Verano Announces Simplification of its Capital Structure

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced that it has simplified its capital structure by completing the conversion of all its outstanding Class B proportionate voting shares (“PV Shares”) into Class A subordinate voting shares (“SV Shares”), resulting in one class of outstanding shares.

Each PV Share was converted into 100 SV Shares pursuant to the terms of the Company’s Articles. The rights and preferences of the SV Shares and the PV Shares are the same, except that the converted PV Shares were entitled to economic and voting rights 100 times the economic and voting rights of the SV Shares, which formed the basis for the conversion ratio of 100 SV Shares per PV Share. The SV Shares are listed on the Canadian Securities Exchange under the symbol “VRNO” and are also quoted for trading in the U.S. on the OTCQX under the symbol “VRNOF”. The PV Shares were not listed or quoted for trading. As of March 24, 2023, post conversion, Verano had 341,774,840 SV Shares outstanding.

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