Verano Holdings Cannabis Co. Expands In Ohio, Acquiring Mad River Remedies Dispensary In Dayton

Cannabis company Verano Holdings Corp. VRNO VRNOF has purchased another dispensary in Ohio, bringing its number of operating retail locations within the state to five.

Based in Chicago, the company confirmed Friday it has closed the acquisition of Mad River Remedies, LLC, a dispensary in Dayton.

Apart from the newly acquired shop, Verano operates four additional stores in the Buckeye State located in Bowling Green, Canton, Cincinnati and Newark.

Mad River Remedies will serve customers in the Dayton metropolitan area, which has nearly 800,000 residents.

“Over the course of the last year, Ohio developed into a core market for us, and we’re pleased to gain coverage of the substantial Dayton market through this acquisition of Mad River Remedies,” George Archos, CEO and founder of Verano, said Friday.

The dispensary is located in the vicinity of the University of Dayton and Wright State University campus communities, several miles from the downtown Dayton area.

The store’s offering will include a myriad of medical cannabis products sold under Verano, Avexia and Encore brands.

“Ohio’s burgeoning medical cannabis market provides an opportunity for us to leverage our proven, vertically integrated model, enabling revenue growth while serving the considerable patient community,” Archos stated.

Verano’s Recent Moves

Over the past few months, Verano significantly boosted its footprint in Arizona, Pennsylvania, and Florida.

After securing some CA$100 million ($79.514 million) in funding through a bought deal private placement of some 3.51 million special warrants at CA$28.50 in February, Verano opted to expand its presence in Arizona by purchasing Patient Alternative Relief Center Inc. in Phoenix,

which is doing business as Local Joint, for $17 million.

In May, the company wrapped up three previously announced acquisitions, bringing a total of 6 new Pennsylvania-based medical cannabis dispensaries under its umbrella, as well as gaining a permit to launch three additional MMJ dispensaries in the Keystone State.

To boost its presence in Florida, Verano kicked off sales at its new MÜV Dispensary Spring Hill store on May 28.

Photo by Add Weed on Unsplash