Verano Expands To Connecticut, Closes $113.25M Acquisition Of Tuatara Owned Business

Verano Holdings Corp. VRNO VRNOF announced Tuesday that it is wrapping up its previously announced transaction to acquire all of the issued and outstanding equity interests of Caring Nature, LLC and Connecticut Pharmaceutical Solutions, Inc.

What Happened

The company agreed to purchase equity interests of Caring Nature, including one active dispensary in Waterbury, Connecticut.

The acquisition of all of the equity interests of Connecticut Pharmaceutical includes an active, 216,532 sq-foot state-of-the-art cultivation and production facility in Rocky Hill, Connecticut.

Why It Matters

Based in Chicago, the company said the deal collectively expands its presence on the East Coast with the addition of vertically integrated operations in the attractive Connecticut market.

In addition, Connecticut is one of the most recent states to pass adult-use legislation.

Verano operates in 12 states, 10 of which are vertically integrated, has 93 dispensaries and over 1 million square feet of total cultivation capacity nationwide.

2021 Milestones

Verano recently reported revenues of $207 million, for the third quarter of the fiscal year, versus $101 million in the same period year ago, following an acquisitive streak in 2021.

In April, Verano expanded in Pennsylvania through the acquisition of 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.

Three months later, the company purchased dispensaries in Reno and Carson City, Nevada as well as cultivation assets for $29 million.

In August, it acquired four business licenses in the Maryland market and opened MÜV in Orange City.

Verano recently additional bolstered its retail footprint in Pennsylvania and Florida.

VRNOF Price Action

Verano’s shares traded 0.75% higher at $12.01 per share at the time of writing on Tuesday.

Photo: Courtesy of Ryoji Iwata on Unsplash