Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or “the Company”), a leading multi-state cannabis company, today announced the pending release of the last contractual trading restrictions remaining on 35% of the shares it issued in its reverse takeover transaction completed on February 11, 2021 (the “RTO”). The measure is being implemented through the Company’s transfer agent and is expected to be executed within two trading days. As a result, none of the Company’s shares issued in the RTO will be subject to these trading restrictions, and all of the Company’s subordinate voting shares issued in the RTO will be eligible to trade on the Canadian Securities Exchange and the OTCQX market, subject to applicable securities laws and stock exchange rules.
All shares issued in the RTO were subject to a 400-day trading lockup, to be released in periodic installments, with 15% scheduled for release on December 18, 2021, and the remaining 20% balance scheduled for release on March 18, 2022.
“Verano continues to attract strong interest from long-term fundamental and institutional shareholders who are looking to build ownership positions in the company,” said George Archos, Verano Founder and CEO. “Given the increased investor demand, we are taking proactive measures to facilitate additional liquidity in the stock and eliminate the remaining trading restrictions. As the largest Company shareholder, I hold a long-term view of my share ownership, which demonstrates my enduring confidence in our strategy, mission and growth potential. Moving forward, we will continue to lead with the intention of preserving long-term value for our shareholders.”