Verano Holdings 'On An Acquisitive Streak In 2021'

Verano Holdings Corp. VRNO VRNOF went public in February to more easily pursue M&A, and since then, has been on an acquisitive streak, reported New Cannabis Ventures.

The Chicago-based company opted to acquire all of the issued and outstanding equity interests in Agri-Kind, LLC, and Agronomed Holdings Inc. for $66 million in cash, $49.5 million in stock, and a performance-based earnout of $31.5 million, in April, expanding its footprint in Pennsylvania.

In July, Verano acquired dispensaries in Nevada and cultivation assets for $29 million. The transaction included two operational dispensaries in Reno and Carson City, and a cultivation and production facility. Following the completion of the transaction, Nevada became a core market for the firm.

In August, the major multi-state operator acquired four business licenses in the Maryland market and opened MÜV in Orange City, Verano’s 37th Florida dispensary, and 85th nationwide.

The company anticipates finishing the year with over 40 operating dispensaries in Florida, including planned locations in Pinellas Park, Hollywood, and Melbourne. 

Verano reported almost $199 million in Q2 revenue, a 39% increase when compared to Q1.

In the last quarter, Verano added 16 dispensaries to its store network. The MSO now has a network of over 85 stores making the company one of the largest dispensary networks in the world, reported Seeking Alpha.