Verano Holdings Announces Closing of C$100 Million Bought Deal Private Placement of Special Warrants
Summary
Chicago, IL, March 11, 2021 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (Verano or the Company) (CSE: VRNO) is pleased to announce that it has completed its previously announced bought deal private placement offering (the Offering) of special warrants of the Company (the "Special Warrants) for gross proceeds of C$100,035,000. Each Special Warrant will entitle its holder to receive, for no additional consideration, and subject to adjustment, one (1) class A subordinate voting share of the Company upon the deemed exercise thereof in accordance with the terms of the special warrant indenture governing the Special Warrants.The net proceeds of the Offering are expected to be used for acquisitions, working capital and general corporate purposes.Verano has sustained significant growth since its inception, driven by a combination of organic and acquisitive engagements, said George Archos, Co-Founder and CEO of Verano. The closing of this financing will support our focused strategy of deepening our presence, across our footprint, in order to achieve market-leading positions. The companys portfolio encompasses 14 U.S. States, with active operations in 11, which includes eight production facilities comprising approximately 750,000 square feet of cultivation. Verano designs, builds, and operates dispensaries under retail brands Zen Leaf and M\xdcV, delivering a superior cannabis shopping experience in both medical and adult-use markets.