Chicago-based multi-state cannabis operator Verano Holdings has announced its expansion into Connecticut with multiple acquisitions, including one completed deal and two pending purchases.
One of the pending deals, the acquisition of a cultivation business, is worth more than $ 130 million and will give Verano a vertically integrated presence in the state.
“These acquisitions are expected to increase immediately and accelerate vertical integration for Verano in Connecticut, one of the most recent states to pass legislation on adult use,” Verano said in a press release on Wednesday.
Connecticut recreational cannabis legalized in June, with sales expected to start in 2022.
Verano Connecticut’s offerings include:
- Willow Brook Wellness, who runs an active dispensary in Meriden.
- Caring Nature, which runs an active dispensary in Waterbury.
- Connecticut Pharmaceutical Solutions, which operates an active cultivation and manufacturing facility in Rocky Hill.
The acquisition of Willow Brook Wellness closed on October 5th. 25, while other negotiations are underway.
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Verano only revealed the price tag for Connecticut Pharmaceutical Solutions:
- Nearly $ 113.3 million worth of Verano subordinated voting shares when the transaction is completed.
- $ 18.5 million in additional shares “on Connecticut’s first adult sale of cannabis”.
- An unknown number of further actions based on performance milestones for 2021.
“These acquisitions are well aligned with our broader growth strategy and further strengthen our operational bandwidth by bringing on board management teams that have demonstrated multidisciplinary skills and a deep understanding of the Connecticut market in both retail and retail channels. wholesale, “said George Archos, CEO of Verano. in the release.
The Verano Connecticut deals come on the heels of the company’s other expansion activities this year, including acquisitions in Pennsylvania announced in April and a purchase in Nevada announced in July.