Verano Expands In Pennsylvania, Acquires Three Dispensaries In Pittsburgh Metro Area

Verano Holdings Corp. VRNOF is poised to acquire three additional dispensaries in Pennsylvania.

Under the deal, the Chicago-based company agreed to purchase all of the issued and outstanding equity interests of The Healing Center, LLC for $110.3 million.

The price tag includes $55.15 million in cash and $55.15 million in Verano’s Class A subordinate voting shares and Class B proportionate voting shares. Fifty percent of the sum paid in cash is payable at closing, and the remaining 50% is to be paid within two months once the deal is finalized.

The stores are located in the Pittsburgh-metro area of Township, Washington and Monroeville.

The management of The Healing Center will join Verano’s team.

"We are very excited about the future with Verano, a true operator in the cannabis industry who is not only focused on fiscal responsibility but culture as well," Jay Richards, The Healing Center’s co-founder, and president said Wednesday. “These were key factors in our decision for the sustained viability of what we have built and, most importantly, for our employees’ long-term success and mobility.”

Verano’s Pennsylvania Footprint: Verano debuted in the Keystone State in December by cutting the ribbon on the store in Harrisburg, followed by another store in York later that month.

Zen Leaf Altoona, the third location Verano opted to open in Pennsylvania, was launched in early February, ahead of a previously announced reverse takeover of Majesta Minerals Inc., as part of the company’s attempt to go public in Canada.

The company recently revealed its plans to merge subsidiaries with Pennsylvania-based TerraVida Holistic Centers LLC and GVB Holding Group LLC, which operate three stores in Sellersville, Abington and Malvern.

(Photo by Add Weed on Unsplash)