Verano Exercises Option on Existing Credit Facility to Draw Remaining US$100 Million at 8.50% to Fund Strategic Growth Initiatives

  • Bolsters Verano’s balance sheet to further augment its cash position
  • Provides additional liquidity to support operational flexibility, and enables continued execution of Verano’s near- and long-term growth strategies

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced it has exercised its option to upsize its credit facility, per the agreement announced on October 20, 2021, to draw an additional US$100 milion at a non-dilutive interest rate of 8.50%. The amendment brings the total outstanding senior secured term loans under the credit facility to US$350 million. Chicago Atlantic Advisors, LLC (“Chicago Atlantic”) is the lead administrative agent and collateral agent, with participation from AFC Gamma, Inc. (“AFC Gamma”). Closing on the foregoing transaction is subject to customary conditions, contingencies and approvals.

“We are pleased to leverage this additional non-dilutive capital at one of the industry’s best rates to bolster our strategic operational and growth initiatives,” said George Archos, Verano Founder and Chief Executive Officer. “We have always prided ourselves on operating our business with sound financial principles, and look forward to deploying this capital in support of investments that deliver increased value for our business and shareholders.”

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