Verano Holdings Corp. (VRNO): M&A transaction — Verano closes $105M acquisition of Cannabist's Virginia and Arizona assets

Verano Holdings Corp.

Total consideration for Virginia subsidiary was $90M: $20M cash, $40M in Verano shares, $30M promissory note at 7% interest.
Arizona operations acquired for $15M in cash; adds cultivation facilities and two dispensaries (Tempe, Prescott).
Verano becomes exclusive operator in HSA 5 in Eastern Virginia (2M residents, 14M annual tourists) with 6 dispensaries.
Deal expands Verano's footprint to 14 states, 15 cultivation/production facilities, and 150 dispensaries nationwide.
Promissory note matures in two years; monthly payments of $1.75M for first 12 months, then $750K.

item 2.01 item 2.03 item 1.01 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.97

Verano Holdings Corp. completed an acquisition involving The Cannabist Company Holdings Inc. for $90 million (closed 2024-08-21).

Action: acquisition
Counterparty: The Cannabist Company Holdings Inc.
Consideration: $90 million
Closing: 2024-08-21

Exact text from the filing

Pursuant to the Virginia EPA, the Virginia Buyer purchased all of the issued and outstanding equity interests of CC East Virginia from the Virginia Members for total consideration of $90 million, subject to adjustments as set forth in the Virginia EPA

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.97

Verano Holdings Corp. completed an acquisition involving The Cannabist Company Holdings Inc. for $9.9 million (closed 2024-08-16).

Action: acquisition
Counterparty: The Cannabist Company Holdings Inc.
Consideration: $9.9 million
Closing: 2024-08-16

Exact text from the filing

Pursuant to the Organix EPA, the Arizona Buyer purchased all of the issued and outstanding equity interests of Organix from the Arizona Member for total consideration of $9.9 million, payable in cash

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.97

Verano Holdings Corp. completed an acquisition involving The Cannabist Company Holdings Inc. for $5.1 million (closed 2024-08-16).

Action: acquisition
Counterparty: The Cannabist Company Holdings Inc.
Consideration: $5.1 million
Closing: 2024-08-16

Exact text from the filing

Pursuant to the SWC EPA, the Arizona Buyer purchased all of the issued and outstanding equity interests of SWC from the SWC Members for total consideration of $5.1 million, payable in cash

View on SEC.gov

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Verano Holdings Corp. filing history →

Source: SEC EDGAR

accession 0001493152-24-033491

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