Cannabis Co. Verano Completes $105M Acquisition Of Arizona, Virginia Operations From Leading US Operator
Multi-state cannabis operator Verano Holdings Corp. (OTCQX:VRNOF) closed the acquisition of three subsidiaries of The Cannabist Company Holdings Inc. (OTCQX: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.”
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