Multi-state cannabis operator Verano Holdings Corp. VRNOF closed the acquisition of three subsidiaries of The Cannabist Company Holdings Inc. CBSTF, one of the most experienced cultivators, manufacturers and retailers of cannabis products in the U.S.
The company first announced the $105M deal in July . The acquisition, strategic to expanding its national footprint, includes one of Cannabist’s Virginia licenses (Columbia Care Eastern Virginia), along with associated operations including all operations in Arizona (203 Organix and Salubrious Wellness Center).
"Our entrance into Virginia provides near-term growth potential within the existing medical program, and adds yet another valuable market to our footprint with a high probability of adult use in the near future," stated George Archos , Verano founder, chairman and chief executive officer. "Leveraging our extensive M&A history and experience, we are actively integrating these facilities into our network, and will build on our legacy as a top-tier medical operator in preparation for potential adult use in Virginia. Additionally, expanding our Arizona operations allows us to further scale our retail footprint and broaden access to our award-winning brand portfolio with increased cultivation capacity and high-performing dispensaries in attractive locations in Prescott and Tempe."
Read Also: Verano Holdings Q2 $222M Revenue In Line QoQ, Net Loss Widens To $22M Ahead of Cannabist Co. Acquisition The Deal Highlights
In Virginia, Verano will be the sole vertically-integrated cannabis operator in Health Service Area (HSA) 5, which encompasses Eastern Virginia, including cities such as Hampton, Norfolk, Portsmouth, Suffolk, Virginia Beach and Williamsburg. This region, home to nearly two million residents and attracting 14 million tourists annually, is designated by the state for organizing healthcare services and resources. Verano will gain an active cultivation and production facility along with six operational dispensaries in this critical area.
In Arizona, Verano expands its operations with the addition of an active cultivation and production facility, boosting its retail presence to eight locations with new dispensaries in Tempe and Prescott. These additions complement the company’s existing six Zen Leaf dispensaries and multiple cultivation and processing facilities across the state.
The total consideration for the Arizona operations was $15 million, paid in […]
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