three active dispensaries and one cultivation and production facility in Arizona. Upon completion, this transaction would increase Verano’s presence in the key state of Arizona and support the Company’s focus on becoming a market leader in this market. Closing of the transaction is subject to customary conditions, contingencies, and approvals, including regulatory approval.“Pursuant to our recent go-public, we are strategically focused on expanding our presence in limited-license, high-growth markets,” said George Archos, Co-Founder and CEO of Verano. “Arizona recently added adult-use to its program, and we look forward to accelerating our proven, vertically integrated model to help meet rising demand.”Transaction HighlightsVerano, Verano Arizona Holdings, LLC (a wholly-owned subsidiary of Verano, known here as “Verano Arizona”); NZCO LLC, an Arizona limited liability company; Murff & Company LLC, an Arizona limited liability company; JWC1 LLC, an Arizona limited liability company; Hu Commercial Properties LLC, an Arizona limited liability company; and COBISH LLC, an Arizona limited liability company; the board members of AZGM 3, Inc., an Arizona non-profit corporation; the members of Vending Logistics LLC, an Arizona limited liability company; the managers of Vending Logistics LLC; Best-in-Show Holdings L.L.C., an Arizona limited liability company; and the sole member of The Medicine Room LLC, an Arizona limited liability company; and the managers of Medicine Room LLC have entered into a reorganization and merger agreement pursuant to which the Target Companies will merge with and into Verano Arizona. The merger consideration includes $7.25 million, payable in cash, subject to adjustment, and Class A Subordinate Voting Shares in the capital of Verano and/or Class B Proportionate Voting Shares in the capital of Verano equivalent to 3,989,875 SVS on…

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Source : Verano Holdings Enters into Agreement to Expand Arizona Footprint

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