Verano Raises CA$100M Selling Warrants Co-Led By Beacon Securities, Canaccord Genuity

Verano Holdings Corp. VRNO raised CA$100.04 million ($79.65 million) via a bought deal private offering.

Vertically-integrated cannabis company finalized the offering of special warrants, which was co-led by Beacon Securities Limited and Canaccord Genuity Corp. on behalf of a group of underwriters, such as Echelon Wealth Partners Inc. and Haywood Securities Inc.

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Under the offering, the multi-state operator issued 3.51 million special warrants with a price of $28.50 per warrant. Each warrant enables the holder to obtain one class A subordinate voting share of the company under the specified terms.

Verano plans to utilize the collected net proceeds for purchases, working capital, and standard corporate practices.

“Verano has sustained significant growth since its inception, driven by a combination of organic and acquisitive engagements,” Verano CEO and co-founder George Archos stated. “The closing of this financing will support our focused strategy of deepening our presence, across our footprint, in order to achieve market-leading positions. We are very appreciative of the backing from our syndicate partners and shareholders, as well as grateful for the confidence in our team and collective vision going forward."