Transaction Benefits & Market Impact
Addition of two fully-operational and top-performing dispensaries in Reno and Carson City expands strategic retail coverage of Northern Nevada. The neighboring cities have a combined population of over 300,000 residents and draw a substantial number of tourists, recently surpassing five million visitors on an annual basis.Expected to strengthen distribution capability in Northern Nevada with the addition of an approximately 10,000 sq. ft. Reno cultivation and production facility, complementing active expansion at the Verano-affiliated cultivation facility in North Las Vegas.Broadens Nevada supply chain while increasing dispensary count between Verano and its affiliates to four active storefronts, with a fifth planned location to open in Las Vegas later this summer.Builds upon Verano’s national portfolio of 79 operational dispensaries and 10 cultivation and production facilities across its active 11-state footprint.
CHICAGO, July 26, 2021 (GLOBE NEWSWIRE) — Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced it has entered into an agreement to acquire all of the equity interests of WSCC, Inc., d/b/a Sierra Well (“Sierra Well”), adding two operational dispensaries and an active cultivation and production facility in Nevada along with two real estate properties in Carson City and Reno. Both dispensaries are situated along busy retail corridors and just minutes from their respective city centers. Closing on the transaction is subject to customary conditions, contingencies, and approvals, including regulatory approval.
“We’ve been operating successfully in Nevada since 2017 and have maintained focus on growing our presence in this highly attractive state. Following completion of this accretive transaction, Nevada will become a core market for us. We are pleased to strategically expand our distribution in Nevada while partnering with a like-minded ownership group that has built a profitable business through sound operational management,” said George Archos, Verano Founder