Zinger Key Points Verano Holdings acquires Virginia and Arizona operations from The Cannabist Co., significantly expanding its U.S. footprint.
Deal valued at $105 million enhances Verano’s presence, increasing its reach to 14 states with 15 cultivation sites and 150 dispensaries.
Verano Holdings Corp. VRNOF announced Monday that it wiil acquire significant assets from The Cannabist Company Holdings Inc. (Cboe CA: CBST) CBSTF 3LP. The acquisition, strategic to expanding its national footprint, includes one of Cannabist’s Virginia licenses, along with associated operations including all of Arizona operations. Expanding Operations In Virginia And Arizona
The acquisition in Virginia encompasses a cultivation and production facility plus six dispensaries, positioning Verano as the exclusive cannabis operator for Health Service Area 5, which includes populated areas like Virginia Beach and Norfolk. The deal is poised at $90 million, with payment structured as $20 million cash, $40 million in Class A subordinate voting shares and a $30 million promissory note.
Meanwhile, Verano will add one cultivation facility, one production facility and two dispensaries in Arizona , boosting its total cultivation space in the state to 90,000 square feet. This expansion, costing $15 million payable in cash, increases Verano’s presence to eight dispensaries across Arizona.
Read Also: Ex-Police Officer Turned Cannabis CEO Calls For Federal Marijuana De-Scheduling In Letter To Harris, Trump, Biden Verano, Cannabist Execs Discuss Strategic Acquisition
“Today’s agreement further diversifies Verano’s portfolio, which, since the company’s inception, has remained focused on expanding our business into limited-license markets to scale both our wholesale and retail operations,” stated George Archos , Verano’s chairman and CEO, in a press release. “This opportunity greatly increases Verano’s growth trajectory as we gain access to the coveted market of Virginia ahead of an adult use program and deepens our footprint in Arizona.”
From The Cannabist Company’s perspective, the deal allows it to optimize the company’s operations while focusing on remaining assets in Virginia and preparing for future endeavors. “We are pleased to have reached an agreement and look forward to welcoming Verano to the robust Virginia market,” stated David Hart , CEO of The Cannabist Company. "We are so […]
$105M Deal: Verano To Acquire Cannabist Co.’s Operations In Virginia And Arizona
