- Acquisition of two active dispensaries in Reno and Carson City, and a 10,000 sq. ft. cultivation and production facility in Reno, strategically expands Verano’s retail coverage, cultivation capacity, and distribution capabilities across Northern Nevada
- The greater Reno-Carson City region has a combined population of over 300,000 residents and draws a substantial number of tourists, having surpassed five million annual visitors pre-pandemic
- Sierra Well will complement Verano’s existing Nevada footprint, which includes a cultivation and production facility in North Las Vegas, a Zen Leaf dispensary in North Las Vegas, and two Zen Leaf dispensaries in Las Vegas – including a drive-through location on Flamingo Road
- With the closing of the transaction, Verano’s active operations span 13 states, comprised of 116 dispensaries and 14 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the closing of its transaction to acquire all of the equity interests of WSCC, Inc., d/b/a Sierra Well (“Sierra Well”), adding two operational dispensaries and an active cultivation and production facility in Nevada, along with two real estate properties in Carson City and Reno. The acquisition, which was previously announced on July 26, 2021, increases Verano’s vertically-integrated Nevada operations to five active dispensaries and two cultivation and production facilities that are geographically spread across the state’s key population and tourist regions.
“Today signifies a huge step forward for our business in Nevada, a state that we have long considered a core growth market and key piece of our operational footprint,” said George Archos, Verano Founder and Chief Executive Officer. “Gaining a presence in Reno and Carson City provides Verano with comprehensive retail and distribution opportunities in Northern Nevada that compliment our current operations in the Las Vegas area. With a growing population, booming tourism and an abundance of natural beauty, we look forward to a bright future in the great state of Nevada.”
Transaction Details
With the consummation of the transaction, Sierra Well is now a wholly-owned subsidiary of the Company. The transaction includes in total two medical cannabis cultivation licenses; two adult-use cultivation licenses; two medical cannabis dispensary licenses; two adult-use dispensary licenses; one medical production license; one adult-use product manufacturing license; and one adult-use distribution license.
